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' ~~ RE30LtTi'TOK NiO. ~ ~ "
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<br />+ R8S0 PR(JYIDING FOR AN Ai+tA~ 0~' AN ZuSt1E OF
<br />SEWBR IMPtif?Y't A3S`EF~ A0~tD6 Off' THE CITY OF
<br />rKH~1'H OI,M9'TFD, ONTO
<br />WHF~iFAB, on January 7, 1965, bids were received for the purchase of $1., ~7, u5
<br />Sewer Tngirovement Assessment Bonds authorized by Ordinance lip. 64-329 passed by
<br />CO~nci1 on December 15, 196k, following due esdvertisement of aa~cF~onds for gublie
<br />sale in accordance with law, the highest bid for said bowls based uponn the lo~++est
<br />rate of interest beinfr, that of McDonald ~
<br />for bonds bearing an interest rate of three and on - elf 3 ptr centum
<br />>; per annum with es premium of $ 12 , 093.00 ;
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<br />Gl~-S, since the date of passage of the aforesaid ordinance caal~ p4ymenta in the
<br />aggregate amount of $58,257 were received for credit a$esinst the asaesasseats levied for
<br />said improvement, thereby reducing the amowlt o+f financing squired for said im~rove~ent
<br />and further requiring that the amount of said bond issue be reduced to $1,217,858
<br />with ap~ropriste revision of the futurities of said bonds, all c7l!' which has been
<br />accomplished by the passage ~ this date of Ordi,~ce I4o. 65-5 , ~~$
<br />Sections 1 and 2 of Ordinance Ab. 64-3?9 ~; and
<br />Wf~REAS, said bidder has agreed to accept delivery o! said reduced bcx~d issue
<br />on condition that the premium offered for the purchase of $1, 277,115 "of still bands be
<br />reduced prorate, and Council has determined to accept the bid of McDonald ~ Can~pany
<br />as so revised;
<br />NOW, THEREFORE, BE IT RESOLVES? by tt~e Council of the City of North Olmsted, Ohio;
<br />Section 1. That; the aforesaid Sewer Improvement Assessment Bonds of this City
<br />1n the principal amount of $1,217,858, hearing the terms and maturing as provided in
<br />Ordinance No. 64-329 , as amended, era hereby awarded and sold to
<br />McDonald & Company , bearing merest at the rate Of _t~raa sell Qne-half
<br />per centu,u per anzaum, with a premium attar prorates reduction of $ 11 ~53~, M •
<br />Section 2. 2'hat the Director of Finance shall be and he is hereby authorized and
<br />directed to cause said 'ponds when printed to be executed- and delivered together with a
<br />true transcript of the proceedings authorizing said bonds to McDonald
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<br />upon payment of the par value thereof, plum it aforesaid
<br />premium in the amount. of` 11,531,88 ~ and accrued interest to the date of
<br />delivery.
<br />Section 3. That the Clerk of Council is hereby authorized and directed to deliver
<br />a copy of this resolution to the Auditor of Cuyahoga County.
<br />Section ~+. T!-iis resolution is hereby declared to be an emergency measure necessary
<br />for the pre$ervation of the peace, health and safety of the City and its inhabitesnts
<br />and for the further res,son that completion of sale of the aforesaid bonds is necessary
<br />to pay off outstanding notes and thereby tc preserve the City's credit; wherefore,
<br />it shall take effect and be in farce imr~ediF~tely upon its passa~ and approval.
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<br />Passed t-i.~~~s>> ;,,~< ~.5. ~ , lyt~ `~ ..'~ c,~,.z_~-.-.~ ~ ~--~ ~_5„ ..~~~
<br />Presider f Counc~
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<br />Apvroved ~ .' ~.' _~1~~,,,~,,...~_..._.~ 1467 Attest: '~ ~ ,~ ? ;,~, .~~~~
<br />- ~ + ~. C1e k. of Council ~ _~.-~<
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