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RESOLUTION N0. 68 ?' I C) ?-0
<br />RESOLUTION AWARDTNG TEN ISSUES OF BONDS
<br />TO THE HIGHEST BIDDER, AND DECLARING AN
<br />EMERGENCY.
<br />WHEREAS, on the 4th day of June, 1968, bids were received for the purchase
<br />of $168,000 Special Assessment Bonds, Series 1968-1, $61,270 Special Assessment
<br />Bonds, Series 1968-2, $25,455 Sidewalk Bonds, $1+0,860 Canterbury Road Sewer Bonds,
<br />$65,000 Great Northern Boulevard Improvement Bonds, $85,400 Fire Truck Bonds,
<br />$43,000 Lorain Road Resurfacing Bonds, $9,400 Land Acquisition Bonds, $55,300
<br />Municipal Bus Purchase Bonds, and $24,000 Carbage Truck Bonds authorized by Ordi-
<br />nances Nos. 68-69 to 68-78, inclusive, passed May 8, 1968, following due advertise-
<br />ment of said bonds for public sale in accordance with law, which bids were as
<br />follows:
<br />Name of Bidder
<br />McDonald & Co.
<br />Amount of Bonds
<br />Bid For
<br />Interest Ra.te Premium
<br />5% $2,565.00
<br />$577,285.00
<br />The Ohio Company Investments $577,285.00
<br />Ryan, Sutherland & Co. $577,285.00
<br />5 3/80% $3,054.00
<br />5 3/47. $1,121.00
<br />WHEREAS, the bid of McDonald & Co.
<br />has been determined to be the highest bid for said bonds based upon the lowest
<br />rate of interest;
<br />NOW? THEREFORE., BE IT RESOLVED by the Council of the City of North Olmsted,
<br />Cuyahoga County, Ohio:
<br />Section 1. That the $168,000 Special Assessment Bonds, Series 1968-1, $61,270
<br />Special Assessment Bonds, Series 196$-2, $25,455 Sidewalk Bonds, $40,860 Canterbury
<br />Road Sewer Bonds, $65,000 Great Northern Boulevard Improvement Bonds, $85,000 Fire
<br />Truck Bonds, $43,000 Lorain Road Resurfacing Bonds, $9,400 Land Acquisition Bonds,
<br />$55,300 Municipal Bus Purchase Bonds, and $24,000 Garbage Truck Bonds authorized
<br />by Ordinances Nos. 68-69 to 68-78, inclusive, passed May 8, 1968, maturing as
<br />provided in said ordinances and bearing an interest rate of 5%
<br />Five per eentum per annum, be a.nd they are hereby
<br />awarded and sold to McDonald & Co.
<br />of Cleveland , Ohio, in accordan.ce with the notice of sale and their bid
<br />for said bonds.
<br />Section 2. That the Director of Finance be and he is hereby authorized and
<br />directed to cause said bonds to be printed forthwith and thereupon to have the
<br />same executed and delivered, together with a true transcript of the proceedings
<br />authorizing said bonds to said successful bidder upon payment of the amount bid,
<br />plus aecrued interest to date of delivery.
<br />Section 3. That the Director of Finance is hereby authorized and directed
<br />to certify a copy of this resolution to the Auditor of Cuyahoga County according
<br />to law.
<br />Section 4. This resolution is hereby declared to be an emergency measuxe
<br />necessary for the i.mmediate preservation of the public peace, health, safety and
<br />welfare of the City, the necessity for such emergency action being that the im-
<br />mediate issuance a.nd sale of the bonds hereby authorized is necessary to provide
<br />funds to enable the City to retire notes issued in anticipation thereof which have
<br />or are about to mature and thereby preserve the eredit of the City; wherefore, this
<br />resolution shall be in full force and effect fram and i.mmediately after its
<br />passage and approval by the Mayor.
<br />? ?? ' ' ' ? ?/ ? ?•
<br />Passed: 1968
<br />resident .?--•??' ? f??
<br />Attest: Approved: tpg , 1968
<br />Clerk of Council ? •
<br />Mayor
<br />, >?
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