ORDINANCE NO. 13-82
AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF NOTES
IN ANTICIPATION OF THE ISSUANCE OF BONDS TO PAY THE
PROPERTY OWNERS' PORTION, IN ANTICIPATION OF THE
LEVY AND COLLECTION OF SPECIAL ASSESSMENTS, OF THE
COST OF IMPROVING WILDWOOD DRIVE BETWEEN CERTAIN
TERMINI BY GRADING, CONSTRUCTING A NEW BASE AND
DRAINAGE DITCHES, PAVING WITH ASPHALT, TOGETHER
WITH NECESSARY APPURTENANCES, AND DECLARING AN
WHEREAS, the Council of the Village of Granville, Ohio, has
heretofore by proper legislation declared the necessity of improving Wildwood
Drive in the manner described in Section 1 of the this ordinance; and
WHEREAS, the Director of Finance, as fiscal officer, has certified this to Council that the estimated life of the improvement hereinafter mentioned
is at least five years, and that the maximum maturity of the bonds hereinafter
referred to is ten years and the maximum maturity of the notes, hereinafter
referred to, to be issued in anticipation of said bonds, is five years or one year if sold privately;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF GRANVILLE, OHIO, THAT:
It is hereby declared necessary to issue bonds of the
Village of Granville in the principal sum of $78,800 (the
Bonds) to pay the property owners' portion, in anticipation
of the levy and collection of special assessments, of the
cost of improving Wildwood Drive between certain termini by
grading, constructing a new base and drainage ditches, '
paving with asphalt, together with necessary appurtenances,
pursuant to and in the manner described in Resolution No.
81-28, adopted October 7, 1981.
The Bonds shall be dated approximately June 1, 1983, shall
bear interest at the estimated rate of eleven per centum
11%p)er annum, payable semai-nnually, until the principalsum
is paid and shall mature in ten substantially equal
annual installments. -
It is necessary to issue and this Council hereby determines
that notes in the principal amount of $78,800 (the Notes)
shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at a rate not to
exceed 15%per annum, payable at maturity, with provision,
if requested by the original purchaser, that after maturity the Notes shall bear interest at such rate of interest not
to exceed 15%per annum permitted by law, as may be
requested by the original purchaser, until the principal sum is paid. Such rate to maturity and thereafter shall be
fixed by the Director of Finance in his certificate awarding the Notes at private sale in accordance with the provisions of Section 5 of this ordinance. The Notes shall be
designated "Wildwood Drive Improvement Notes,-shall be dated the date of issuance, shall mature one year from said date and shall be issued in such numbers and denominations
as may be requested by the original purchaser. The
principal of and interest on the Notes shall be payable in Federal Reserve funds of the United States of America at the Granville, Ohio office of BancOhio National Bank, or if requested by the original purchaser, at the option of the
Ordinance No. 13-82
holder at some other bank or trust company mutually agreed
to by the Director of Finance and the original purchaser.
The requests of the original purchaser provided for in this
section are subject to the approval of the Director of
Finance prior to the issuance of the Notes.
The Notes shall not have coupons attached, shall be executed
by the Mayor and the Director of Finance, provided that of such signatures one may be a facsimile thereof, shall bear
the seal of the corporation, and shall express upon their
faces the purpose for which they are issued and that they
are issued pursuant to this ordinance.
Subject to the rejection of the Notes by the officer in
charge of the Bond Retirement Fund for investment in such
fund, the Notes shall be awarded and sold by the Director of Finance at private sale at an interest rate not to exceed
the rate specified in Section III of this ordinance at not less than par value and accrued interest. The Director of
Finance is hereby authorized and directed to deliver the
Notes, when executed, to such original purchaser upon payment of such purchase price. The proceeds from the sale of the Notes, except any premium and accrued interest, shall be paid into the proper fund and used for the purpose for which the Notes are being issued under the provisions of this ordinance. Any premium and accrued interest received from such sale shall be transferred to the Bond Retirement
Fund to be applied to the payment of the principal of and interest on the Notes in the manner provided by law.
The Village hereby covenants that it will restrict the use of the proceeds of the Notes in such manner and to such
extent, if any, as may be necessary, after taking into account reasonable expectations at the time of the delivery of and payment for the Notes, so that the Notes will not constitute arbitrage bonds under Section 103(c)of the Internal Revenue Code and the applicable income tax regulations under that Section. The fiscal officer or any other officer, including the Clerk of Council, having responsiblity for issuing the Notes is authorized and directed, alone or in conjunction with any of the foregoing or with any other officer, employee, or consultant of the Village, to give an appropriate certificate of the Village, for inclusion in the transcript of proceedings, setting forth the reasonable expectations of the Village regarding the amount and use of all such proceeds and the facts and estimates on which they are based, all as of the date of delivery and payment for the Notes.
During the years while the Notes run there shall be levied on all the taxable property in the Village, in addition to all other taxes, a direct tax annually not less than that which would have been levied if the Bonds had been issued without the prior issuance of the Notes. The tax shall be and is ordered computed, certified, and extended upon the tax duplicate and collected by the same officers, in the same manner, and at the same time that taxes for general epxutrepnodseeds for each of said years are certified, levied, and collected. The tax shall be placed before and tinheprreeofef.rence to all other items and for the full amount The funds derived from the tax shall be placed in a separate fund, which, together with all interest collected on the same, shall be irrevocably pledged for the payment of the principal of and interest on the Notes or Bonds when and as the same fall due.
Ordinance No. 13-82
All assessments collected for the improvement aforesaid, and
any unexpended balance remaining in the improvement fund
after the costs and expenses of such improvement have been
paid, shall be applied to the payment of the Notes and the
interest thereon until both are fully provided for.
The Notes shall be the full general obligations of the
Village and the full faith, credit and revenue are pledged
for the prompt payment of the same. The par value to be
received from the sale of the Bonds anticipated by the Notes
and any excess funds resulting from the issuance of the
Notes shall, to the extent necessary, be used for the
retirement of the Notes at maturity, together with interest
thereon, and are hereby pledged for such purpose.
It is hereby determined that all acts, conditions and things
required to be done precedent to and in the issuing of the,
Notes, in order to make them legal, valid and binding
obligations of the Village, have happened, been done and
performed in regular and due form as required by law, and that no limitation of indebtedness or taxation, either
statutory or constitutional, will have been exceeded in the issuance of the Notes.
It is found and determined that all formal actions of this
Council concerning and relating to the ordinance passage of this were taken in an open meeting of this Council, and that all deliberations of the Council and of any of its committees that resulted in such formal action were in
meetings open to the public, in compliance with all legal requirements, including Section 121.22, Ohio Revised Code.
The Clerk of Council is hereby authorized and directed to certify a copy of this ordinance to the Auditor of Licking County, Ohio.
This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public
peace, safety, health, morals and welfare, of said Village, and for the further reason that the immediate construction of said improvement is necessary to eliminate existing hazards to pedestrian and vehicular traffic, and provided this ordinance receives the affirmative vote of five members elected or appointed to Council it shall be in full force and effect from and immediately after its adoption; otherwise, on the earliest date permitted by the Charter of this Village.
Passed: Mav 19 1982
At tes t: 1 (12-14. 719/6.2) clerk of Coundfl -
Approved as to form:
ORDINANCE NO. 13-82