Granville Community Calendar

Ordinance 30-1989

VILLAGE OF GRANVILLE, OHIO
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ORDINANCE NO. 30-89
BYAN
ORDINANCE PROVIDING FOR THE ISSUANCE OF
132,600 OF NOTES BY THE VILLAGE OF
GRANVILLE, OHIO, IN ANTICIPATION OF THE
ISSUANCE OF BONDS, FOR THE PURPOSE OF
CONSTRUCTING IMPROVEMENTS TO THE MUNICIPAL
WATER SYSTEM, AND DECLARING AN EMERGENCY.
WHEREAS, the fiscal officer of this municipality has
heretofore estimated that the life of the project hereinafter
described is at least five (5) years, and certified that the
maximum maturity of the bonds issued therefor is forty (40)
years, and of the notes to be issued in anticipation thereof is
twenty (20) years, if sold publicly; otherwise, one (1) year;
and
NOW, THEREFORE, BE IT ORDAINED by the Council of
Granville (hereinafter called the "Municipality"C)o,unty of
Licking; Ohio:
SECTION 1. That it is necessary to issue bonds of the
Municipality in the principal amount of $132, 600 for the
purpose of constructing improvements to the municipal water
system. Said bonds shall be dated approximately September 1,
1990, shall bear interest at the rate of approximately eight
per centum (8%)per annum and shall mature in substantially
equal annual or semiannual installments over a period not
exceeding forty (40) years after their issuance.
SECTION 2. That it is hereby determined that notes
hereinafter called the "Notes")in the principal amount of
132, 600 shall be issued in anticipation of the issuance of
said bonds.
SECTION 3. That the Notes shall be dated September
14, 1989, shall bear interest at a rate not in excess of six and
forty-nine one hundreths per centum (6. 49 per annum, payable at
maturity, shall mature on September 14, 1990, and shall be of
such number and denomination as may be requested by the
purchaser.
SECTION 4.
manager and director
That the Notes shall be executed by the
of finance or other official as may be
duly authorized by lawl and shall bear the seal of the
Ordinance No. 30-89
Page 2
corporation. The Notes shall be designated "Water System
Improvement Bond Anticipation Notes",and shall be payable at
such bank or trust company that is a correspondent of any legal
depository of the Municipality approved by the manager, and
shall express upon their faces the purpose for which they are
issued and that they are issued in pursuance of this ordinance.
SECTION 5. That the Notes shall be first offered to
the officer in charge of the bond retirement fund of the
Municipality and if not taken by said officer shall be sold to
Seasongood and Mayer, Cincinnati, Ohio, in accordance with its
agreement to purchase the Notes, and the proceeds from such
sale, except any premium or accrued interest thereon, shall be
paid into the proper fund and used for the purpose aforesaid
and for no other purpose.
SECTION 6. That the Notes shall be the full general
obligations of the Municipality, and the full faith, credit and
revenue of the Municipality are hereby pledged for the prompt
payment of the same. The par value received from the sale of
bonds anticipated by the Notes, and any excess fund resulting
from the issue of the Notes, shall to the extent- necessary be
used only for the retirement of the Notes at maturity, together
with interest thereon and is hereby pledged for such purpose.
SECTION 7. That during the period while the Notes run
there shall be levied upon all of the taxable property in the
Municipality within applicable limitations, in addition to all
other taxes, a direct tax annually, not less than that which
would have been levied if bonds had been issued without the
prior issue of the Notes; said 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. Said tax
shall be placed before and in preference to all other items and
for the full amount thereof.
The funds derived from said tax levy hereby required
shall be placed in a separate and distinct fund and, together
with interest collected on the same, shall be irrevocably
pledged for the payment of the principal and interest of the
Notes, or the bonds in anticipation of which they are issued,
when and as the same fall due.
SECTION 8. That this council, for and on behalf of
the Municipality, hereby covenants that it will restrict the
use of the proceeds of the Notes hereby authorized in such
manner and to such extent, if any, and take such other actions
as may be necessary, after taking into account reasonable
Ordinance No. 30-89
Page 3
expectations at the time the debt is incurred, so that they
will not constitute obligations the interest on which is
subject to federal income taxation or "arbitrage bonds" under
Sections 103( b)(2) and 148 of the Internal Revenue Code of
1986, as amended (the "Code"an)d, the regulations prescribed
thereunder. The director of finance or any other officer
having responsibility with respect to the issuance of the Notes
is authorized and directed to give an appropriate certificate
on behalf of the Municipality, on the date of delivery of the
Notes for inclusion in the transcript of proceedings, setting
forth the facts, estimates and circumstances and reasonable
expectations pertaining to the use of the proceeds thereof and
the provisions of said Sections 103(b)(2) and 148 and
regulations thereunder.
These Notes are hereby designated "qualified
tax-exempt obligations" for the purposes set forth in Section
265(b)(3) of the Internal Revenue Code of 1986, as amended.
The council of the Municipality does not anticipate issuing
more than $10, 000, 000 of "qualified tax-exempt obligations"
during calendar year 1989.
SECTION 9. That the clerk of council is hereby
directed to forward a certified copy of this ordinance to the
county auditor.
SECTION 10. That it is 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 of the Ohio Revised Code.
SECTION 11. That this ordinance is hereby declared to
be an emergency measure under Section 3. 05 of the Charter for
the reason that the public peace, health, safety and welfare of
the inhabitants of the Municipality require the immediate
issuance of the Notes to provide for the orderly financing of
the project to which the Notes relate, and shall take effect
immediately upon its adoption.
ADOPTED September 6 , 1989.
ttest:
Clerk'of Council
141 944,
Mayor41/
I, Catherine M. Miller, Clerk of Council of the Village of Granville, Licking County, Ohio,
do hereby certify that the foregoing ordinance is a true and exact copy of Ordinance No.
30-89 passed by Village Council at their regular meeting of September 6, 1989.
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