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ORDINANCE NO . 8 0 - 3 8 <br />INTRODUCED BY: Council as a Whole <br />AN EMERGENCY ORDINANCE TO ISSUE NOTES IN THE <br />AGGREGATE PRINCIPAL AMOUNT OF TWO HUNDRED <br />THIRTY THOUSAND DOLLARS ($230,000.00) 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, it has heretofore been duly certified to the Council <br />of the Village of Mayfield Village (the "Council}1) that the estimated <br />life of the asset, property or improvement proposed to be acquired or <br />constructed from the proceeds of the bonds hereinafter referred to is at <br />least five (5) years, and it has heretofore been further duly certified <br />that the maximum maturity of said bonds is twenty-five (25) years, based <br />upon the weighted average of the amounts allocated to the several classes <br />of improvements as set forth in such certification, which allocation is <br />hereby approved and confirmed, and that the maximum maturity of notes <br />issued in anticipation thereof is eight (8.) years from the date of issu- <br />ance of the original notes issued for such purpose; provided, however, <br />that if said notes are sold at private sale, then their maximum maturity <br />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 notes herein authorized is <br />necessary to enable the Village to enter into contracts for the con- <br />