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ORDINANCE N0. RO-1f~ <br />Introduced by Council as a Whole <br />AN EMERGENCY ORDINANCE TO ISSUE A NOTE IN <br />THE PRINCIPAL AMOUNT OF ONE HUNDRED ONE <br />THOUSAND FIVE HUNDRED DOLLARS ($101,500.00) <br />IN ANTICIPATION OF THE ISSUANCE OF BONDS <br />AND THE LEVY AND COLLECTION OF SPECIAL <br />ASSESSMENTS FOR THE PURPOSE OF PROVIDING <br />FUNDS FOR THE PROPERTY OWNERS' PORTION <br />AND THE VILLAGE'S PORTION OF THE COST OF <br />REPAVING AND REDITCHING ECHO DRIVE. <br />Whereas, the Council of the Village of Mayfield Village (the <br />"Council") has heretofore by proper legislation declared the necessity <br />of improving Echo Drive by repaving and reditching, and has determined <br />that the total estimated cost of said improvement will be not less than <br />One Hundred One Thousand Five Hundred Dollars ($101,500.00); 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 ten <br />(10) years and that the maximum maturity of notes issued in anticipation <br />thereof is five (5) 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 />the Village of Mayfield Village (the "Village") and its inhabitants in <br />that the immediate issuance and sale of the note herein authorized is <br />