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<br />ORDINANCE N0. 80 - 31 <br />Introduced by Council as a Whole <br />AN EMERGENCY ORDINANCE TO ISSUE A NOTE IN <br />THE PRINCIPAL AMOUNT OF FOUR THOUSAND <br />FIVE HUNDRED DOLLARS ($4,500.00) IN <br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR <br />THE PURPOSE OF PROVIDING FUNDS FOR THE <br />VILLAGE'S PORTION OF THE COST OF REPAVING <br />AND 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 Fifteen Thousand Dollars ($115,000.00); and <br />Whereas, the Council has heretofore determined that the portion <br />of such cost to be borne by the Village of Mayfield Village (the "Village") <br />will be not less than Four Thousand Five Hundred Dollars ($4,500.00); <br />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 />