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<br />ORDINANCE N0. 80 -55 <br />AN EPIERGENCY ORDINANCE TO ISSUE NOTES IN <br />THE AGGREGATE PRINCIPAL AMOUNT OF FORTY <br />THOUSAND DOLLARS ($40,000.00) IN ANTICI- <br />PATION OF THE ISSUANCE OF BONDS AND THE <br />LEVY AND COLLECTION OF SPECIAL ASSESSPiENTS <br />FOR THE PURPOSE OF PROVIDING FUNDS FOR <br />THE PROPERTY OWNERS' COST OF CONSTRUCTING <br />SIDEWALKS ON BETA DRIVE. <br />Whereas, the Council of the Village of Playfield Village (the <br />"Council") has heretofore by proper legislation declared the necessity <br />of improving Beta Drive by constructing sidewalks thereon, and has <br />determined that the total estimated cost of said improvement will be not <br />less than Forty Thousand Dollars ($40,000.00); and <br />Whereas, the Council has heretofore determined that the cost <br />to be borne by the property owners whose property bounds or abuts the <br />proposed improvement will be not less than Forty Thousand Dollars <br />($40,000.00); 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 five <br />(5) years and that the maximum maturity of notes issued in anticipation <br />thereof is five (S) 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 />Whereas, this Ordinance constitutes an emergency measure <br />necessary for the preservation of the public peace, health and safety of <br />e <br />