Granville Community Calendar

Ordinance 05-1992

ORDINANCE NO. 5-92
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By: Marshall
AN ORDINANCE PROVIDING FOR THE ISSUANCE
AND, SALE OF $415, 000 OF GENERAL OBLIGATION
BONDS OF THE VILLAGE OF GRANVILLE, OHIO
FOR THE PURPOSE OF ACQUIRING LAND AND A
BUILDING LOCATED THEREON FOR VILLAGE
PURPOSES, AUTHORIZING THE VILLAGE MANAGER
TO CONSUMMATE SUCH ACQUISITION, AND
DECLARING AN EMERGENCY.
WHEREAS, this Village Council has heretofore
determined the necessity of acquiring the land and building
located in the Village of Granville, Ohio (the "Village")at
141 East Broadway for Village purposes (the "Project")and
authorized a purchase contract with respect thereto; and
WHEREAS, the Director of Finance has heretofore
certified to this Village Council that the estimated life of
the improvements and assets constituting the Project is at
least five (5) years, and has further certified the maximum
maturity of the bonds issued therefor is thirty (30) years;
and
WHEREAS, this Village Council expects the debt service
changes on such bonds to be paid from the general revenues of
the Village (the "Revenues");
NOW, THEREFORE, BE IT ORDAINED by the Council of
Granville, Ohio:
SECTION 1. That it is necessary to issue and sell
bonds of this Village in the principal sum of $415, 000 (the
Bonds")for the purpose of acquiring land and a building
located thereon for Village purposes, including, without
limitation, the costs of preparing and printing the Bonds and
any disclosure or offering documents relating thereto, of delivery of the Bonds, registering expenses the Bonds, service
charges of the paying agent and registrar, legal services, and obtaining an approving legal opinion, under authority of and pursuant to the general laws of the State of Ohio, particularly Chapter 133 of the Ohio Revised Code.
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SECTION 2. That the Bonds shall be issued in such
principal amount for the purpose aforesaid. The Bonds shall be
dated February 15, 1992, numbered from R-1 upwards in order of
issuance, of the denominations of $5, 000 and any integral
multiple thereof, provided that each Bond shall be of a single
maturity, and shall mature on February 1 of the years and in the
respective principal amounts, and such principal amounts shall
bear interest at the respective rates per annum payable
semiannually on the first day of February and the first day of
August of each year commencing August 1, 1992, as follows:
Year
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Principal
Amount
10,000. 00
10,000. 00
15, 000. 00
15,000. 00
15,000. 00
15,000.00
15,000. 00
15,000. 00
20,000. 00
20,000. 00
Interest
Rate
Per
Annum
3. 8
4. 45
4. 90
5.25
5. 40
5. 60
5.75
5. 90
6. 05
6. 15
Year
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Principal
Amount
20, 000. 00
20, 000. 00
20,000. 00
25, 000. 00
25, 000. 00
25,000. 00
30, 000. 00
30, 000. 00
35,000. 00
35, 000. 00
Interest
Rate
Per
Annum
6. 25
6. 35
6. 45
6. 55
6. 65
6. 70
6.70
6. 75
6. 75
6. 75
It is hereby determined that such principal installments that the total principal and interest are such payments on the bonds in any fiscal year in which principal is payable are substantially equal.
The Bonds maturing on or after February 1, 2003 shall be subject to optional redemption, in whole or in part, at the option of the Village, in inverse order of maturity, in any February 1 or August 1, commencing February 1, 2002 at the redemption prices (expressed as percentages of the principal amount to be redeemed) set forth below, plus accrued interest to the redemption date:
Redemption Dates (inclusive)
February 1, 2002 through January 31, 2003 February 1, 2003 and thereafter
Price
101%
100
In fewer than all of the outstanding Bonds of a single maturity are called for redemption, the selection of Bonds to be redeemed, or portions thereof in amounts of $5, 000 or any integral multiple thereof, shall be made by lot by the Paying
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Agent and Registrar (as hereinafteF defined) in any manner
which the Paying Agent and Registrar may determine. In the
case of a partial redemption of Bonds when Bonds of
t denominations greater than $5, 000 are then outstanding, each
5, 000 unit of face value of principal thereof shall be treated
as though it were a separate Bond of the denomination of 6
5, 000. If one or more, but not all, of such $5, 000 units of
face value represented by a Bond are to be called for
redemption, then upon notice of redemption of a $5, 000 unit or
units, the registered holder of that Bond shall surrender the
Bond to the Paying Agent and Registrar (a) for payment of the
redemption price for the $5, 000 unit or units of face value ·
called for redemption (including without limitation, the
interest accrued to the date fixed for redemption and any premium), and (b) for issuance, without charge to the
registered holder thereof, of a new Bond or Bonds of the series, same of any authorized denomination or denominations in an aggregate principal amount equal to the unmatured and
unredeemed portion of, and bearing interest at the same rate
and maturing on the same date as, the Bond surrendered.
The notice of call for redemption of Bonds shall
identify (i) by designation, letters, numbers or other
distinguishing marks, the Bonds or portions thereof to be
redeemed, i(i) the redemption price to be paid, (iii) the date fixed for redemption, and (iv) the place or places where the amounts due upon redemption are payable. The notice shall 'be
given by the Paying Agent and Registrar on behalf of the Village by mailing a copy of the redemption notice by first class mail, postage prepaid, at least 30 days prior to the date fixed for redemption, to the registered holder of each Bond subject to redemption in whole or in part at such registered holder' s address shown on the Bond registration records on the fifteenth day preceding that mailing. Failure to receive
notice by mailing or any defect in that notice regarding any Bond, however, shall not affect the validity of the proceedings for the redemption of any Bond. Notice having been mailed in the manner provided above, the Bonds and portions thereof called for redemption shall become due and payable on the redemption date and on such redemption date, interest on such Bonds or portions thereof so called shall cease to accrue; and upon presentation and surrender of such Bonds or portions thereof at the place or places specified in that notice, such Bonds or portions thereof shall be paid at the redemption price, including interest accrued to the redemption date.
Pending preparation of definitive Bonds, any Bonds may be initially delivered in temporary form exchangeable for ddeelfiivneitriyv.e Bonds when such definitive Bonds are ready for The temporary Bonds may be printed, lithographed or 1
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1 typewritten and may contain such reference to any of the
provisions of this ordinance as may be appropriate. Every
temporary Bond shall be executed by the Paying Agent and
Registrar upon the same conditions and in substantially the
same manner as definitive Bonds. If the Paying Agent and
Registrar delivers temporary Bonds, it shall execute and
furnish definitive Bonds at the earliest practicable time, and
thereupon, the temporary Bonds shall be surrendered for
cancellation at the principal office of the Paying Agent and
Registrar, and the Paying Agent and Registrar shall deliver in
exchange for such temporary Bonds an equal aggregate principal
amount of definitive Bonds. Until so exchanged, the temporary
Bonds shall be entitled to the same benefits under this
ordinance as definitive Bonds delivered pursuant hereto.
Bonds".
The Bonds shall be designated "Municipal Building
It is hereby determined by this Village Council that
the issuance of the Bonds provided herein, including without
limitation, the redemption provisions set forth above, are in
the best interests of the Village.
SECTION 3. That the Bonds shall express upon their
faces the purpose for which they are issued and that they are issued in pursuance of this ordinance. The Bonds shall be in
fully registered form without coupons. The Bonds shall bear
the signatures of the Village Manager and the Director of
Finance, provided that either or both such signatures may be
facsimile signatures, may bear the seal of the Village facsimile thereof, or a and shall bear the manual authenticating
signature of an authorized representative of The Fifth Third
Bank, Cincinnati, Ohio, as the paying agent, registrar and
transfer- agent (the "Paying Agent and Registrar")for the Bonds. The principal amount of each Bond shall be payable at
the principal office of the Paying Agent and the Registrar and interest thereon shall be made on each interest payment date to the person whose name appears on the record date (January 15 and July 15 for February 1 and August 1 interest, respectively)
on the Bond registration records as the registered holder thereof, by check or draft mailed to such registered holder at his address as it appears on such registration records.
The Bonds shall be transferable by the registered holder thereof in person or by his attorney duly authorized in writing at the principal office of the Paying Agent and Registrar upon presentation and surrender thereof to the Paying Agent and Registrar. The Village and the Paying Agent and Registrar shall not be required to transfer any Bond during the 15Lday period preceding any interest payment date or preceding
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1 any selection of Bonds to be redeemed, or after such Bond has
been selected for partial or complete redemption, and no such
transfer shall be effective until entered upon the registration
records maintained by the Paying Agent and Registrar. Upon
such transfer, a new Bond or Bonds of authorized denominations
of the same maturity and for the same aggregate principal amount
shall be issued to the transferee in exchange therefor.
The Village and the Paying Agent and Registrar may
deem and treat the registered holders of the Bonds as the
absolute owners thereof for all purposes, and neither the
Village nor the Paying Agent and Registrar shall be affected by
any notice to the contrary.
SECTION 4. That for the payment of the Bonds and
the interest hereon, the full faith, credit, and revenue of the
Village are hereby irrevocably pledged, and for the purpose of
providing the necessary funds to pay the interest on the Bonds
promptly when and as the same falls due, and also to provide a
fund sufficient to discharge the Bonds at maturity or upon
mandatory sinking fund redemption, there shall be and is hereby
levied on all the taxable property in the Village within
applicable limitations, 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 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 or
upon mandatory sinking fund redemption, which tax shall not be
less than the interest and sinking fund tax required by Article
XII, Section 11 of the Constitution of Ohio.
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 and certified, extended or 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 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 interest and the principal of the Bonds on when and as the same shall fall
due; provided, that in each year to the extent that the
Revenues or moneys from other sources are available for the
payment of debt service on the Bonds and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the Revenues or such moneys so available and appropriated.
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1 SECTION 5. That the Bonds shall be sold to
Seasongood &Mayer, Cincinnati, Ohio (the "Purchaser")at
98. 75%of the principal amount thereof plus accrued interest to
the date of delivery pursuant to their offer to purchase which
is hereby accepted. The Village Manager and the Director of
Finance, or either of them, are hereby each authorized to
execute and deliver a purchase agreement for the Bonds in
substantially the form submitted to this Village Council with
such changes .as may be approved by such officers executing the
same, their execution thereof on behalf of the Village to be
conclusive evidence of such authorization and approval. The
proceeds from the sale of the Bonds, except as any premium and
accrued interest received, shall be deposited in «an appropriate
fund and used for the purpose aforesaid and for no other
purpose and for which purpose such proceeds are hereby
appropriated. Any premium and accrued interest received from
such 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 6. That this Village Council hereby
covenants that it will restrict the use of the proceeds of the
Bonds hereby authorized in such manner and to such extent, if
any, 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 (the "Code")and the regulations prescribed
thereunder, including any expenditure requirements, investment
limitations or rebate requirements. The Director of Finance or
any other officer having responsibility with respect to the
issuance of the Bonds is authorized and directed to give an
appropriate certificate on behalf of this Village on the date
of delivery of the Bonds 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.
SECTION 7. That the Bonds are hereby designated as
qualified tax-exempt obligations" to the extent permitted by
Section 265(b)3() of the Code. This Village Council finds and
determines that the reasonably anticipated amount of qualified
tax-exempt obligations (other than private activity bonds)
which will be issued by the Village during this calendar year
does not and the Board hereby covenants that, during such year,
the amount of tax-exempt obligations issued by the Village and
designated as "qualified tax-exempt obligations" for such
purpose will not exceed $10, 000, 000. The Director of Finance
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and other appropriate officers, and any of them, are authorized
to take such actions and give such certifications
on behalf of the Village with respect to the reasonably anticipated
amount of tax-exempt obligations to be issued by the
Village during this calendar year and with respect to such
other matters as appropriate under Section 265(b)3().
SECTION 8. That the Clerk of this Village Council
is hereby directed to forward a certified copy of this
ordinance to the County Auditor.
SECTION 9. That it is found and determined that
all formal actions of this Village Council concerning and
relating to the passage of this ordinance were passed in an
open meeting of this Village Council, and that all
deliberations of this Village Council and of any of its
committees that resulted in such formal action, were in
meetings open to the public, in compliance with the law,
including Section 121. 22 of the Revised Code of Ohio.
SECTION 10. That the Village Manager and Director
of Finance, or either of them, are hereby each authorized to
execute an agreement with the Paying Agent and Registrar for
its services as paying ,agent, registrar and transfer agent for
the Bonds upon such terms as previously' presented to the
Village with such changes as may be approved by such officers
executing the same, their execution thereof on behalf of the
Village to be conclusive evidence of such authorization and
approval.
SECTION 11. That the Village Manager and the
Director of Finance, or either of them, are each hereby
separately authorized to execute such documents and take such
actions as they determine necessary to consummate the
acquisition of the Project by the Village, their execution
thereof on behalf of the Village to be conclusive evidence of
such authorization and determination, and all such actions
heretofore taken by this Village Council and such officers are
hereby approved, ratified and confirmed.
SECTION 12. That this ordinance is declared to be
an emergency measure necessary for the immediate preservation
of the public peace, safety, health, morals and welfare of the
Village, and for the further reason that the immediate issuance
and sale of the Bonds is necessary to support contracts
relating to the Project; and therefore, provided this ordinance
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receives the affirmative vote of five members elected or
appointed to the Village Council, it shall be in full force and
effect upon its passage.
PASSED: February 19
3 8. nveA«-4
Clerk of Council
9 135·4fjlttuft«jf Vice May
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CERTIFICATE
I hereby certify that the foregoing is a true and
correct copy of an ordinance passed by the Village Council of
Granville, Ohio, on February /, 1992, and that a copy thereof
was certified to the County Auditor.
Clerk of Council
Date: February Z.i, 1992
CERTIFICATE AND RECEIPT
The undersigned, County Auditor of Licking County,
Ohio, hereby certifies the filing and acknowledges receipt of a
certified copy of the foregoing ordinance.
Date: February 21, 1992
11 5- D,2,L
unty
Aud-itor
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VILLAGE OF GRANVILLE, OHIO
ORDINANCE NO.
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
570,000 OF NOTES BY THE VILLAGE OF GRANVILLE,
OHIO, IN ANTICIPATION OF THE ISSUANCE OF BONDS
FOR THE PURPOSE OF PAYING PART OF THE COSTS OF
CONSTRUCTING IMPROVEMENTS TO THE WATERWORKS
SYSTEM, AND DECLARING AN EMERGENCY.
WHEREAS, this council has heretofore determined the
necessity of constructing improvements to the waterworks system
of this municipality; and
WHEREAS, the Director of Finance, 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
therefore is forty (40) years, and of the notes to be issued in
anticipation thereof is twenty (20) years; and
WHEREAS, this council expects that the debt service on
such notes and bonds will be paid from special assessments
levied against properties benefitted by such improvements and
from revenues of the waterworks system (together, the
Revenues");
NOW, THEREFORE, BE IT ORDAINED by the Council of
Granville, Ohio (hereinafter called the "Municipality"):
SECTION 1. That it is necessary to issue bonds of
the Municipality in the principal amount of $570, 000, for the
purpose of paying part of the costs of constructing
improvements to the waterworks system. Such 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 twenty (20) years
after their issuance.
SECTION 2. That it is hereby determined that notes
hereinafter called the "Notes")in the principal amount of
570,000 shall be issued in anticipation of the issuance of
said bonds.
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1 SECTION 3. That the Notes shall be dated March 11,
1992, shall bear interest at the rate of three and '
ninalitenths per centum ( 3.9 per annum, payable at
maturity, shall mature on October 12, 1992, and shall be of
such number and denomination as may be requested by the
purchaser.
SECTION 4. That the Notes shall bear the
signatures of the Village Manager and Director of Finance,
provided that one of such signatures may be a facsimile, and
may bear the seal of the Municipality or a facsimile thereof.
The Notes shall be designated "Water System Improvement Bond
Anticipation Notes",and shall be payable at such bank or trust
company designated by the original purchaser of the Notes and
approved by the Director of Finance, 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.
and accrued interest
That the Notes shall be sold, at par
to Seasongood &Mayer, Cincinnati, Ohio,
in accordance with their offer to purchase, which is hereby
accepted. The Village Manager and Director of Finance, or
either of them, are each hereby authorized to execute and
deliver a purchase agreement for the Notes in substantially the
form submitted to this council with such changes as may be
approved by the officers executing the same, their execution on
behalf of the Municipality to be conclusive evidence of such
authorization and approval. The proceeds from the sale of the
Notes, 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, and for which purpose such proceeds
are hereby appropriated. Any premium and accrued interest
received from such sale shall be transferred to the bond
retirement fund to be applied to the payment of principal and
interest on the Notes in the manner provided by law.
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 issuance 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.
run, there shall be le
the Municipality, with
all other taxes, a dir
which would have been
the prior issue of the
ordered computed, cert
That during the period while the Notes
vied upon all of the taxable property in
in applicable limitations, in addition to
ect tax annually, not less than that
levied if bonds had been issued without
Notes; said tax shall be and is hereby
ified, levied and extended upon the tax
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1 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
plbdged 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; provided, however, to the extent
Revenues or other moneys are available and appropriated for
debt service in a sufficient amount, said tax shall not be
collected for such purpose.
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
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")and the regulations prescribed
thereunder and will, to the extent possible, comply with all
other applicable provisions of the Code and the regulations
thereunder to retain the exclusion from federal income taxation
for interest on the Notes, including any expenditure
requirements, investment limitations or rebate requirements or
use restrictions. 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 the Code and the regulations thereunder.
SECTION 9. That the Notes are hereby designated as
qualified tax-exempt obligations" to the extent permitted by
Section 265(b) of the Cod. This council finds and determines
that the reasonably anticipated obligations (whether amount of taxe-xempt or not designated as qualifed) issued and to be issued by the Municipality during this calendar year
including the Notes does not, and this council hereby covenants that, during such year, the amount of tax-exempt obligations
issued by the Municipality and designated as "qualified
tax-exempt obligations" for such purpose will not, exceed
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10, 000, 000. The Director of Finance and other appropriate
officers, and any of them, are authorized to take such actions
and give such certifications on behalf of the Municipality with
respect to the reasonably anticipated amount of tax-exempt
obligations to be issued by the Municipality during this
calendar year and with respect to such other matters as
appropriate under the Code.
SECTION 10. That the Director of Finance is hereby
directed to forward a certified copy of this ordinance to the
county auditor.
SECTION 11. That it is found and determined that all
formal actions of this council concerning and relating to the
passage of this ordinance were passed in an open meeting of
this council, and that all deliberations of this council and of
any of its committees that resulted in such fotmal action, were
in meetings open to the publici, in compliance with the law,
including Section 121. 22 of the Ohio Revised Code.
SECTION 12. That this ordinance is hereby declared
to be an emergency measure necessary for the immediate
preservation of the public peace, health, safety, morals and
welfare of the inhabitants of the Municipality for the reason
that the immediate issuance and sale of the Notes is necessary
to support contracts relating to the improvements to which the
Notes relate and to provide for the orderly financing thereof,
and, therefore, provided this ordinance receives the affirmative
vote of at least five members elected or appointed to
this council, it shall be in full force and effect immediately
upon its passage.
PASSED: March 4, 1992.
n
Attest: tz*«t* Clerk of Council
1 1, 11 Kl
41 BSli
Mayor
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1 CERTIFICATE
The undersigned hereby certifies that the foregoing is
a true and correct copy of Ordinance No. 6-02.
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Qiic*8i4-/1lf] 10.
Clerk of council
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1 The undersigned hereby certifies that a copy of the
foregoing ordinance was certified this day of the County
Auditor of Licking County, Ohio.
Dated: March6 /6,1992
4 _d*-
DireE#or of Finance
RECEIPT
The undersigned hereby acknowledges receipt of a
certified copy of the foregoing ordinance.
Dated: March Ld 1992
01,
v 0, 44 -
County Auditor
6/Licking county, ohio4-,
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CERTIFICATE

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