East Cleveland leader. [volume] (East Cleveland, Ohio) 1942-1970, 1961-10-26
RESOLUTION NO. 1899

4 By: Mr.. Townsend
AN EN- R ZEN CY RES
! OLUTION APPROVING THE
r ACCEPTANCE OF TIL E
+ BID OF CONTINENTAL
ILLINOIS NATIONAL BANK
AND TRUST COMPANY OF
CHICAGO FOR BONDS IN
THE SUM OF 55,000.00
PROPOSED TO BE ISSUED
PURSUANT TO RESOLU-
TIONS NOS. 1861 A N D
1862, A n D ORDINANCE
| NO. 5341.
WHEREAS, pursuant to Res
olution No. 1461. passed July
Is, 1858, Resolution No. 1852,
passed July 29, 1858. and
Ordinance No. 5341, passed
September 19, 1861. this Com
mission has authorized the is
suance of bonds in the sum of
S555 100000 for the purpose of
providing a fund to pay the
City's portion of the expense of
constructing, re constructing,
repairing and improving sani-
tary and storm sewers and
conduits, and
WHEREAS. the foregoing
Legislation provides that said
bonds shall bear interest at a
rate of approximately three
and one-fourth per cent (34 Tc)
per annum, and
WHEREAS, pursuant to-
Section 1884 R.C., said bonds
were offered on September 20,
1861, to the Trustees of the
Sinking Fund of East Cleveland
at par and accrued interest and
were rejected by said Trustees,
and
WHEREAS. pursuant to Sec
tion 1886 R.C. and 1857
R.C.. said bonds were offered
on September 90. 1861, to the
proper officials for the Treas
ury Investment Fund of East
Cleveland at par and accrued
interest and were rejected by
said officials, and
WHEREAS, said bonds were.
thereupon offered for public
sale on October "a, 1861, and
/ Continental Illinois National
Bank and Trust Company of
Chicago submitted the highest
bid for said bonds in the
amount of the face value there
Of with accrued interest and a
premium of $2,093.46 based
upon an interest rate of three
per cent go, and
WHEREAS, the Director of
Finance as the fiscal officer of
East Cleveland has accepted
the bid of Continental Illinois |
National Bank and Trust Com !
pany of Chicago and has re-
quested the approval of this
Commission to such acceptance
inasmuch as the rate of inter
est bid is other than that pro-
vided for in legislation auth
orizing this issue of bonds. and
WHEREAS, an emergency
exists for the immediate pres
ervation of the public peace,
property, health and safety, the
emergency being to provide for
the immediate approval of the
acceptance of the foregoing
bid.
NOW, THEREFORE, BE IT /
RESOLVED by the Commission
Of the City of East Cleveland,
Ohio, foUr-fifths of all mem
bers elected thereto concurring
SECTION 1: That this Com
mission hereby approves the
acceptance by the Director Of
Finance Of the bid of Cont
mental Illinois National Bank
and Trust Company of Chicago
for bonds Of the City of East
Cleveland in the amount Of
Five Hundred Fifty-five Thou
sand Dollars $3.50, 100000 pro-
posed to be issued for the pur-
pose of providing a fund to
pay the City's portion of the
expense of constructing. re-
constructing, repairing and i'm
proving sanitary and storm
sewers and conduits, said bid !,
being in the face value thereof
with accrued interest and a
premium Of Two Thousand
n in ety-t hree Dollars and
Forty-six Cents (S2,093.46)
based upon an interest rate of
three per cent (3%).
SECTION 2: That the Clerk
Of the Commission be and he
is hereby authorized and di-
rected to certify a copy of this
resolution to the County Audi
tor Of Cuyahoga County.
SECTION 3: That this res
olution is hereby declared to
be an emergency measure
necessary for the immediate
preservation of the public
peace, property, health and
safety, the emergency being
to provide for the immediate
approval of the acceptance Of
the foregoing bid, and provided
it receives the affirmative vote
of four-fifths of all members
elected to the City Commission,
it shall take effect and be in
force Immediately upon its
passage; otherwise, it shall
take effect and be in force
from and after the earliest
period allowed by law.
PASSED: Oct. "a, 1861.