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R.ESOZUTION No. 476 <br />By Tir. Belzer <br />A RESOIUTTON ACCEPTING TflF HIGHEST BID rOR <br />$31,750, 00 OF SPECIAI, ASSESSISENT BONDS UPQN <br />THE LOWEST RATE OF IIQTEREST PAID BY A <br />1tESPONSIBZE BIDDER <br />WHEREAS, THE FIRST CLEVELAND CORPOP.ATION, a responsible bidder, has <br />, presented a bid for special assessment bonds dated August 1, 1960, in the f ace <br />amount of $31,750.00, upon a rate of interest, namely 4-1/4% per annum and a <br />premium of $261.00; and <br />WHERE.4S, said rate of interest is higher than provided in Qrdinance <br />; No. 706, passed June 20, 1960. <br />NOtid THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE VIZZAGE OF MAYFIELD, <br />CUYAHCGA COUNT?.T OH:LO, THAT : <br />Sec. 1, The bid of The First Cleveland Corporation be, and the same is, <br />hereby accepted, said bid being tne highest based upon the lowest rate of interest, <br />other than the amount of interest set forth in said ordinance. <br />Sec. 2. Said bonds, after being executed and signed, accordino to law, <br />and according to said Ordinance Noa 706 heretof ore passed by tnis Council, and <br />bearing the rate of interett provided in said accepted bid, be delivered by <br />the Clerlc to said purchaser on compliance with the terms of said sale. <br />Sec. 3o The Clerk shall furnish the successf ul bidder a Lrue transcript, <br />a statement of net indebtedness certif ied by him, and such officer shall furnish <br />? such other inf ormation as required by said Ordinance No. 706 and as provided <br />by laia. <br />Sec, 4. The Clerk be, and hereby is, directed to certify a copy of <br />, this Resolution to tne County Auditor o£ Cuyahoga CounLy as required by law. <br />Sec. 5. This Resolution is hereby determined to be an emergency <br />measure, necessary for the immediate preservation of the public peace, health, <br />safety and welfare of the Villaoe of Mayfield and its inhaUitants, since funds <br />are required to pay the note issued in anticipation of the sale of said bonds <br />and therefore this Resolution shall go into iramediate effect upon its adoption <br />as an emergency Resolution. <br />Adopted this 18th day of July, 1960. <br />Attest: <br />Playor - President o£ Coun-cil <br />? <br />(S al ) C1 lc