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Resolution No. 958 <br />Introduced by: Council as a Whole <br />A RESOLUTION AUTHORIZING THE MAYOR AND CLERK TREASURER <br />TO EXECUTE PROMISSORY NOTE IN THE AMOUNT OF $26,613.00 <br />AND DECLARING AN EMERGENCY <br />WHEREAS, the municipality has levied and is collecting a special assessment, <br />pursuant to Ordinance No. 74-47, duly passed by the Council of Mayfield Village on <br />the 16th day of September, 1974; and <br />WHEREAS, a prior promissory note was given as evidence of the funds borrowed to <br />pay the contractor upon completion of the installation of an 8" water ma.in, hydrants <br />and appurtenances thereto in Echo Drive and which promissory note must now be renewed. <br />BE IT RESOLVED BY THE COUNCIL OF MAYFIELD VILLAGE, CUYAHOGA COUNTY, OHIO, THAT: <br />Section 1. The Mayor and Finance Director be and they are hereby authorized to <br />execute a promissory note in renewal of a pre-existing indebtedness now due and pay- <br />able, in the amount of $26,613.00, said note to be payable to the order of the bearor <br />on or before the 30th day of September, 1977 with interest at the rate of 7% per annum, <br />payable 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 Septmeber 30, 1976 and must be renewed forthwith, in order to cor- <br />rect a situation now deemed undesirable; wherefore, this ordinance shall take effect and <br />be in force from and after its passage and approval by the Mayor. <br />Passede Sept. 20, 1976 <br />Attest: <br />CLERK 0'F COUNCIL 117 <br />Approve <br />? ? ? ????? ??'? <br />MAYOR