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ORDINANCE N0. 80 - 30 <br />Introduced by Council as a GJhole <br />AN EMERGENCY ORDINANCE TO ISSUE A NOTE IN <br />THE PRINCIPAL AMOUNT OF ONE-HUNDRED TEN <br />THOUSAND FIVE HUNDRED DOLLARS ($110,500.00) <br />IN ANTICIPATION OF THE ISSUANCE OF BONDS <br />AND THE LEVY AND COLLECTION OF SPECIAL <br />ASSESSMENTS FOR THE PURPOSE OF PROVIDING <br />FUNDS FOR THE PROPERTY OWNERS' PORTION OF <br />THE COST OF REPAVING AND REDITCHING ECHO <br />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 Fifteen Thousand Dollars ($115,000.00); and <br />Whereas, the Council has heretofore__determined that the por- <br />tion of such cost to be borne by the property owners whose property <br />adjoins or abuts Echo Drive will be not less than One Hundred Ten Thou- <br />sand Five Hundred Dollars ($110,500.00); 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 />