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necessary to permit the Village immediately to undertake said repaving <br />and reditching which is necessary to provide means of safe travel within <br />the Village; 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 One Hundred <br />Fourteen Thousand Five Hundred Dollars ($114,500.00) for the purpose of <br />providing funds for paying the property owners' portion of the cost of <br />repaving and reditching Echo Drive in the amount of One Hundred Ten <br />Thousand Five Hundred Dollars ($110,500.00) in anticipation of the <br />collection of special assessments, and the Village's portion of the cost <br />of said repaving and reditching in the amount of Four Thousand Dollars <br />($4,000.00) as provided in Resolution 79-52, adopted August 6, 1979. <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, Ohio and the <br />Codified Ordinances of Mayfield Village, Ohio, 1979, as amended, in the <br />aggregate principal amount of One Hundred Fourteen Thousand Five Hundred <br />Dollars ($114,500.00) for the purpose aforesaid. The Bonds shall be <br />designated "Echo Drive Special Assessment Bonds"; shall be of the denomi- <br />nation of Five Hundred Dollars ($500.00) each or any multiple thereof; <br />shall be dated approximately April 1, 1981; shall bear interest at a <br />-2- <br />