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MVSB1-C <br />HDM:tb <br />6/25/81 No. 81-34 <br />the date of redemption;" and said Section 3 shall read, as amended, as <br />follocas <br />"Section 3. That it is necessary and the <br />Council determines that notes (the "Notes") in the <br />aggregate principal amount of Six Hundred Thousand <br />Dollars ($600,000.00) shall be issued in anticipa- <br />tion of the issuance of a .like principal amount of <br />the Bonds for the purpose aforesaid and to pay and <br />retire the 1980 Note. The Notes shall be executed <br />by the Mayor and the Director of Finance; shall <br />bear the seal of the Village; shall be delivered <br />at such time or times as may be found by the <br />Director of Finance to be necessary to meet obli- <br />gations 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 <br />purchaser or purchasers thereof at the time of <br />purchase, that, in the event of default, the same <br />~~ shall bear interest at a different rate, not <br />exceeding the maximum legal rate then payable by <br />the Village under the laws of the State of Ohio, <br />such rate or rates to maturity and thereafter to <br />be fixed by the Director of Finance in his certi- <br />ficate awarding the Notes at private or public <br />sale; shall be dated the date of respective issu- <br />ance; shall mature not more than one (1) year from <br />the date of issuance of the first Note issued <br />hereunder, such maturity to be fixed by the Director <br />of Finance in his certificate awarding the Notes <br />at private or public sale; shall be designated <br />"Service Building Notes"; shall express upon the <br />face thereof the purpose for which they are issued <br />and that they are issued pursuant to this Ordinance; <br />and shall be payable as to both principal and <br />interest at the office of the Director of Finance, <br />Mayfield Village, Ohio or as otherwise determined <br />by the Director of Finance and set forth in the <br />Notes, which determination is hereby authorized, <br />ratified and confirmed." <br />Section 2. That existing Section 3 of Ordinance No. 81-26 be <br />and hereby is repealed. <br /> <br />-2- <br />