VILLAGE OF GRANVILLE, OHIO
ORDINANCE NO. 19-90
AN 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 or period of usefulness 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; and
WHEREAS, notes heretofore issued in the amount of $132, 600
are about to of $ mature and should be renewed in the principal amount 132, 600;
NOW, THEREFORE, BE IT ORDAINED by the Council of Granville
hereinafter called the M'" unicipality"C,ounty of Licking, Ohio:
Section I: That it is necessary to issue bonds of the
Municipallity in the principal amount of $132, 600
for the purpose of constructing improvements to
the municipal water system. Said bonds shall be 1 dated approximately September 1, 1991, shall bear
interest at the rate of appPoximately 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 II: 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 III: That the Notes shall be dated September 14, 1990,
shall bear interest at a rate not in excess of
six and four tenths per centum (6.4%p)er annum, payable at maturity, shall mature on
September 13, 1991, and shall be of such number
and denomination as may be requested by the purchaser.
Section IV: That the Notes shall be executed by the Manager and Director of Finance or other official as may be duly authorized by law and shall bear the seal of the corporation. The Notes shall be designated
Water System Improvement Bond Anticipation Notes, First (1990) Renewal"a,nd 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 oanrddinthanactet.hey are issued in pursuance of this
Section V: That the Notes 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 othdr purpose.
Ordinance No. 19-90
Page 2 of 3
Section VI: 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 extend necessary be used only for the
retirement of the Notes at maturity, together with
interest thereon and is hereby pledged for such
Section VII: 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 VIII: 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 expectations at the time the debt
is incurred, so that they will not contitute
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
taxe-xempt 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
Page 3 of 3
10, 000, 000 of "qualified tax-exempt obligations"
during calendar year 1990.
Section IX: That the Clerk of Council is hereby directed to
forward a certified copy of this ordinance to the
Section X: 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 XI: That this ordinance is hereby declared to be an
emergency measure under Section 3. 05 of the
Charter for the reason that the public health, safety peace, 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.
Passed this 355 day of 1990.
Lk_At¢i,NLFEA )HK-, t-)
Clerk of Council
r, , 1 11 1 *<
LawKVniSr]ecCtoar iHARs- ,
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 No. 199- 0, passed by Village Council at their regular meeting of September 5, 1990, in an open meeting to the public.
Catherine M. Miller, Clerk of Council
SPECIALISTS IN PUBLIC FINANCE SINCE 1887
September 5, 1990
Mayor and Village Council
Village of Granville, Ohio
300 Mercantile Library Bldg.
414 Walnut Street
For the $132,600 Village of Granville, Water System Improvement Bond
Anticipation Notes, to be dated September 14, 1990, and to mature
September 13, 1991, bearing interest at the rate of 6 -4) %int,erest
payable at maturity, we will pay you the par value thereof plus accrued
interest to date of delivery. These Notes are to be payable in Federal
Reserve Funds at: BancOhio, Granville, Cincinnati, Ohio.
This offer is made subject to the following conditions:
1) We are to receive the unconditional approving opinion of
Messrs. Peck, Shaffer, &Williams, Cincinnati, Ohio. In
addition thereto, we wish the opinion to apply to the bank qualification of the Notes and to the effect that in the
opinion of Bond Counsel, based upon present laws, regulations,
rulings and decisions in effect on the date of delivery of the
Notes, interest on the Notes is exempt from Federal income tax
upon the conditions and subject to certain limitations, except for interest on the Notes held by corporations which is
includable in the computation of such corporations' adjusted
net book income, adjusted current earnings or modified alternative minimum taxable income.
2) Note blanks ready for signature in denominations suitable to
us, will be supplied by you.
3) Any additional issuance eipenses to be paid by you, including printing costs, paying agent fees, OMAC fees, etc.
4) This offer is made for immediate acceptance or rejection.
5) The Notes are to be delivered to us in our offices on or before the dated date of the issue.
6) The Underwriters shall have the right to cancel their obligation to purchase the Notes, by notifying you of their election to do so, if (i) the President of the United States or any agency or instrumentality of the Federal Government should announce a plan, program or proposed legislation which, if implemented or adopted, would affect the taxe-xempt nature of the interest on the Notes or (ii) between the date hereof and the Closing, legislation
shall have been enacted or introduced by the Congress of the United
States or shall have been reported out of committee or be pending
in committee or a decision shall have been rendered by a court of
the United States or the Tax Court of the United States, ruling shall or a have been made or a regulation shall have been
proposed or made or any other release or announcement shall have
been made by the Treasury Department of the United States or the
Internal Revenue Service, or other federal or Ohio authority, with
respect to interest received on obligations of the general
character of the Notes, that in our reasonable judgment, materially adversely affects the market for the Notes or the market price
generally of obligations of the general character of the Notes, or iii) there shall have occurred any outbreak of hostilities or other local, national or international calamity or crisis, or a default with respect to the debt obligations of, or the institution of proceedings under the federal bankruptcy laws by or against, any State of the United States or agency thereof, or any city in the United States having a population of over one million, the effect of which on the financial markets of the United States will be such
Uasn,deinrworiuterrsreasonable judgment, makes it impracticable for the to market the Notes or to enforce contracts for the sale of the Notes, or (iv) there shall be in force a general suspension of trading on the New York Stock Exchange or minimum or maximum prices for trading shall have been fixed and be in force, or maximum ranges for prices for securities shall have been required and be in force on the New York Stock Exchange, whether by virtue of a determination by that Exchange or by order of the Securities and Exchange Commission or any other governmental authority having jurisdiction, or (v) a general banking moratorium shall have been declared by either federal, New York or Ohio authorities having jurisdiction and be in force, or (vi) legislation shall be enacted or be proposed or actively considered for enactment, or a decision by'a court of the United States shall be rendered, or a ruling, of the Securities and Exchange Commission or other governmental agency having jurisdiction of the subject matter shall be made to the effect that the Notes or any securities of the political subdivision or any securities similar to the type contemplated herein (exclusive of industrial development bonds as defined by Section 103(c) of the Internal Revenue Code, as amended) raerqeunireomt eexnetsmpt from the registration, qualification or other in of the Securities Act of 1933, as amended and as then effect, or any indentures similar to the Indenture are not exempt from the registration, qualification or other requirements of the Trust Indenture Act of 1939, as amended and as then in effect, or (vii) there shall have been any material adverse change in the affairs of the political subdivision, or (viii) there shall be established by the Federal, Ohio or New York State government rweaagseonoarbplerice controls, or credit constraints, which, in the to market thoepinNiootneso. f the Underwriters would affect their ability
7) The Village certifies that the Notes are classified as
qualified tax-exempt obligations" under the Tax Reform Act of
8) Upon acceptance by proper action of the Village Council this
instrument shall become a binding contract between us according to its
476*4 Accepted for and on behalf of the VILLAGE OF GRANVILLE, OHIp by proper
action of the Village Council this j-, day of J-4k*.4·64 , 1990.
By: LIA( 6,t, g cF--
By : 1