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<br />CITY OF NORTH OLMSTED
<br />RESOLUTION N0. 85- 105
<br />BY: MAYOR SWIETYNIOWSKI
<br />A RESOLUTION TO PROVIDE FOR THE AWARD OF $4,000,000
<br />SANITARY SEWERAGE SYSTEM IMPROVEMENT BONDS,
<br />$3,050,000 MUNICIPAL BUILDING BONDS, $480,000
<br />STREET IMPROVEMENT BONDS, SERIES 1985, $350,000
<br />EQUIPMENT BONDS, $120,000 DEPARTMENT OF PUBLIC
<br />SAFETY EQUIPMENT BONDS AND $75,000 TELEPHONE EQUIP-
<br />MENT BONDS, AND DECLARING AN EMERGENCY.
<br />WHEREAS, on October 1, 1985, following due advertisement for public
<br />sale as required by law, bids were timely received for the purchase of six
<br />issues of bonds of this City aggregating in amount $8,075,000 (collectively,
<br />the Bonds) and consisting of $4,000,000 Sanitary Sewerage System Improvement
<br />Bonds, $3,050,000 Municipal Building Bonds, $480,000 Street Improvement
<br />Bonds, Series 1985, $350,000 Equipment Bonds, $120,000 Department of Public
<br />Safety Equipment Bonds and $75,000 Telephone Equipment Bonds, as authorized
<br />by this Council;
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of North
<br />Olmsted, Cuyahoga County, State of Ohio, that:
<br />Section 1. This Council determines that the bid of McDonald &
<br />Company Securities, Inc. of Cleveland, Ohio (the Purchaser) for the Bonds,
<br />with an aggregate premium of $27,455 and at an interest rate for all six
<br />issues of nine and one-quarter percent (9-1/47) per annum, is in accordance
<br />with the Bond Sale Notice and Bond Sale Specifications and is the highest bid
<br />for the Bonds based upon the lowest rate of interest. That interest rate is
<br />determined by this Council to be the maximum interest rate per annum for the
<br />Bonds. The Bonds, having the terms and maturities as provided in the
<br />ordinances authorizing their issuance, each passed July 9, 1985, and all bear-
<br />ing interest at the rate stated above, are awarded and sold to the Purchaser
<br />at a purchase price of par and accrued interest and any aggregate premium as
<br />stated above.
<br />Section 2. The Director of Finance shall have the Bonds signed,
<br />authenticated by the Bond Registrar and, together with a true transcript of
<br />the proceedings authorizing the Bonds, delivered to the Purchaser upon payment
<br />of the par value thereof plus any premium and accrued interest to the date of
<br />delivery.
<br />Section 3. The Clerk of Council is directed to deliver a certified
<br />copy of this resolution to the County Auditor.
<br />Section 4. This Council finds and determines that all formal actions
<br />of this Council concerning and relating to the adoption of this resolution
<br />were taken in an open meeting of this Council and that all deliberations of
<br />this Council and of any of its committees that resulted in those formal
<br />actions were in meetings open to the public, in compliance with all legal
<br />requirements including Section 121.22 of the Revised Code.
<br />Section 5. This resolution is declared to be an emergency measure
<br />necessary for the immediate preservation of the public peace, health, safety
<br />and welfare of the City and for the further reason that the immediate effec-
<br />tiveness of the resolution is required in order to effect the issuance, sale
<br />and delivery of the Bonds, which is necessary to enable the City to retire
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