Granville Community Calendar

Ordinance 36-1982

4
ORDINANCE NO. 36-82
Harriott
PROVIDING FOR THE ISSUANCE OF $179,000 SEWER UTILITY
IMPROVEMENT NOTES IN ANTICIPATION OF THE ISSUANCE OF
BONDS FOR THE PURPOSE OF IMPROVING THE MUNICIPAL
WASTEWATER TREATMENT AND COLLECTION SYSTEM BY
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, AND DECLARING
AN EMERGENCY.
WHEREAS, this Council has pursuant to Ordinance No. 35-82 ,
adopted November 3, 1982, set forth a general plan for financing improvements
to the municipal sewer utility which contemplates the financing of the
improvements by the issuance of general obligation bond anticipation notes and
mortgage revenue bonds; and
WHEREAS, the presently estimated local share of the cost of the
improvements is approximately $910,000; and
WHEREAS, it is now necessary to proceed with the financing of the
first phase of the improvements by the issuance of the general obligation bond
anticipation notes; and
WHEREAS, the Director of Finance, as fiscal officer, has certified to
this Council that the estimated life of the improvements described in this
ordinance is at least 5 years, that the maximum maturity of the bonds referred
to herein is 40 years, and that the maximum maturity of the notes referred to
herein, to be issued in anticipation of the bonds, is ten years, if sold
publicly or one year if sold privately;
NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of
Granville, Ohio, that:
Section I.
Section II.
It is declared necessary to issue bonds of the Village of
Granville in the aggregate principal amount of $179,000 (the
Bonds) for the purpose of improving the municipal wastewater
treatment and collection system by 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.
The Bonds shall be dated approximately December 1, 1983, shall
bear interest at the estimated rate of 10-1/2%per annum,
payable semi- annually, until the principal sum is paid, and
shall mature in 25 annual installments.
Section III. It is necessary to issue and this Council determines that
notes in the aggregate principal amount of $179,000 (the
Notes) shall be issued in anticipation of the Bonds. The
Notes shall be dated the date of issuance, shall bear interest
at the rate of 7.75 %per annum, payable at maturity, with
provision that after maturity such notes shall bear interest
at 13.0 %per annum, until the principal sum is paid, 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 lawful money of the
United States of America at the Granville, Ohio office of Park
National Bank, or if requested by the original purchaser, the option of at the holder at some other bank or trust company mutually agreed to by the Director of Finance and the original
BY:
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Ordinance No. 36-82
Section IV.
Section V.
Section VI.
purchaser, and in Federal Reserve funds if requested by the
original purchaser of the Notes. The Notes shall mature one
year from date. 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 one of
such signatures may be a facsimile signature, bear the seal of
the municipal corporation or a facsimile thereof, and 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 that fund, the
Notes are awarded and sold to Seasongood &Mayer, Cincinnati,
Ohio (the original purchaser) 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 the original purchaser upon payment of the 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 the 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 convenants 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 the debt evidenced by the Notes is
incurred, so that the Notes will not constitute arbitrage
bonds under Section 103(c) of the Internal Revenue Code and
the regulations prescribed under that section. The fiscal
officer or any other officer, including the Clerk of Council,
having responsibility with respect to the issuance of the
Notes is authorized and directed to give an appropriate
certificate on behalf of the Village, for inclusion in the
transcript of proceedings, setting forth the facts, estimates
and circumstances and reasonable expectations regarding the
amount and use of the proceeds of the Notes pursuant to
Section 103(c) and regulations thereunder.
Section VII. During the years while the Notes run there shall be levied all the taxable on 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 purposes for each of said years are certified, levied, extended and
collected. The tax shall be placed before and in preference
to all other items and for the full amount thereof. 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; provided, however, that in each year to the extent that income from the sanitary sewer system is available for the payment of interest on and principal of the Notes or the Bonds and is
appropriated for such purpose, the amount of such tax shall be reduced by the amount of such income so available and so appropriated.
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Ordinance No. 36-82
Section VIII. The Notes shall be the full general obligations of the Village
and the full faith, credit and revenue of the Village are
pledged for the prompt payment of the same. The par value to
be received from the sale of the Bonds 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 pledged for
such purpose.
Section IX.
Section X.
Section XI.
Section XII.
Passed:
It is determined that all acts, conditions and things required
to be done or to exist 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.
The Clerk of Council is directed to forward a certified copy
of this ordinance to the Auditor of Licking County.
It is determined that all formal actions of this Council
concerning and relating to the passage 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.
This ordinance is declared to be an emergency measure
necessary for the immediate preservation of the public peace,
safety, health, morals and welfare of this Village, and for
the further reason that the immediate issuance and sale of the
Notes is necessary to provide funds to enable the Village to
promptly proceed with the construction design and engineering
required for the improvements in order to maintain the time
schedule applicable to the federal grant it has received for
the improvements which must be constructed in order to improve
the quality of waste water treatment; 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, the earliest date on

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