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' RE:;t>LiffION :iU. ~' b
<br />RESOI.UI'i0N PROVIPT_NC; F'UR AN AWARD OI'' AN I~StT~ i)F
<br />SE'rJF:R IMP.tOV'~tF.N'i' AS:iESS1~kE1dI' ;~OND6 OF' THE ~; I'1'Y OF
<br />NORTH Oi~'TED, OHIO
<br />WHEREAS, on January "(, 1965, bids were received for the purchase of $1, 2'77,115
<br />Sewer Improvement Assessment Rands authorized by Ordinance No.dl~ passed by
<br />COSincil on December 15, 1961+, following; due advertisement of said bon s for public
<br />sale in accordance with law, the }-.ighest bid for aid bonds based upon the lowest
<br />rate of interest ~~eir~; that cf ~ ~ D 0 •v ~Z,1,_.,_.~_
<br />for bonds bearing an interest rate of ~ ~ per canton
<br />per annum with a premium of ~ g and
<br />WHEREAS, sin^e the date of passs,,~~e of the aforesaid ordinance cash payments in the
<br />aggregate amo~~nt of $5y, 2>7 were received f,~r credit against ci-:«: a:;sass~ients levied for
<br />:,aid improvement, t'~ere:~;~ reduc ire,, the a ~~~~.int of financing rec~•~zi.red far ,aid irApxovernent
<br />and further reouirin~; thc.t the amount: cf' s~~id ~,~~nd issue he reduced to $1, 217, ~5b
<br />with appropriate re-~isior. o:' the ~aturit:~e:~ of Laic bonds, a]_] of which has been
<br />accornplisheci by the passage on this dr+.~~ o'' Ordinance No. ~ ,~ - S^ , amending
<br />Sections land 2 of Ordinance No. ~- _,3 ~ ~,• -and
<br />~kERF.AS, said bidder has agreed tc accept delivery of said reduced bond issue
<br />on condition that the premium offered f'or the purchase of $1, 2'( (,1.15 of said bonds be
<br />reduced prorata, and Council has determined to accept the nid of ~ ~ ~~} N}~-~ .n ~ (~ ~
<br />L
<br />as so revised;
<br />NOWT THEktc:FORE, BF. IT RE.iULVF'D c~~ the r~,uncil of the City of rrortn Olmsted, Ohio:
<br />Section 1. That the aforesaid Sewer Improvement Assessment Bonds of this City
<br />in the principal amount of $1,21'~,t~5~, '.,eari.n~; the terms and matairing as provided in
<br />Ordinan a No. G , as amended, are hereby awarded and so:~d to
<br />~C ~ 0 N ~~"'~~~~~ , bearing merest at the rate of '~, ,S d
<br />per centum per annum, x a premium after prorata reduction _.. $ ~~~'~/. ~ •
<br />Sectrion 2. That the Director of Finance shall be and he is hereby authorized and
<br />directed to cause said bonds When printed to be executed and delive/~ed together w~it-h a
<br />true transcript of the proceedings authorizing said bonds to ~_~Y ~ N/4j ~' ~ [ ,~„
<br />~~~~ ~~~~~~_tp~~oJJn cp~ayr!~r,•, rf the par value t'~°: ~o~°, plus the afo~said
<br />premi.u.•^ ~r: the amount of ~1T~~1F____._.__ and acc:-~aed ir,tere.-t ~o the date of ,
<br />delivery.
<br />Se~tiyn 3. That tiie Clerk of Coun::il is hereby authorized and directed to deliver
<br />a cony u" this resolution tc~ the Auditor of C~~vahoga County. `
<br />Section il. This resolution is hereby dec.tared to be an emergency measure necessary
<br />;:'or the preservs.tion of the' peace, h~a]th anc~ safet;/ of the Git- and its inhabitants
<br />and for the fur~t;::er r?asor. that comp<~~ior: ~f :.,ale of the afcrecr~~d '~x>nds is necessary
<br />to pay off' otitstandi~ notes rind the~•e:c- to n~eserve the City;':. credit] wherefore,
<br />it shall take effect ar~~i be in r'orce `_.Mrr~edistnl;,• upon: its pia ;:;Ar,e and approval.
<br />Passed , 1
<br />k'z•esident ;.>:' Council
<br />Apnrovec: , 1965 Attest: .,
<br />_ Clerf~ of Counc~.~
<br />hia~~ o r
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