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xESOLUmzorl Noe 221 <br />By M1sa ?'iSSS <br />RESOLUTION REJECTING ;ALL BIDS RECENED AT THE OFFICE OF THE <br />CLERK OF THE VIIaLAGE OF MAYFIEI.D, OHIQ, UNTTL 8 000 P. M.. <br />EeD.SaTa,. JULY 20TH31953, FOR. THE pURCHASE OF SPECIAL <br />ASSESSMENT. BONIDS Ok' MAYFIELD V7ZIAGE IN. THE AGGREGATE SUM <br />OF $106,373.22:DATID JUNE T? 1953 PURSUANT TO ADVERTIBENIENT <br />NOTICE OF SALE OF BQNDS ON-JUNE.29' JULY 6 and JITLY.13,1953. <br />WHEREAS, pursuant to authority of the Council of the Village of <br />Mayfield Ohio, bids for the purchase -of special assessment bonds of the Village <br />of Ivlayfield,-Ohio, were received at 8:00 p.m, Eastern Daylight Savings Time on <br />July 20, 1953, at the office of the Glerk of Dllayfield Village and were presented <br />to said Council at 8s30 p.m. on July 21., 1953 for the purchase of said bonds <br />in the aggregate amount of $106,373.22, and <br />yVHEREAS, said bids for purchase of said bonds by 'McDonald & Co., <br />Hayden, ll2i11er & Co. of Cleveland for $106,373.22 special assessment bonds at <br />an interest rate of 4-1/2% and premium of $111.00 and by Pohl & Co. of Cincinnati <br />for $106,373022 special assessment londs at an interest ra,te of 5% and premi.um <br />of $74.46 were received by said Clerk and presented to said Council of Mayfield <br />Village and Council hereby considers said rates of interest as excessive. <br />1VUVV, THEREFORE, BE IT RESOZVFD BY TI-E COUNCIL OF THE VrLIlAGE OF <br />AltAA?+'IELD, OHIO: <br />Sec. ].. That the bids of McDonald & Co., Hayden, Miller 8: Co. of <br />Cleveland for ie purchase of $106,373.22 of special assessment bonds of Tvla,yfield <br />Village at an interest rate of.?.-1/2% and premi.um of $111.00 and the said bid <br />of Pohl & Co. of Cincinnati for the gurchase of $106,373.22 of special assessment <br />bonds of I&yfield Village at an interest rate of. 5% and premium of $74.46 be, <br />and they are, hereby rejected as provided by lawo <br />Sec. 2. That the Clerk of the Village of Nlayfield be, and she hereby <br />is, authorized and directed to re-advertise for the purchase of bonds of the <br />Village of May'field, Ohio, as authorized by Ordinance No. 442-1953 passed June <br />22, 1953, as amended bj Ordinance No. 444-1953, passed July 219 1953. <br />Sece 3. That this resolution is hereby deemed to be an emergency <br />measure for the reason tha-t it is necessary to re-advertise for bids for the <br />purchase of said bonds to pmtr.i.de a fund to pay the principal and interest of <br />the special assessment note of said Village heretofore issued and about to <br />mature and therefor this resolution.shall take effect smmediately upon its <br />passage as an emergency measure. <br />Adopted July 21, 1953 <br />Attest: <br />?SEAL Clex°'k - <br />Approvecl July 21 ., 1953. <br />? <br />- re ' en of Counc