Granville Community Calendar

Ordinance 30-1992

BY: J - +, K·1*1/1-/: 4 0<3'
VILLAGE OF GRANVILLE, OHIO
ORDINANCE NO. 30-92
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, this council has heretofore determined the
necessity of constructing improvements to the municipal water 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, notes heretofore issued in the amount of 132,600 are about to mature and should be renewed in the same principal amount; and
WHEREAS, this council expects that the debt service on such notes and bonds will be paid from revenues of the municipal water system (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 $132,600, for the psyusrpteomse. of constructing improvements to the municipal water Such bonds shall be dated approximately September 1, 1993, shall bear interest at the rate of approximately seven per centum 7( %p)er 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"i)n the principal amount of sa13id2,b60o0ndss.hall be issued in anticipation of the issuance of
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SECTION 3. That the Notes shall be dated
September 11, 199241shall bear interest at the rate of
Cluta„-tbAPL.1,rp*er centum (3'S. o%p)er annum, payable at maturity, shall Bature on September 10, 1993, 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, Third (1992) Renewal", 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. That the Notes shall be sold, at par
and accrued interest, 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 mfoar tusurcithy, together with interest thereon and is hereby pledged 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
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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; 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 Nfoorteths for inclusion in the transcript of proceedings, setting 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 Sqeuctaiolinfied taxe-xempt obligations" to the extent permitted by 265(b) of the Code. This council finds and determines that the reasonably anticipated amount of taxe-xempt obligations w( hether or not designated as qualifed) issued and to be issued by the Municipality during this calendar year tinhcalut,didnugrinthge Notes does not, and this council hereby covenants such year, the amount of taxe-xempt 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 adtions
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 formal action, in meetings were open to the public, 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 provide for the orderly financing of the improvements to which the Notes relate, 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: September 2, 1992.
00< Mayor
k.XeA.-(
1jI::AU-4, Clerk of codnci 1
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