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ORDINANCE NO . ~ 0 _ ~ ~ <br />INTRODUCED BY: Council as a Whole <br />AN EMERGENCY ORDINANCE TO ISSUE NOTES IN <br />THE AGGREGATE PRINCIPAL AMOUNT OF SIX <br />HUNDRED THOUSAND DOLLARS ($600,000.00) IN <br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR <br />THE PURPOSE OF PROVIDING FUNDS FOR THE <br />CONSTRUCTION OF A SERVICE BUILDING AND <br />SITE IMPROVEMENTS THEREFOR. <br />Whereas, pursuant to Ordinance No. 79-37, passed by the Council <br />of the Village of hayfield Village (the "Council") on June 18, 1979, a <br />note in the principal amount of Six Hundred Thousand Dollars ($600,000.00) <br />was authorized for the purpose hereinafter stated and, under the authority <br />of said Ordinance, there is outstanding a note (the "1979 Note") in the <br />principal amount of Six Hundred Thousand Dollars ($600,000.00) which .is <br />dated July 25, 1979 and matures on July 24,. 1:980; 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 twenty- <br />five (25) years, based upon the weighted average of the amounts allocated <br />to the several classes of improvements as set forth in such certifica- <br />tion, which allocation is hereby approved and confirmed, and that the <br />maximum maturity of notes issued in anticipation thereof is eight (8) <br />years from the date of issuance of the original notes issued for such <br />purpose; provided, however, that if said notes are sold at private sale, ~ <br />then their .maximum maturity may not exceed one (1),year; and <br />