Granville Community Calendar

Ordinance 15-1983

1
1
AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF BONDS TO
PAY THE PROPERTY OWNERS' PORTION, IN ANTICIPATION OF
THE COLLECTION OF SPECIAL ASSESSMENTS HERETOFORE
LEVIED, 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 EMERGENCY.
WHEREAS, the Council of the Village of Granville has heretofore declared the
necessity of making certain improvements to Wildwood Drive and in order to
finance the construction of the improvement provided for in Resolution No.
81-28, adopted on October 7, 1981, has heretofore authorized and issued, in
anticipation of the issuance of bonds and the levy and collection of special
assessments, notes as follows:
Amount Date Maturity Ordinance No.
78,800 June 28, 1982 June 28, 1983 13-82
which notes are about to mature; and
WHEREAS, this Council has determined to fund the final costs of the
improvement hereinafter described and to retire such notes with a combination
of the proceeds of the bonds herein authorized, cash payments heretofore made
by property owners assessed for such improvement, and other moneys available
to the Village for such purpose; and
WHEREAS, the Finance Director, as fiscal officer, has certified to this
Council that the estimated life of the improvement hereinafter mentioned least five is at years, and that the maximum maturity of the Bonds hereinafter referred to is ten years; and
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF GRANVILLE, OHIO, THAT:
Section I. It is necessary to issue bonds of the Village of Granville in
the principal sum of $40,000 (the Bonds) to pay the property
owners' portion, in anticipation of the collection of special
assessments heretofore levied, 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 thereto, pursuant to and in the
m19a8nn1e. r described in Resolution No. 812-8 adopted October 7,
Section II. The Bonds shall be issued in the denomination of $1, 000 each,
shall be numbered from 1 to 40, inclusive, and shall be dated June 1, 1983. The Bonds shall bear interest atthe rate of
91- /2%per annum, payable December 1, 1983, and semia-nnually thereafter on the first day of June and the first day of December of each year, until the principal sum is paid; provided, however, that if the Bonds are sold bearing a different rate of interest than hereinbefore specified, then the Bonds shall bear such rate of interest as may be provided in the ordinance of the Council approving the award thereof and the rate of interest provided for in that ordinance shall be the maximum interest rate per annum for the Bonds. The Bonds shall mature in the following principal amounts on December 1 of the years indicated:
4,000 in each of the years 1984 through 1993, inclusive.
ORDINANCE NO. 15-83
BY:
1
1
Page II
Ordinance No. 15-83
The principal and interest of the Bonds shall be payable at the
legal depository of the Village, presently the Granville, Ohio,
office of Park National Bank, Granville, Ohio, without
deduction for its services as the Village' s paying agent.
Section III. The Bonds shall express upon their faces the purpose for which
they are issued and that they are issued pursuant to this
ordinance, shall be signed by the Mayor and Finance Director,
provided that one of such signatures may be a facsimile
signature, and shall bear the seal of the corporation or a
facsimile thereof. The interest coupons attached to the Bonds
shall bear the facsimile signature of the Finance Director.
The Bonds shall be designated "Wildwood Drive Improvement
Bonds."
Section IV. The Bonds shall be first offered at par and accrued interest to
the officer in charge of the Bond Retirement Fund, and if that
officer refuses to take any or all of the Bonds, then the Bonds
not so taken shall be advertised for public sale and sold in
the manner provided by law. The proceeds from the sale of the
Bonds, except any premium and accrued interest, shall be used
for the purpose for which the Bonds are issued and for no other
purpose. 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 and interest of the
Bonds in the manner provided by law.
Section V.
Section VI.
The Village hereby covenants that it will restrict the use of
the proceeds of the Bonds 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
Bonds, so that the Bonds 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 responsibility for issuing the Bonds is
authorized and directed, alone or in conj unction 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 the proceeds and the facts
and estimates on which they are based, all as of the date of
delivery and payment for the Bonds.
For the purpose of providing the necessary funds to pay the
interest on the Bonds, promptly when and as the same fall due
and also to provide a fund sufficient to discharge the Bonds at
maturity, there shall be and is hereby levied on all the
taxable property in the Village in addition to all other taxes,
a direct tax annually during the period the Bonds are to run in
an amount sufficient to provide funds to pay the interest upon
the Bonds as and when the same falls due and also to provide a
fund for the discharge of the principal of the Bonds at
maturity, which tax shall not be less than the interest and
sinking fund tax required by Section 11, Article XII, Ohio
Constitution; provided, however, that in each year when the
assessments anticipated by the Bonds are available for the
payment of the Bonds and are appropriated for that purpose, the
amount of such tax shall be reduced by the amount of the
assessments as appropriated.
1
Page III
Ordinance No. 15-83
Section VII.
Section VIII.
Section IX.
Section X.
Section XI.
Section XII.
The tax shall be and is hereby ordered computed, certified,
levied 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, 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 levies hereby
required shall be placed in a separate and distinct 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 Bonds when and as the same falls due.
All installments of the assesments and all portions thereof,
together with interest ther#n, shall be applied to the payment of the Bonds and the interedt as the same shall become due and
to no other purpose whatsoever.
It is hereby determined that all acts, conditions and things
necessary to be done precedent to and in the issuing of the
Bonds 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; that the
full faith, credit and revenue of the Village shall be and are
hereby irrevocably pledged for the prompt payment of the
principal and interest thereof at maturity; and that no
limitation of indebtedness or taxation, either statutory or
constitutional, will have been exceeded in the issuance of the
Bonds.
The Clerk of Council is hereby authorized and directed to
certify a copy of this ordinance to the County Auditor.
It is found and determined that all formal actions of this
Council concerning and relating to the passage of this
ordinance were taken 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 incuding Section 121.22 of the Ohio Revised Code.
This ordinance is hereby determined to be an emergency measure
necessary for the immediate preservation of the public peace,
safety, health and welfare of the Village and for the further
reason that the prompt issuance of Bonds is necessary to
preserve the credit of the Village of Granville by retiring the
outstanding notes issued in anticipation thereof and provided
that this ordinance receives the affirmative vote of five of
the members of Council it shall be in effect from and
immediately after its adop n; otherwise, on the earliest date
allowed by the Charter o the Village
7iL. 1983
ket226L/ ttz/ 1983
Approved as to form:
Mayor
1983

Employee Payroll / Compensation

The Village has thirty-six (36) full-time employees, 16 regular part-time employees and seaonal employees. Village Personnel Policy

Go to My Pay Stub and login.