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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 notes herein authorized is <br />necessary to enable the Village to pay and retire the 1979 Note at <br />Maturity; 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 Six Hundred <br />Thousand Dollars ($600,000.00) for the purpose of providing funds for <br />the construction of a service building and site improvements therefor <br />and the payment of such expenses as are lawfully incurred and payable in <br />connection with the issuance and sale of the Bonds for such ,purpose. <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 th"e State of Ohio, the Charter of Mayfield Village, and the <br />Codified Ordinances of Mayfield Village, Ohio, 1979, as amended, in the <br />aggregate principal amount of Six Hundred Thousand Dollars ($600,000.00) <br />for the purpose aforesaid. The Bonds shall be designated "Service <br />Building Bonds"; shall be of the denomination of Five Thousand Dollars <br />($5,000.00_) each or any multiple thereof; shall be dated approximately <br />July 1, 1981; shall bear interest at a rate now estimated to be eight <br />per centum (8%) per annum, payable semiannually until the principal <br />-2- <br />