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Ordinance No. 76- 26 <br />- Intraduced by: Mr, gennett <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF A NEGOTIABLE <br />PROMISSORY NOTE AND BORROWING THE SUM OF $100,000.00 <br />IN ANTICIPATION OF THE COLLECTION OF TAXES AND FOR <br />FUNDING AN EXISTING MUNICIPAL INDEBTEDNESS, AND DECLARING <br />AN EMERGENCY <br />WHEREAS, the Finance Director has advised this Council that the Central <br />National Bank will loan this municipality $100,000.00 £or a period of one (1) year <br />at a rate o£ interest not in excess of 3.65% per annum; and <br />WHEREAS, it is deemed desirable to borrow up to $100,000 in anticipation of <br />the collection of taxes and for funding an existing municipal indebtedness; and <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT <br />Section 1. It is hereby determined to be necessary to borrow the sum o£ <br />$100,000.00 in anticipation oE the collection of taxes and for £unding an existing <br />municipal indebtedness. <br />Section 2. The Mayor and Finance Director be and they are hereby authorized to <br />issue a note or notes of the Village not to exceed the total principal amount of <br />$100,000 and such other document or documents as may be necessary to conclude a loan <br />transaction with Central National Bank at a rate of interest not in excess of 3.65% <br />? per annum. <br />Section 3. Said note or notes shall provide for prepayment by the Village <br />without penalty. <br />Section 4. Said note or notes shall be the £ull general obligations of Mayfield <br />Village, Ohio, and the £ull faith, credit and revenue of said Village are hereby pledged <br />for the prompt payment of the principal and interest of said note or, notes when and as <br />the same falls due. <br />Section 5. Council declares this to be an emergency Ordinance necessary for the <br />preservation of the public peace, health and safety, such emergency arising out o£ the <br />necessity to borrow the sum o£ $100,000 in anticipation of the collection o£ taxes <br />and for funding an existing municipal indebtedness; wherefore, this Ordinance shall take <br />effect and be in full force from and after its passage and approval by the Mayor. <br />Passed: Sept. 20, 1976 <br /> <br />Attest: <br />CLERK OF COUNCIL1//- <br />roved: a O -76 <br />, (j <br />MAY R <br />OF COUNCIL <br />