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MVSB2-C <br />HDM:tb <br />6/15/81 81-33 <br />option of the Village prior to maturity at par plus accrued interest to <br />the date of redemption;" and said Section 3 shall read, as amended, as <br />follows: <br />"Section 3. That it is necessary and the <br />Council determines that notes (the "Notes") in the <br />aggregate principal amount of Two Hundred Thirty <br />Thousand Dollars ($230,000.00) shall be issued in <br />anticipation of the issuance of a like principal <br />amount of the Bonds for the purpose aforesaid and to <br />pay and retire the 1980 Note. The Notes shall be <br />executed by the Mayor and the Director of Finance; <br />shall bear the seal of the Village; shall be deli- <br />vered at such time or times as may be found by the <br />Director of Finance to be necessary to meet obliga- <br />tions incurred by the Council in acquiring and <br />making the improvements referred to in Section 1, <br />hereof; shall be issued in such numbers and denomi- <br />nations as .may be determined by the Director of <br />Finance; shall bear interest at a rate not exceeding <br />the maximum legal rate then payable by the Village <br />under the laws of the State of Ohio, payable at <br />maturity, with provision, if requested by the pur- <br />chaser or purchasers thereof at the time of pur- <br />chase, that, in the event of default, the same shall <br />bear interest at a different rate, not exceeding the <br />maximum legal rate then payable by the Village under <br />the laws of the State of Ohio, such rate or rates to <br />maturity and thereafter to be fixed by the Director <br />of Finance in his certificate awarding the Notes at <br />private or public sale; shall be dated the date of <br />respective issuance; shall mature not more than one <br />(1) year from the date of issuance of the first Note <br />issued hereunder, such maturity to be fixed by the <br />Director of Finance in his certificate awarding the <br />Notes at private or public sale; shall be designated <br />"Service Building Notes, Second Series"; shall <br />express upon the face thereof the purpose for which <br />they are issued and that they are issued pursuant to <br />this Ordinance; and shall be payable as to both <br />principal and interest at the office of the Director <br />of Finance, Mayfield Village, Ohio or as othercaise <br />determined by the Director of Finance and set forth <br />in the Notes, which determination is hereby author- <br />ized, ratified and confirmed." <br />Section 2. That existing Section 3 of Ordinance No. 81-25 be <br />and hereby is repealed. <br />-2- <br />