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J ORDINANCE N0. 85- 7 <br />INTRODUCED BY: Mayor Carmen and Council as a Whole. <br />AN ORDINANCE TO PROVIDE FOR THE AWARD OF $83,000 <br />STREET IMPROVEMENT BONDS OF MAYFIELD VILLAGE, OHIO, <br />AND DECLARING AN EMERGENCY. <br />WHEREAS, after notice published as required by law, bids have been <br />timely received for the purchase of $83,000 Street Improvement Bonds of this <br />Village (the Bonds), as authorized by this Council; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of Mayfield Village, <br />Cuyahoga County, Ohio, that: <br />Section l. This Council determines that the bid of McDonald & <br />Company of ;Cleveland, Ohio (the Purchaser) for the <br />Bonds, with a premium of $ 107.90 . and at an interest rate of 8.875 % per <br />annum, is in accordance with the Bond Sale Notice and Bond Sale Specifications <br />and is the highest bid for the Bonds based upon the lowest rate of interest. <br />The Bonds, having the terms and maturities as provided in Ordinance No. 85-3, <br />passed February 18, 1985, and bearing interest at the rate stated above, are <br />awarded and sold to the Purchaser at a purchase price of par and accrued <br />interest and any premium as stated above. <br />Section 2. The Finance Director shall have the Bonds signed, authen- <br />ticated by the Bond Registrar and, together with a true transcript of the <br />proceedings authorizing the Bonds, delivered to the Purchaser upon payment of <br />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 ordinance 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 passage of this ordinance were <br />taken in an_open meeting of this Council and that all deliberations of this <br />Council and of any committees that resulted in L-hose formal actions were in <br />meetings open to the public, in compliance with all legal requirements includ- <br />ing Section 121.22 of the Revised Code. <br />R <br />Section 5. This ordinance is declared to be an emergency measure <br />necessary for the immediate preservation of the public peace, health and safe- <br />ty of the Village, and for the further reason that the immediate effectiveness <br />of this ordinance is required in order to allow the delivery of the Bonds <br />/ <br />?.