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ORDINANCE N0. ~ 0- 35 <br />INTRODUCED BY • ~C ounc i l as a Whole <br />AN EMERGENCY ORDINANCE AMENDING <br />SECTIONS 2 AND 3 OF ORDINANCE NO. 80-31. <br />WHEREAS, the Finance Director of the Village of Mayfield <br />Village (the "Village") has advised the Council of the Village (the <br />"Council") that the interest rate payable on note issues currently <br />exceeds nine per centum (9°,~) per annum; and <br />WHEREAS, Section 2 of Ordi~.ance No. 80-31 contemplates the <br />issuance of the bonds anticipated by the "Note" {as hereinafter defined); <br />and <br />WHEREAS, Section 3 of Ordinance No. 80-31 providing for the <br />issuance on May 27, 1980 of a note (the "Note") in the principal amount <br />of Four Thousand Five-Hundred Dollars (.$4,500) restricts the interest <br />rate of the Note to nine per centum (9%).per annum; and <br />WHEREAS, it is necessary to increase such interest rate in <br />order to provide funds to proceed with the repaving and reditching of <br />Echo Drive; 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 and its inhabitants in that it is necessary to (i) increase <br />the rate of interest authorized upon and (ii) change the date of issuance <br />of the Note, in order to permit the repaving and reditching of Echo <br />Drive to proceed to completion, such repaving and reditching being <br />necessary to provide means of safe travel within the Village; now, <br />therefore, <br />