Granville Community Calendar

Ordinance 21-1993

BY: Freytag
ORDINANCE NO. 21-93
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
SALE OF $530, 000 OF GENERAL OBLIGATION BONDS
OF THE VILLAGE OF GRANVILLE, OHIO FOR THE
PURPOSE OF CONSTRUCTING IMPROVEMENTS TO THE
MUNICIPAL WATER SYSTEM OF THE VILLAGE, AND
DECLARING AN EMERGENCY.
WHEREAS, this Village Council has heretofore determined
the necessity of constructing improvements to the municipal water
system of the Village of Granville, Ohio (the "Villages"u)ch(
improvements are referred to herein as the "Project"an)d;
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 twenty (20) years; and
WHEREAS, this Village Council has heretofore levied
special assessments to pay a portion of the costs of the Project
against the properties benefitted thereby; and
WHEREAS, this Village Council expects the debt service
charges on such bonds to be paid from such assessments and from the
revenues of the Village' s municipal water system (collectively, the
Revenuesa"n)d;
WHEREAS, notes heretofore issued in anticipation of such
bonds are about to mature;
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 $530, 000 (the "Bonds")for
the purpose of constructing improvements to the municipal water
system of the Village, including, without limitation, the costs of
preparing and printing the Bonds and any disclosure or offering
documents relating thereto, capitalized interest for one year on the notes issued in anticipation of the Bonds, expenses of delivery
of the Bonds, registering 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.
SECTION 2. That the Bonds shall be issued in such
principal amount for the purpose aforesaid. The Bonds shall be
dated July 15, 1993, numbered from R-1 upwards in order of
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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 or be subject to mandatory sinking fund redemption (in
such manner as may be determined by the Director of Finance without
further action of this Council) on December 1 of the years and in
the respective principal amounts, and such principal amounts shall
bear interest the respective rates per annum payable semiannually
on the first day of June and the first day of December of each year
commencing June 1, 1994, as follows:
Year
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Principal Amount
Maturing
5,000.00
15,000.00
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00
25,000.00
25,000.00
25,000.00
30,000.00
30,000.00
30,000.00
30,000.00
35,000.00
35,000.00
40,000.00
40,000.00
45,000.00
Interest Rate
Per Annum
3.250000 %
3.700000
4.000000
4.250000
4.500000
4.750000
5.000000
5.100000
5.2000000
5.300000
5.400000
5.450000
5.500000
5.550000
5.600000
5.700000
5. 750000
5.750000
5.750000
5.750000
It is hereby determined that such principal that the installments are such total principal and interest payments on the Bonds in
any fiscal year in which principal is payable are substantially equal with such payments in any other such year.
The Bonds maturing on or after December 1, 2004 shall be subject to optional redemption, in whole or in part, at the option of the Village, in inverse order of maturity, in integral multiples of $5, 000 and by lot within a maturity, on any June 1 or December 1, commencing December 1, 2003 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) Price
December 1, 2003 through November 30, 2004 101%
December 1, 2004 and thereafter 100
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If 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 Agent and
Registrar (as hereinafter defined) in any manner which the Paying
Agent and Registrar may determine. In the case of a partial
redemption of Bonds when Bonds of 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 $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 same series, 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, (ii) 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 redemption or portions thereof shall be paid at the price, including interest accrued to the redemption date.
Pending preparation of definitive Bonds, any Bonds may be initially delivered in temporary form exchangeable for definitive Bonds when such definitive Bonds are ready for delivery. The
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temporary Bonds may be printed, lithographed or 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.
The Bonds shall be designated "Water System Improvement Bonds".
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 provided of Finance, that either or both such signatures may be facsimile signatures, may bear the seal of the Village or a facsimile thereof, 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 (May 15 and November 15 for June 1 and December 1 interest, respectively) on the Bond registration records as the registered holder thereof, by check or draft mailed to such rreecgoisrdtesr.ed holder at his address as it appears on such registration
The Bonds shall be transferable by the registered holder thereof in person or by his attorney duly authorized in writing at pthreesepnrtiantcioipnal office of the Paying Agent and Registrar upon 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 15-day period preceding any interest payment date or preceding 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
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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 interest pay 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 on and the principal of the Bonds 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.
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
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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 taxexempt
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 taxexempt
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 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 Director of Finance is hereby
directed to forward a certified copy of this ordinance to the
County Auditor.
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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 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 allow for the orderly financing of the
Project and to, in a timely manner, retire notes previously issued
to support contracts relating to the Project; and therefore,
provided this ordinance 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: July 31|,1993
Attest: 01, %ff-)16U Clerk of COUICil
Approved as to form:
9 2-/10 Law Di+ector
a. ,ayor 1
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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 July1 ;| , 1993.
Date: July , , 1993
CERTIFICATE
Clerk of Council
The undersigned hereby certifies that a copy of the
foregoing ordinance was certified this day to the County Auditor
of Licking County, Ohio.
Date: July @199,3
Dire or of Finance
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.
1-A,_tyAuditor
Date: July 1993
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CERTIFICATE AS TO MAXIMUM MATURITY OF
BONDS AND BOND ANTICIPATION NOTES
The undersigned, being the fiscal officer of the Village
of Granville, Ohio, within the meaning of Section 133. 01 of the
Revised Code of Ohio, hereby certifies that the estimated life or
period of usefulness of the improvements financed with the proceeds
of the sale of $530, 000 of bonds, for the purpose of constructing
improvements to the municipal water system of the Village, is at
least five (5) years and that the maximum maturity of said bonds,
in accordance with Section 133. 20 of the Revised Code of Ohio, is
forty (40) years, but reduced to twenty (20) years by action of the
Village Council.
IN WITNESS WHEREOF, I have hereunto set my hand, this
2lst day of July, 1993.
Direct>6r of Finance
CERTIFICATE OF MEMBERSHIP
The undersigned, Clerk of Council of the Village Of
Granville, Ohio, hereby certifies that the following were the
officers of the Village and the members of Council during the
period proceedings were taken authorizing the issuance of $530, 000
Water System Improvement Bonds, dated July 15, 1993:
Mayor - Arnold Eisenberg
Vice Mayor
Council
Member of Council
Member of
Member of Council
Member of Council
Member of Council
Member of Council
Member of Council
Member of Council
Clerk of Council
Finance Director
Manager
Clerk of Council
Peter Marshall
Dorothy Garrett
Marc Shulman
Lon Herman
Ed Vance
Dan Freytaq
Carie Miller
Shirley Robertson
Douglas Plunkett
UNLKFAE.L.) Clerk of Counci4
TRANSCRIPT CERTIFICATE
The undersigned, Clerk of Council of said municipality,
hereby certifies that the following is a true and complete
transcript of all proceedings relating to the authorization and
issuance of the above-identified bonds.
22thJAJ
Clerk of Counc#l

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