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<br />REsoi,vrzox No.
<br />. ?? , ,.,?,,,
<br />RESO ON P'ROVIDIIiG FOR AN AWARD OF AN IS3UE OF
<br />SEWER INMVMW A3SESSI-M HOltDB OT' THE C ITY OF
<br />P1pRTH pLK9TED., OHIO
<br />?
<br />WF?'.A3, on January 7, 1965, bids vere received for the purchase of $1,277,115
<br />Sever Improvemeat Asaessment Bonda authorized by OrBirance lb• 64-329 pe?ssed by
<br />CAtticil oti December 15,. 1964, folloxing due advertisement of eaITU-n-U for public
<br />sale in accordance with laW, thM highest bid for said borrds be.sedlipm the lovest
<br />rate of interest being that of MeDonald & ftupany
<br />r centun
<br />for bon?ds bearing aa interest rate of three and one-half 3 Ie ?
<br />per annum with a premium of $ 12,093.00 ;and
<br />WHERTAS., since the date of paesa8e of the aforesaid ordinance cash peyMnts ia t.he
<br />aggregate amount of $59, 257 w'ere reCeiveB for credit against the assesanents levied Yor
<br />said improvemant, thereby reducing the emount of fi,nencing required for said improvement
<br />and further requiring that the amouat of said bond issue be reduced to $1,217.,858
<br />urith sppropriate revision of the isturities of anid bonds, all of which has? aen?
<br />accomplished by the passage an thie date of Ordinance lb. 65-5 ,
<br />Sections 1 and 2 of Ordinaace No. 64-329 iand
<br />WfiER EAS, said bidder has agreed to aodept delivery of said reduced bond iaswe
<br />on condition that the premium offered for the purct'iase of $l, 277,115 of said bonda be
<br />reduced prorata, and Council hes determined to accept the bid of MeDonald & Codpany
<br />as so reviseci;
<br />NOW? THEFiEFORE, BE IT RF. SOLVID bY the Council of the City of North Olmsted, Ohio:
<br />3ection l. That the aforesaid 3eMrer 7mprovement Assessment Bonds of thia City
<br />in the principal amount of $1,217,858, bearing the terms and mturing as pravided in
<br />Ordinance No. 64-329 , as awnded, are hereby avarded and aold to
<br />MeDonald & Company , bearitt8 inberest at the rate of thraa and_one-half
<br />per centum per annum, with e Preiaiutt after pr°ratri reduction of $ 11,531. _•
<br />Section 2. That the Director of Finance shall be and he is hereby authorized aad
<br />directed to cause 3aid bonds when printed to be executed and delivered t?ogether with a
<br />true transcript of the proceedings authorizing eaid bonds to McDonald & Cosnanv
<br />upon payment of the par value thereof, plus the atoreeai8
<br />premium in the amount of 11,531.88 and accrued interest to the date of
<br />delivery.
<br />Section 3. 2hat 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 4. This reaolution is hereby declared to be an emergency measure necesssry
<br />for the preservation of the peace, health and safety of the City and its inhabitanta
<br />7 and for the further reason that completion of sale of the aforesaid bonds is aecessary
<br />to pay of'Y outstanding notes and thtreby to preserve thc City'e credit; wherefore,
<br />it shall take effect and be in force immediately upon ita pass and approval.
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<br />Passed ' ", cj , 1?-J(3 ? ?tc?.-? _ '
<br />Preside of Counc
<br />Approved 1 _UC?It" t , 1965 Attest:
<br />Cl k of Council -
<br />a.
<br />Mt?yor (`y(??, Xp?GAkdJ
<br />uy?At
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