Granville Community Calendar

Ordinance 14-1994

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BY: 71-rnoy
VILLAGE OF GRANVILLE, OHIO
14-95
ORDINANCE NO.
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
1, 100,000 OF NOTES BY THE VILLAGE OF GRANVILLE,
OHIO, IN ANTICIPATION OF THE ISSUANCE OF BONDS
FOR THE PURPOSE OF PAYING PART OF THE COST OF
CONSTRUCTING IMPROVEMENTS TO THE MUNICIPAL
SANITARY SEWER SYSTEM, AND DECLARING AN
EMERGENCY.
WHEREAS, this council has heretofore determined the necessity of
constructing improvements to the sanitary sewer 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 revenues of the municipal sanitary sewer system t(he "Revenuesa"n);d
WHEREAS, notes heretofore issued in anticipation of such bonds are about to mature and should be renewed in the amount of $1, 100,000;
NOW, THEREFORE, BE IT ORDAINED by the Council of Granville, Ohio hereinafter called the "Municipality"):
SECTION 1. That it is necessary to issue bonds of the Municipality in the principal amount of 1$,100,000, for the purpose of paying part of the cost of constructing improvements to the municipal sanitary sewer system. Such bonds shall be dated approximately November 1, 1995, shall bear interest at the rate of approximately nine per cent 9%pe)r annum and shall mature in substantially equal annual or semiannual
installments over a period not exceeding forty 4(0)years after their issuance.
SECTION 2. That it is hereby determined that notes h (ereinafter called the oNf soaitdebso"inn)dsth.e principal amount of $1,100,000 shall be issued in anticipation of the issuance
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SECTION 3. That the Notes shall be dated May 25, 1995, shall bear interest
at the rate of Fur pd,nt - f,46 61, per cent
c 4.54 %per)annum, payable at maturity, shall mature on November 21, 1995, and
shall be of such number and denominations of $100,000 or more 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
Sanitary Sewer Improvement Bond Anticipation Notes, First 1(995)Renewal"a,nd 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 maturity, together with
interest thereon and is hereby pledged for such 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 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.
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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 103b( )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 Code. This council finds and
determines that the reasonably anticipated amount of tax-exempt obligations ( whether or not
designated as qualified)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 $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 taxe-xempt 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, were in meetings open to the public, in compliance with the law, including Section 121.22 of the Ohio Revised Code.
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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: May 17, 1995.
Attest: l_A2lk«A.rK)6163 Clerk of Coundil
J AK.
A
6./L -
L Mayor
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CERTIFICATE
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The unfiegrn#ed hereby certifies that the foregoing is a true and correct copy
of Ordinance No. 4 / -43 .
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.
Dated: May 1995
RECEIPT
Director of Finance
The undersigned hereby acknowledges receipt of a certified copy of the
foregoing ordinance.
Licking County, Ohio
Dated: May *11 , 1995 .
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