4167 - 62 Purchase of 3 issue bonds

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RESOLUTION NO. 4167 BY: Messrs. Lawther~ Ushers Wendling, Williamson, Gaydos, Huffman. PROVIDING FOR TEE AWARD OF TEREE ISSUES, STREET IMPROVEMENT BONDS OF 1962-1 and 1962-2 AND PARK IMPROVEMENT BONDS OF THE CITY OF IA~0OD~ OHIO. WHEREAS, after notice duly published as required by law, bids have been received for the purchase of three issues of bonds of the City of Lake- wood, Ohio, $31,000 Street Improvement Bonds of 1962-1, $90, O00Street Improvement Bonds of 1962-2 and $40,000 Park Improvement Bonds, ~hich have been duly authorized by Council, and WHEREAS, it has been determined that the bid of _ The Ohio Company ~ of ' for sa'id bonds with an aggregate premium '~f$~ 685.86' " and to bear an interest rate of 2-7/~ per centum per'annum'"bn the $31,000 issue; 2-7/8 per centum P~r annum on the $90,000 issue and .. 2-7/~ "per centum per annum on the $40,000 issue is t~e highes%" bid' based upon' the lowest rates of interest; Ohio: NO~ THEREFC~E~ BE IT RESOLVED by the Council of the City of Lakewood, Section 1. That the aforementioned Street Improvement Bonds of 196~1 and 1962-2 and Park Improvement Bonds of this City be and they are hereby awarded and sold to The Ohio Comoa~y in accordance with t~e terms of their bid~ said bonds to bear the rates of interest provided in said bid and hereinbefore recited. Section 2. That said bonds, after being duly executed, shall be delivered by the Director of Finance to said bidder upon payment of the sum provided in the bid aforesaid, together with transcripts of the proceedings. Section 3. That the Clerk of Council is hereby authorized and directed to deliver a certified copy of this resolution to the Auditor of Cuyahoga County. Section 4. This resolution shall be in full force and effect immediatelyupon its passage. Adopted:...~ugust 14 , 1962 Approved:...~ugust 14 _~ 1962 Robert M. Lawther President of Council Philip M. Dearborn Clerk of Council Frank P. C~e~te. Mayor