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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 />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 />Ten Thousand Five Hundred Dollars ($110,500.00) for the .purpose of pro- <br />viding funds for paying the _property.owners' portion .of the cost of <br />repaving and reditching Echo Drive in anticipation of the collection of <br />special assessments, as provided in Resolution 79-52, adopted August 6, <br />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 Ten Thousand Five Hundred <br />Dollars ($110,500.00) for the purpose aforesaid. The Bonds shall be <br />designated "Echo Drive Special Assessment Bonds"; shall be of the denom- <br />ination of Five Hundred Dollars ($500.00) each or any multiple thereof; <br />-2- <br />