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Codified Ordinances of Mayfield Village, Ohio, 1979, as amended, in the <br />aggregate principal amount of Six Hundred Thousand Dollars ($600,000.00) <br />for the purpose aforesaid. The Bonds shall be designated "Service <br />Building Bonds"; shall be of the denomination of Five Thousand Dollars <br />($5,000.00) each or any multiple thereof; shall be dated approximately <br />July 1, 1982; shall bear interest at a rate now estimated to be ten and <br />one-half per centum (10.5%) per annum, payable semiannually until the <br />principal amount is paid; and shall be drawn to mature in twenty-five <br />(25) substantially equal annual installments after the issuance thereof. <br />Section 3. That it is necessary and the Council determine s <br />that notes (the "Notes") in the aggregate principal amount of Six Hundred <br />Thousand Dollars ($600,000.00) shall be issued in anticipation of the <br />issuance of a like principal amount of the Bonds for the purpose aforesaid <br />and to pay and retire the 1980 Note. The Notes shall be executed by the <br />Mayor and the Director of Finance; shall bear the seal of the Village; <br />shall be delivered at such time or times as may be found by the Director <br />of Finance to be necessary to meet obligations incurred by the Council <br />in acquiring and making the improvements referred to in Section 1, <br />hereof; shall be issued in such numbers and denominations as may be <br />determined by the Director of Finance; shall bear interest at a rate not <br />exceeding the maximum legal rate then payable by the Village under the <br />laws of.the State of Ohio, payable at maturity, with provision, if <br />requested by the purchaser or purchasers thereof at the time of pur- <br />chase, that, in the event of default, the same shall bear interest at a <br />different rate, not exceeding the maximum legal rate then payable by the <br />Village under the laws of the State of Ohio, such rate or rates to <br />-3- <br />