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ORDINANCE N0. 83- 7 <br />INTRODUCED BY• COUNCIL PRESIDENT VINCE J. BUSA <br />AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF $800,000 <br />OF BONDS OF MAYFIELD VILLAGE, OHIO, FOR THE PURPOSE <br />OF PROVIDING FUNDS FOR THE CONSTRUCTION OF A SERVICE <br />BUILDING AND SITE IMPROVEMENTS THEREFOR, AND DECLARING <br />AN EMERGENCY. <br />WHEREAS, pursuant to Ordinance No. 79-37, passed June 18, 1979, <br />there was issued a$600,000 note in anticipation of bonds for the purpose <br />hereinafter set forth, which wae retired at maturcity with the proceeds of <br />a note issued pursuant to Ordinance No. 80-37, passed June 2, 1980, which <br />was retired at maturity with the proceeds of a note issued pursuant to <br />Ordinance No. 81-26, passed June 1, 1981, as amended by Ordinance No. 81-34, <br />passed June 25, 1981; and <br />WHEREAS, pursuant to Ordinance No. 80-38, passed June 2, 1980, <br />there was issued a$230,000 note in anticipation of bonds for the purpose <br />hereinafter set forth, which was retired at maturity with the proceeds of a <br />note issued pursuant to Ordinance No. 81-25, passed June 1, 1981, as amended <br />by Ordinance No. 81-33, passed June 25, 1981; and <br />WHEREAS, the notes issued pursuant to Ordinance Nos. 81-25 and 81-26, <br />as amended, were retired with funds appropriated for such purpose and the <br />proceeds of an $800,000 note pursuant to Ordinance No. 82-49, passed June 21, <br />1982; and <br />WHEREAS, the Finance Director has heretofore certified that the <br />estimated life of the property and improvement hereinafter described is at <br />least five years and that the maximum maturity of bonds to be issued to pay <br />costs thereof is not less than twenty years; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village, <br />Cuyahoga County, Ohio: <br />Section 1. That it is hereby declared necessary to issue bonds of <br />Mayfield Village in the principal sum of $800,000 for the purpose of pro- <br />viding funds for the construction of a service building and site improvements <br />therefor; that such bonds shall be issued as one lot, and that notes have <br />been issued in anticipation of the issuance of such bonds.