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five (25) years, based upon the weighted average of the amounts allocated <br />to the several classes of improvements as set forth in such certification, <br />which allocation is hereby approved and confirmed, and that the maximum <br />maturity of notes issued in anticipation thereof is eight (8) years from <br />the date of issuance of the original notes issued for such purpose; <br />provided, however, that if said notes are sold at private sale, then <br />their maximum maturity may not exceed one (1) year; and <br />Whereas, this Ordinance constitutes an emergency measure <br />necessary for the preservation of the public peace, health and safety of <br />the Village of Mayfield Village (the "Village") and its inhabitants in <br />that the immediate issuance and sale of the notes herein authorized is <br />necessary to enable the Village to pay and retire the 1980 Note at <br />Maturity; now, therefore, <br />BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF HAYFIELD <br />VILLAGE, STATE OF OHIO: <br />Section 1. That it is deemed necessary to issue bonds (the <br />"Bonds") of the Village in the aggregate principal amount of Six Hundred <br />Thousand Dollars ($600,000.00) for the purpose of providing funds for <br />the construction of a service building and site improvements therefor <br />and the payment of such expenses as are lawfully incurred and payable in <br />connection with the issuance and sale of the Bonds for such purpose. <br />Section 2. That the Bonds shall be issued pursuant to the <br />provisions of the Constitution of the State of Ohio, the laws of the <br />State of Ohio, including, without limitation, Chapter 133 of the Revised <br />Code of the State of Ohio, the Charter of Mayfield Village, and the <br />-2- <br />