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,1 ~ A <br />` E 9`•= <br />F. <br />;~~.i ( s <br />ORDINANCE NO. 81- <br />INTRODUCED BY: <br />AN ORDINANCE AWARDING PAYMENT OF INTEREST TO ACE <br />ELECTRIC CO. IN THE AMOUNT OF TEN AND ONE-HALF <br />PERCENT (10.5%), DIRECTING THE FINANCE DIRECTOR <br />TO CALCULATE AND PAY THE SAME AND DECLARING AN <br />EMERGENCY. <br />WHEREAS, ACE ELECTRIC CO. was one of the contractors performing <br />services in constructing the 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 CO. in the amount of Twenty Seven Thousand Two Hundred <br />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 CO. was entitled to abandon the construction <br />project; and <br />WHEREAS, ACE ELECTRIC CO. chose not to abandon the construction <br />project but rather complied with the terms of the contract, thereby <br />waiving its rights against the municipality because of its belief <br />in the good faith of the municipality in its representation that the <br />outstanding balance would be paid; and <br />V;HEREAS, the Service Building is now completed, including the <br />contract work of ACE ELECTRIC CO.; and <br />WHEREAS, Council has determined that because of the good faith <br />efforts of ACE ELECTRIC CO. 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 CO. <br />should be paid interest on the outstanding balance of Twenty Seven <br />Thousand Two Hundred Fifty Nine Dollars and Thirty Seven Cents <br />($27,259.37) at the rate of ten and one-half percent (10.50) per annum; <br />now, therefore, <br />BE IT ORDAINED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: <br />Section 1. Council finds and determines that ACE ELECTRIC CO. <br />be paid interest at the rate of ten and one-half percent (10.5%) per <br />annum on the amount of Twenty Seven Thousand Two Hundred Fifty Nine <br />Dollars and Thirty Seven Cents ($27,259.37) on its contract with the <br />municipality for construction work performed on the municipal Service <br />Building. <br />Section 2. The Finance Director is hereby authorized, empowered <br />and directed to calculate the interest due ACE ELECTRIC CO. in accordance <br />