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Resolution No. 902 , <br />Introduced by: Council as a Whole <br />A RESOLUTION AUTHORIZING THE MAYOR AND CLERK TREASURER TO <br />EXECUTE PROMISSORY NOTE IN.THE AMOUNT OF $29,570.00 AND <br />DECLARING AN EMERGENCY <br />WHEREAS, the municipality anticipated the levy and collection of special assess- <br />ments, pursuant to Ordinance No. 74-47, duly passed by the Council of Mayfield Village <br />on the 16th day of September, 1974; and <br />WHEREAS, the levy and collection of said special assessment is the subject of liti- <br />gation now pending in the Court of Common Pleas of Cuyahoga County, Ohio; and <br />WHEREAS, a prior promissory note given as evidence of the funds borrowed to pay <br />the contractor upon completion of the installation of an 8" water main, hydrants and <br />appurtenances thereto in Echo Drive and whieh promissory note must now be renewed. <br />BE IT ORDAINED BY THE COUNCIL OF MAYFIELD VILLAGE, CUYAHOGA COUNTY, OHIO: <br />Section 1. The Mayor and the Clerk Treasurer be and they are hereby authorized to <br />execute a promissory note in renewal of a pre-existing debtedness now due and payable, in <br />the amount of $29,570.00, said note to be payable to the order of bearor on or before the <br />30th day of September, 1976 with interest at the rate of 7% per annum, payable semi- <br />annually. <br />Section 2. Council declares this to be an emergency ordinance necessary for the <br />preservation of the public peace, health and safety, such emergency arising out of the <br />necessity to renew a promissory note payable to the order of bearor which note became <br />due and payable on September 30, 1975 and must be renewed forthwith, in order to correct <br />a situation no w deemed undesirable; wherefore, this ordinance shall take effect and be <br />in force from and after its passage and approval by the Mayor. <br />Passed: f? <br />PRESI ENT 0 CO I <br />I . <br />Attest: <br />i L? OF COUNCIL <br />? <br />pproved: