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ORDINANCE N0. <br />AN EMERGENCY ORDINANCE TO ISSUE A NOTE IN <br />THE PRINCIPAL AMOUNT OF ONE HUNDRED <br />FOURTEEN THOUSAND FIVE HUNDRED DOLLARS <br />($114,500.00) IN ANTICIPATION OF THE <br />ISSUANCE OF BONDS AND THE LEVY AND COL- <br />LECTION OF SPECIAL ASSESSMENTS FOR THE <br />PURPOSE OF PROVIDING FUNDS FOR THE PRO- <br />PERTY OWNERS' PORTION AND THE VILLAGE'S <br />PORTION OF THE COST OF REPAVING AND <br />REDITCHING ECHO DRIVE. <br />Whereas, the Council of the Village of Mayfield Village (the <br />"Council") has heretofore by proper legislation declared the necessity <br />of improving Echo Drive by repaving and reditching, and has determined <br />that the total estimated cost of said improvement will be not less than <br />One Hundred Fourteen Thousand Five Hundred Dollars ($114,500.00); and <br />Whereas, it has heretofore been duly certified to the Council <br />that the estimated life of the asset, property or improvement proposed <br />to be acquired or constructed from the proceeds of the bonds hereinafter <br />referred to is at least five (5) years, and it has heretofore been <br />further duly certified that the maximum maturity of said bonds is ten <br />(10) years and that the maximum maturity of notes issued in anticipation <br />thereof is five (5) years from the date of-the original notes issued for <br />such purpose; provided, however, that if said notes are sold at private <br />sale, then 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 note herein authorized is <br />