ORDINANCE NO. 25-91
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
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, 000 are
about to mature and should be renewed in the same principal amount;
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
Municipality in the principal amount of $132, 000
for the purpose of constructing improvements to
the municipal water system. Said bonds shall be
dated approximately September 1, 1992, shall bear
interest at the rate of approximately seven per centum (7%)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")i n, the principal
amount of $132, 000 shall be issued in anticipation
of the issuance of said bonds.
Section III: That the Notes shall be dated September 13, 1991, shall bear interest at a rate not in excess of
four and ninetyn-ine one hundreths per centum C 4-9:9 .
per annum, payable at maturity, shall mature on September 11, 1992, 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, Second (1991) 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 aonrddinthanactet.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 other purpose.
Ordinance No. 25-91
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 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 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, direct a 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 onc 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 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 t(he "Codea"n)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 q"ualified taxe-xempt obligations" for the purpose 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 d1u0ri,n0g00,000 of "qualified taxe-xempt obligations" calendar year 1991.
Ordinance No. 25-91
Section IX: That the Clerk of Council is hereby directed to
forward a certified copy of this ordinance to the
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.
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 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 its adoption. upon
Passed this 02/053L
Clerk of Council
61 2 1( \ 4 7 *
9,LAc lc1)1t<i,t:<I /
Law frector "
day of b--
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. 25-91, passed by Village Council in an open meeting August 21, 1991.
Catherine M. Miller, Clerk of Council
ORDINANCE NO. 25-91