PROVIDING FOR THE ISSUANCE OF $125,000 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 DECLARING APPURTENANCES, AND AN EMERGENCY.
WHEREAS, pursuant to Ordinance No. 368-2 passed November 3, 1982 n1o9t8e3s; wanedre issued for the purpose hereinafter stated to mature on November 15,
WHEREAS, it appears advisable in lieu of issuing bonds at this time to issue new notes in anticipation of the issuance of such bonds in an amount rseutfifriecient, together with other funds available to the Village, to pay and the outstanding notes; and
WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the project 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;
GranvilleN,OOW,hiToH,EREFORE, BE IT ORDAINED by the Council of the Village of that:
It is declared necessary to issue bonds of the Village of Granville in the aggregate principal amount of $125,000 t(he 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 September 1, 1984, shall bear interest at the estimated rate of 101- /2%per annum, payable semia-nnually, 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 $125,000 t(he Notes) shall be issued in anticipation of the Bonds. The aNtotethseshall be dated November 15, 1983, shall bear interest rate of 6. 95%per annum, payable at maturity, with provision, if requested by the original purchaser, that after maturity such notes shall bear interest at such rate of interest not to exceed 12%per annum, as may be requested by the original purchaser, 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 BancOhio National Bank or if requested by the original purchaser, at the option of the holder, at some other bank or trust company mutually agreed to by the Director of Finance and the original purchaser, and in Federal Reserve funds if requested by the original purchaser of the Notes. The Notes shall mature on September 14, 1984. The requests of the original purchaser provided for in this section are subject itsosutahneceapproval of the Director of Finance prior to the of the Notes.
ORDINANCE NO. 28-83
Ordinance No. 28-83
The Notes shall not have coupons attached, shall by be executed 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 shall be awarded and sold to Seasongood &
Mayer, Cincinnati, Ohio 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.
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 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 sparminec,ipsahlall be irrevocably pledged for the payment of the 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.
The Notes shall be the full general obligations of the Village and the full faith, credit and revenue of the Village vaareluepledged for the prompt payment of the same. The par to be received from the sale of the Bonds and any
Ordinance No. 28-83
excess funds resulting from the issuance of the Notes shall,
to the extent necessary, be used for the retirement of Notes the at maturity, together with interest thereon, and are pledged for such purpose.
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 preserve the credit of the Village by providing funds to retire the outstanding notes at maturity; 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 Charter of this Village.
1983 \ L,f----j->- 4f&-
A- 4.d41,1 Clerk of Counc 1
Approved as to form:
I, Catherine M. Miller, Clerk of Council, of the Village of Granville, Ohio, do hereby certify that the foregoing ordinance is a true and exact copy of Ordinance NNoov.em2b8e8-r 32, ,d1u9ly83a: dopted at the Granville Village Regular Council Meeting of
Catherine M. Miller, Clerk of Council