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<br />CITY OF NORTH OLMSTED
<br />RESOLUTION N0. 82_68
<br />BY: Ronald Wilamosky
<br />A RESOLUTION TO PROVIDE FOR THE AWARD OF $3,165,000
<br />RECREATIONAL FACILITIES BONDS, $75,000 DIVISION OF
<br />FIRE EQUIPMENT BONDS, $190,000 DEPARTMENT OF PUBLIC
<br />SAFETY EQUIPMENT BONDS, $120,000 DEPARTMENT OF PUBLIC
<br />SERVICE EQUIPMENT BONDS AND $110,000 DEPARTMENT OF
<br />PUBLIC SERVICE LEAF EQUIPMENT BONDS, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, on May 4, 1982, following due advertisement for public sale
<br />as required by law, bids were received for the purchase of five issues of
<br />bonds aggregating in amount $3,660,000 and consisting of $3,165,000 Recre-
<br />ational Facilities Bonds, $75,000 Division of Fire Equipment Bonds, $190,000
<br />Department of Public Safety Equipment Bonds, $120,000 Department of Public
<br />Service Equipment Bonds and $110,000 Department of Public Service Leaf Equip-
<br />ment Bonds, which bonds have been duly authorized by Council; and
<br />WHEREAS, it has been determined that the bid of Mc Do ald F Com anv
<br />of Cleveland. Ohio
<br />for said bonds with an aggregate premium of $21,$56.00 and to bear an inter-
<br />est rate of twelve and three-eiqhths Per centum per annum is the highest bid
<br />based upon the lowest rate of interest received at such sale;
<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. The aforesaid $3,165,000 Recreational Facilities Bonds,
<br />$75,000 Division of Fire Equipment Bonds, $190,000 Department of Public Safety
<br />Equipment Bonds, $120,000 Department of Public Service Equipment Bonds and
<br />$110,000 Department of Public Service Leaf Equipment Bonds be and they are
<br />hereby awarded and sold to Mc Donald & Co any of Cleveland, Ohio ?
<br />with the bonds of all five issues to bear interest at the rate of twelve and
<br />thrPP_-Piqhths per centum per annum, with an aggregate premium of $ 21agr_?,
<br />in accor ance with the Bond Sale Notice and Bond Sale Specifications and their
<br />bid for said bonds.
<br />SECTION 2. The Director of Finance is hereby authorized and directed
<br />to cause said bonds to be printed forthwith and thereupon to have the same
<br />executed and delivered, together with a true transcript of proceedings, to
<br />said purchaser upon payment of the par value thereof plus the aforesaid premi-
<br />um and accrued interest to the date of delivery.
<br />SECTION 3. The Clerk of Council is hereby authorized and directed to
<br />deliver a certified copy of this resolution to the Auditor of Cuyahoga County.
<br />SECTION 4. It is found and determined that all formal actions of
<br />this Council concerning and relating to the adoption of this resolution were
<br />adopted in an open meeting of this Council, and that all deliberations of this
<br />Council and of any of its committees that resulted in such formal action, were
<br />in meetings open to the public, in compliance with all legal requirements
<br />including Section 121.22, Ohio Revised Code.
<br />SECTION 5. This resolution is hereby declared to be an emergency
<br />measure necessary for the immediate preservation of the public peace, health,
<br />safety and welfare of the City, and for the further reason that this resolu-
<br />tion must be immediately effective in order to permit the timely delivery of
<br />the bonds herein awarded to provide funds to retire the outstanding anticipa-
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