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ORDINANCE N0. 82- 49 <br />INTRODUCED BY : PJIr. . Bus a <br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF $800,000 <br />OF NOTES OF MAYFIELD VILLAGE, OHIO, IN ANTICIPATION <br />OF THE TSSUANCE OF BONDS FOR THE PURPOSE OF PROVIDING <br />FUNDS FOR THE CONSTRUCTION OF A SERVICE BUILDING AND <br />SITE IMPROVEMENTS THEREFOR, AND DECLARING AN EMERGENCYe <br />WHEREAS, pursuant to Ordinance No. 79-37, passed June 18, 1979, <br />there was issued a$600,000 note in anticipation of bonds for the purpose <br />hereinafter set forth, which was retired at maturity with the proceeds of <br />a note issued pursuant to Ordinance No. 80-37, passed June 2, 1980, which <br />was retired at maturity with the proceeds of a note issued pursuant to <br />Ordinance Noe 81-26, passed June 1, 1981, as amended by Ordinance No. 81-34, <br />passed June 25, 1981; and <br />WHEREAS, pursuant to Ordinance No. 80-38, passed June 2, 1980, <br />there was issued a$230,000 note in anticipation of bonds for the purpose <br />hereinafter set forth, which was retired at maturity with the proceeds of a <br />note issued pursuant to Ordinance No. 81-25,passed June l, 1981, as amended <br />by Ordinance No. 81-33, passed June 25, 19£31; and <br />WHEREAS, there is available the sum of $309000 which this Council <br />hereby appropriates and determines to apply to the principal of such notes <br />at maturity and further determines to retire the balance of such principal <br />with the proceeds of the notes herein authorized; and <br />WHEREAS, the Finance Director has heretofore certified that the <br />estimated life of the property and improvement hereinafter described is at <br />least five years and that the maximum maturity of bonds to be issued to pay <br />costs thereof is not less than twenty years and of the notes to be issued in <br />anticipation thereof is July 25, 1989, or one year, if sold at private sale; <br />NOW THEREFORE, BE IT ORDAINED by the Council of Mayfield Village, <br />Cuyahoga County, Ohio: <br />Section 1. That it is hereby declared necessary to issue bonds <br />of ?rlayfield Village in the principal sum of $800,000 for the purpose of pro- <br />viding funds for the construction of a service building and site improvements <br />therefor.