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ORDINANCE NO. 81- 29 <br />INTRODUCED BY : COUNCIL AS A WHOLE <br />AN ORDINANCE AWARDING PAYMENT OF INTEREST TO <br />ACE ELECTRIC COMPANY IN THE AMOUNT OF ONE <br />THOUSAND ONE HUNDRED SEVENTY THREE DOLLARS AND <br />TWO CENTS ($1,173,02), DIRECTING THE FINANCE <br />DIRECTOR TO PAY THE SAME AND DECLARING AN <br />EMERGENCY. <br />WHEREAS; ACE ELECTRIC COMPANY was one of the contractors <br />performing services in constructing a municipal service building; and <br />WHEREAS, during the course of constructing the aforesaid <br />service building the municipality fell in arrears on payments due <br />ACE ELECTRIC COMPANY in the amount of Twenty Seven Thousand Two <br />Hundred Fifty Nine Dollars and Thirty Seven Cents ($27,259.37); and <br />WHEREAS, because of the aforesaid breach of contract by the <br />municipality ACE ELECTRIC COMPANY was entitled to abandon the <br />construction project; and <br />WHEREAS, ACE ELECTRIC COMPANY chose not to abandon the <br />construction project but rather complied with the terms of the <br />contract., thereby wai-ving its rights against the municipality <br />because of its belief in the good faith of the municipality in its <br />representation that the outstanding balance would be paid; and <br />WHEREAS, the service building is now completed, including <br />the contract work of ACE ELECTRIC COMPANY; and <br />WHEREAS, Council has determined that because of the good faith <br />efforts of ACE ELECTRIC COMPANY in completing its contract with the <br />municipality despite the large outstanding balance said company was <br />due, said company should be paid interest on the outstanding balance <br />as outlined hereinabove; and <br />WHEREAS, Council has further determined that ACE ELECTRIC <br />COMPANY' should be paid interest on the outstanding balance of <br />Twenty Seven Thousand Two Hundred Fifty Nine Dollars and Thirty <br />Seven Cents ($27,259.37) at the rate of ten and one-half percent <br />(_10.50) per annum; now, therefore, <br />BE IT ORDAINED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: <br />Section 1. Council finds and determines that ACE ELECTRIC <br />COMPANY should be paid interest at the rate of ten and one-half percent <br />(10.5%) per annum on the amount of Twenty Seven Thousand Two Hundred <br />Fifty Nine Dollars and Thirty Seven Cents ($27,259.37) on its contract <br />