Granville Community Calendar

Ordinance 35-1982

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Bartlett
AN ORDINANCE SETTING FORTH A GENERAL PLAN FOR
FINANCING IMPROVEMENTS TO THE MUNICIPAL SEWER
UTILITY THROUGH THE ISSUANCE OF GENERAL OBLIGATION
BOND ANTICIPATION NOTES, WHICH NOTES WILL BE RETIRED
AND FURTHER IMPROVEMENTS FINANCED BY THE ISSUANCE OF
MORTGAGE REVENUE BONDS OF THE VILLAGE, AND DECLARING
AN EMERGENCY.
WHEREAS, the Village of Granville now owns and operates as a public
utility a municipal sewer system (hereinafter sometimes referred to as the
Utility"th)e, product and services of which are, and are to be supplied to
persons and corporations within and without the corporate limits of the
Village; and
WHEREAS, pursuant to reports to the Village by its Consulting
Engineers and in accordance with water pollution control requirements and
regulations, this Council has determined it to be essential to make certain
improvements to the Utility so as to provide adequate service to present and
prospective customers thereof, such improvements consisting of constructing a
new wastewater treatment plant and necessary appurtenances including control
laboratory and standby power facilities, and by reconstructing and
rehabilitating sanitary sewers together with necessary appurtenances (being hereinafter collectively called the "Project"an)d;
WHEREAS, the Village has received a_federal grant with respect to a portion of the cost of the Project and this Council finds and determines that
it is necessary to now make provision for the financing of the Project; and
WHEREAS, this Council finds and determines that the permanent
financing for the Project should be through the issuance of mortgage revenue bonds issued pursuant to Section 12 of Article XVIII, Ohio Constitution, in
order to preserve the borrowing capability of the Village for improvements
which cannot be financed with mortgage revenue bonds; and
WHEREAS, this Council finds and determines that the first phase of the Project should be financed under Chapter 133, Ohio Revised Code, and
particularly Section 133.23 thereof, by the issuance of general obligation
bond anticipation notes, which notes are anticipated to be retired from the
proceeds of the mortgage revenue bonds and other funds which may be available for that purpose;
NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Granville, Ohio, that:
Section I.
Section II.
Section III.
This Council hereby declares that it is necessary to improve
the Utility by the construction of the Project and that it is
necessary to issue and sell mortgage revenue bonds pursuant to Section 12 of Article XVIII, Ohio Constitution, to provide funds for such purpose.
This Council hereby finds and determines that the Project shall be financed in phases, that the first phase shall be
initially and temporarily financed through the issuance of general obligation bond anticipation notes which shall be
retired, pursuant to Section 133.23, Ohio Revised Code, from
the proceeds of mortgage revenue bonds issued pursuant to Section 12 of Article XVIII, Ohio Constitution, and that it is
now anticipated that such mortgage revenue bonds will provide the permanent financing for the Project.
The mortgage revenue bonds will be payable solely from the
revenues and properties of the Utility and will be secured by
a mortgage constituting a lien upon said revenues or property after provision for the reasonable operation and maintenance
ORDINANCE NO. 35-82 3 b
BY:
Page II
Ordinance No. 35-82
Section IV.
Section V.
Section VI.
expenses of the Utility. Neither the general resources of the
Village will be required to be used nor the general credit of
the Village pledged for the performance of any duty under any
mortgage given or the ordinance providing for the issuance of
the mortgage revenue bonds.
The Village will, upon the issuance of any mortgage revenue
bonds, covenant with the holders of such bonds and with any
trustee designated in the ordinance authorizing such bonds and
to which such mortgage will be granted for the benefit of the
holders of any mortgage revenue bonds that: (a) it will at
all times prescribe and charge such rates for the service of
the Utility and will so restrict the operation and maintenance
expenses of the Utility, as shall result in revenues at least
adequate after meeting such operation and maintenance expenses
to provide for (1) the payments required by any mortgage
revenue bond ordinance to be made into the debt service fund,
debt service reserve fund, or other special funds, (2) proper
improvement and replacement reserves, and (3) sufficient
earnings coverage to permit the issuance of any additional
mortgage revenue bonds to be issued on a parity with any such
originally issued mortgage revenue bonds required for the
construction of necessary or advisable extensions or
improvements, and (b) the Village will observe and perform all
of its agreements and obligations provided for by any such
mortgage revenue bonds, the ordinance authorizing such bonds
and any mortgage given to secure such bonds.
Any general obligation bond anticipation notes to be issued
for the interim financing of the Project shall bear such
designation as may be necessary to distinguish them from any
mortgage revenue bonds issued to retire such notes, and will
be subject to all other provisions as provided in the
ordinance authorizing their issuance, including provisions
that the full faith, credit and revenue of the Village will be
irrevocably pledged for the prompt payment of the principal
and interest thereof at maturity. It is presently
contemplated that such general obligation bond anticipation
notes will be retired through the issuance of bonds, mortgage revenue pursuant to Section 12 of Article XVIII, Ohio
Constitution.
It is hereby found and determined that all formal actions of
this Council concerning and relating to the adoption of this
ordinance were adopted in an open meeting of this Council, and
that all deliberations of this 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.
Section VII. That this ordinance is hereby declared to be an emergency
measure necessary for the immediate preservation of the public
peace, health and safety of this Village, and for the further
reason that the immediate effectiveness of this ordinance is
necessary so that the contemplated general plan for financing the Project will have been established prior to the passage of the note ordinance for the -first phase of the financing of the Project; 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
passage; otherwise, on the earliest date permitted by the

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