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RESOLUTION NO.: 82- 27 <br />INTRODUCED BY: Mayor & Council as a Whole <br />A RESOLUTION TO PROVIDE FOR THE AWARD OF AN <br />ISSUE OF $91,500 ECHO DRIVE IMPROVEMENT BONDS, <br />AND DECLARING AN EMERGENCY. <br />WHEREAS, after notice duly published as required by law, bids have <br />been received for the purchase of an issue of $91,500 Echo Drive Improvement <br />Bonds, which have been duly authorized by Council; and <br />WHEREAS, it has been determined that the bid of $ 91,500 <br />of McDonald & Company <br />for said bonds with a premium of $ 173.25 and to bear an interest <br />rate of 12 1/8 per centum per annum is the highest <br />bid for such bonds based upon the lowest rate of interest; <br />NOW, THEREFORE, BE IT RESOLVED by the Council of Mayfield Village, <br />Cuyahoga County, Ohio: <br />Section 1. That the aforesaid $91,500 Echo Drive Improvement Bonds of <br />this Village be and they are hereby awarded and sold to McDonald.& Company <br />, said bonds to bear interest at the rate of <br />12 1/8 per centum per annum, with a premium of <br />$ 173.25 • <br />Section 2. That said bonds, after being duly executed, shall be <br />delivered, together with a true transcript of proceedings, by the Finance Director <br />to said purchaser upon payment of the par value thereof plus the aforesaid premium <br />and accrued interest to the date of delivery. <br />Section 3. That the Clerk of Council is hereby authorized and directed <br />to deliver a certified copy of this resolution to the Auditor of Cuyahoga County. <br />Section 4. It is found and determined that all formal actions of this <br />Council concerning and relating to the adoption of this resolution were adopted <br />in an open meeting of this Council, and that all deliberations of this Council <br />and of any of its committees that resulted in such formal action, were in meetings <br />open to the public, in compliance with all legal requirements including Section <br />121.22 of the Ohio Revised Code. <br />Section 5. This resolution is hereby declared to be an emergency <br />measure necessary for the immediate preservation of the public peace, health <br />and safety of the Village and for the further reason that this resolution must