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RESOLUTION N0. 786 <br />BY: ~R. Leech <br />A RESOLUTION ACCEPTING THE HIGHEST BID FOR $100,000.00 <br />GENERAL OBLIGATION BONDS UPOid THE LOWEST RATE OF <br />INTEPEEST BY A RESPONSIBLE BIDDER <br />tiIHEREAS, PRESCOTT, NIERRILL, TURBEN & Co ., a responsible bidder, has <br />presented a bid for general obligation bonds (Municipal Building Bonds of 1971) <br />for a total face amount of $100,000.00, namely 5-7/8% per annum interest and a <br />premium of $1,006.00; and <br />WIiEREAS, said bid of Prescott, rlerrill, Turben & Co. is the highest bid <br />based upon the lowest rate of interest for said bonds. <br />NOkT, THEREFORE, Be It Resolved by the Council of the Village of rayfield, <br />Cuyahoga County, Ohio, that: <br />Section 1. The Sid of Prescott, Aierrill, Turben & Co, be, and the same is <br />hereby:~accepted, said bid being the highest based upon the lowest rate of interest, <br />other than the amount of interest set forth in said Ordinance. <br />Section 2. Said bonds, after being executed and signed, according to law, <br />and according to said Ordinance No. 70-52, heretofore passed by this Council, and <br />being the rate of interest provided in said accepted bid, be delivered by the <br />Clerk-Treasurer to said purchaser on compliance with the terms of said sale. <br />Section 3. The Clerk-Treasurer shall furnish the successful bidder a <br />true transcript, a statement of net indebtedness certified by him, and such <br />officer shall furnish such other information as required by said Ordinance No. 70-52. <br />Section 4. The Clerk-Treasurer be, and hereby is, directed to certify a <br />copy of this Resolution to the County Auditor of Cuyahoga County as required by law. <br />Section 5. This Resolution is hereby determined to be an emergency <br />measure, necessary for the immediate preservation of the public peace, health, safety <br />and welfare of the Village of Mayfield and its inhabitants, since funds are required <br />to pay the cost of reconstructing and equipping the Village Hall hitherto damaged <br />by fire as soon as possible, and, therefore, this Resolution shall go into immediate <br />effect upon its adoption as an emergency Resolution . <br />Adopted this 14th day of December, 1970. ~ ~,-~ / <br />~~ ~d ~ ~ 1~~-~ <br />ATTEST : ~"~ ~r ~ <br />,/ " MAY~R-PRESIDENT OF COUNCIL <br />_ v~ ! ~x <br />(SEAL) _____ CLERK-T ASURER <br />