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shall be designated "Service Building Notes"; shall express upon the <br />face thereof the purpose for which they a.re issued and that they are <br />issued pursuant to this Ordinance; and shall be payable as to both <br />principal and interest at the office of the Director of Finance, Mayfield <br />Village, Ohio. <br />Section 4. That the Notes shall first be offered to the officer <br />in charge of the Bond Retirement Fund for investment in such Fund and, <br />if rejected by such officer, shall be sold at private or public sale by <br />the Director of finance at a rate or rates of interest not exceeding the <br />limitation set forth in Section 3 hereof, such sale to be made at not <br />less than the par value of the Notes together with accrued interest <br />thereon, if any. .Any premium and accrued interest shall be credited to <br />the Bond Retirement Fund to be applied to the payment of the principal <br />of and interest on the Notes in the manner provided by law. <br />Section 5. That the faith and credit of the Village are <br />hereby pledged for the payment of the principal of and interest on the <br />Notes at maturity, in accordance with the Constitution of the State of <br />Ohio, the laws of the State of Ohio, the Charter of Mayfield Village and <br />the Codified Ordinances of Mayfield Village, Ohio, 1979, as amended. <br />Section 6. That the par value to be received from the sale of <br />the Bonds and any premium or accrued interest resulting from the issu- <br />ance and sale of the Notes shall, to the extent necessary, be used only <br />for the retirement of the Notes at maturity, together with interest <br />thereon, and are hereby pledged for such purpose. <br />-4- <br />