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<br />CITY OF NORTH OIMTED
<br />RESOLUTION N0. fr
<br />BY :
<br />RESOLtJTION AWA13DING FTVE ISSUES OF BONDS TO THE
<br />HIGHEST BIDDER2 AND DECLARING AN EMERGENCX.
<br />WHEAEAS, on the 7th day of Ma,y., 1969, bids were received for the purchase
<br />of $131,700 Great Northern Boulevard Improvement Bonds, $23,600 Library Building
<br />Bonds, $69,000 Service Depari;ment Equipanent Bonds, $25,800 Southern Avenue Stoxxn
<br />Sewer Bopds and $27,400 Sidewalk Bonds authorized by Ordinances Nos. 69-88,
<br />69-92, 69-91, 69-90, and 69-89, respectively, passed April 1, 1969, following
<br />due advertisement of saa.d bonds for public sale in accord.ance with law, which
<br />bids were as follows:
<br />Amount of Bonds
<br />Name of Bidder Bid For Interest Rate Premium
<br />McDonald & Company $277,500 5 3/4% $1,452.00
<br />Ball, Burge & Kraus $277,500 5 3/4% 446.28
<br />The Ohio Company $277,500 6% 1,193.25
<br />WHEREAS, the bid of McDonald & Company
<br />has been determined to be the highest bid for said bonds based upon the lowest
<br />rate of interest; and
<br />W.EiFJE,AS, since the date of passage of the aforesaid Ordinance No. 69-88 a
<br />cash payment of $11,141.56 was received for credit against the assessments levied
<br />for the improvement of Great Northern Boulevard described in saa.d ordinance,
<br />thereby reduci.ng the amount of financing requi.red for said improvement and flirther
<br />requiring that the amount of said Great Northern Boul.evard Improvement Bonds be
<br />reduced to $120,560 with appropriate revision of the terms and provisions of said
<br />b on8s, all of which ha.s been accamplished by the passage on this da.te of Ordinance
<br />No. 69-114 amending Sections 1 and 2 of Ordinance No. 69-88; and
<br />WHERFA,S, the successful bidder has agreed to accept delivery of said five
<br />issues of bonds in the revised aggregate amount of $266,360 on condition that
<br />the premium offered for the $277,500 of bonds be reduced pro rata in view of the
<br />reduced amount of the issue, and Council has determined to accept the bid of
<br />McDonald & Company , as so revisetl;
<br />NOW, THEFMRE, BE IT RESOLVID by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio;
<br />Section 1. That the af'oresaid $120,560 Great Northern Boulevard Improvement
<br />Bonds, $23,600 Library Building Bonds, $69,000 Service Department Equipment Bonds,
<br />$25,800.Southern Avenue Storm Sewer Bonds and $27,400 Sidewalk Bonds authorized
<br />by Ordinances Nos. 69-88, as amended, 69-92, 69-91, 69-90, and 69-89, respectively
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