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ORDINANCE N0. 81-16 <br />INTRODUCED BY Council as a Whole <br />AN EMERGENCY ORDINANCE TO ISSUE NOTES IN <br />THE AGGREGATE PRINCIPAL AMOUNT OF ONE <br />HUNDRED THOUSAND DOLLARS ($100,000.00) IN <br />ANTICIPATION OF THE ISSUANCE OF BONDS FOR <br />THE PURPOSE OF PROVIDING FUNDS FOR THE <br />.PROPERTY OWNER'S PORTION OF THE COST OF <br />REPAVING AND REDITCHING ECHO DRIVE. <br />Whereas, pursuant to Ordinance No. 80-30, passed by the Council <br />of the Village of Mayfield Village (the "Council") on April 25, 1980, a <br />note in the principal amount of One Hundred Ten Thousand Five Hundred <br />Dollars ($110,500.00) was authorized for the purpose hereinafter stated <br />and, under the authority of said ordinances, there is outstanding a note <br />in the principal amount of One Hundred Ten Thousand Five Hundred Dollars <br />($110,500.00) which is dated May 2; 1980 and matures on May 1, 1981; and <br />Whereas, the sum of Ten Thousand Five Hundred Dollars ($10,500.00) <br />is now available to be applied in partial payment of the principal <br />amount of said outstanding note and the Council has determined to issue <br />new notes in anticipation of the issuance of bonds to pay and retire the <br />balance of the principal amount of said outstanding note at maturity; <br />and <br />Whereas, it has heretofore been duly certified to the Council <br />of the Village of Mayfield Village that the estimated life of the asset,' <br />property or improvement proposed to be acquired or constructed from the <br />proceeds of the bonds hereinafter referred to is at least five (5) <br />years, and it has heretofore been further duly certified that the maximum <br />