Granville Community Calendar

Ordinance 39-1994

VILLAGE OF GRANVILLE, OHIO
ORDINANCE NO. 39-94
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 ( 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 $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 May 1, 1995, shall bear interest at the rate of approximately 9%) nine per centum per 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 soaitdes"in) the principal amount of $1,100,000 shall be issued in anticipation of the issuance bonds.
SECTION 3. That the Notes shall be dated November 29, 1994, shall bear interest at the rate of Lov<FLEnt <5-/f S<even per cent 6 (1*%pe)r
daennnoummin, paatiyoanbsle at matiA[ ty, shall mature on May 25, 1995, and shall be of such number and of $100,000 or more as may be requested by the purchaser.
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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", 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 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 Ievied
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 in preference tax shall be placed before and 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.
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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 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, were in meetings 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
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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: November 16, 1994
Mayor I
Attest: L G LL«#-YfU\ld-0- Clerk of Couicil
1
0 <e . J
Lawb/irector
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I ,
CERTIFICATE
The undersigned hereby certifies that the foregoing is a true and correct copy
of Ordinance No. 39-94 .
CERTIFICATE
6W.LCiler.k of CAonciCl b» *_
The undersigned hereby certifies that a copy of the foregoing ordinance was
certified this day to the County Auditor of Licking County, Ohio.
Dated: November 2/, 1994
RECEIPT
1,-
Difector of Finance
The undersigned hereby acknowledges receipt of a certified copy of the foregoing ordinance.
Dated: Novembe1r9f9/4,
unps Auditor
Licking County, Ohio
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SEASONGOODM&AYER
SPECIALISTS IN PUBUC FINANCE SINCE 1887
November 16, 1994
Village Council
Village of Granville
118 S. Main Street
P.O. Box 514
Granville,OH 43023-0514
Gentlemen:
300 Mercantile Library Bldg.
414 Walnut Street
Cincinnati,Ohio 45202-3910
513)621-2000
For the $1,100,000 Village of Granville, Ohio Sewer System Project General Obligation
Bond Anticipation Notes,Limited Tax to be dated November 29, 1994,and to mature May
25, 1995,bearing interest at the rate of*3%29* 3* in*te,rest payable at maturity,we will
pay you the par value thereof plus accrued interest to date of delivery. These Notes are to be payable in Federal Reserve Funds at: The Fifth Third Bank, Cincinnati, Ohio.
This offer is made subject to the following conditions:
1)We wish the opinion to address the status of the notes with respect to "Bank Qualification"under Section 265 of the Internal Revenue Code of 1986, as amended;we also wish an opinion from Peck,Shaffer & Williams,Columbus,
Ohio, bond counsel, to the effect that, based on present laws, regulations,
rulings and decisions in effect on the date of delivery of the Notes, interest payable on the Notes is excludable from gross income for Federal income tax
purposes, except that interest on the Notes will have to be included in the adjusted current earnings of certain corporations and such corporations would be required to include in the calculation of alternative minimum taxable income 75%of the excess of such corporations' adjusted current earnings over their alternative minimum taxable income d(etermined without regard to this adjustment and prior to reduction for alternative tax net operating losses)for
ptauxrp. oses of determining such corporations' liability for the alternative minimum
2)bNyote blanks ready for signature in denominations suitable to us,will be supplied you.
3)Any additional issuance expenses to be paid by you,including printing costs, paying agent fees,OMAC fees, etc.
4)This offer is made for immediate acceptance or rejection.
5)The Notes are to be delivered to us in our offices on or before the dated date
of the issue.
6)The Underwriters shall have the right to cancel their obligation to purchase the
Notes, by notifying you of their election to do so, if (i)the President of the
United States or any agency or instrumentality of the Federal Government
should announce a plan,program or proposed legislation which,if implemented
or adopted,would affect the tax-exempt nature of the interest on the Notes or
ii)between the date hereof and the Closing,legislation shall have been enacted
or introduced by the Congress of the United States or shall have been reported
Out of committee or be pending in committee or a decision shall have been
rendered by a court of the United States or the Tax Court of the United States,
or a ruling shall have been made or a regulation shall have been proposed made or or any other release or announcement shall have been made by the
Treasury Department of the United States or the Internal Revenue Service,or other federal or Ohio authority,with respect to interest received on obligations
of the general character of the Notes, that in our reasonable judgment,
materially adversely affects the market for the Notes or the market price
generally of obligations of the general character of the Notes,or ( iii)there shall
have occurred any outbreak of hostilities or other local,national or international
calamity or crisis, or a default with respect to the debt obligations of,or the
institution of proceedings under the federal bankruptcy laws by or against,any State of the United States or agency thereof,or any city in the United States having a population of over one million, the effect of which on the financial
markets of the United States will be such as,in our reasonable judgment,makes
it impracticable for the Underwriters to market the Notes or to enforce
contracts for the sale of the Notes, or i(v)there shall be in force a general suspension of trading on the New York Stock Exchange or minimum or maximum prices for trading shall have been fixed and be in force,or maximum
ranges for prices for securities shall have been required and be in force on the New York Stock Exchange, whether by virtue of a determination by that Exchange or by order of the Securities and Exchange Commission or any other governmental authority having jurisdiction,or v( )a general banking moratorium shall have been declared by either federal,New York or Ohio authorities having jurisdiction and be in force, or ( vi)legislation shall be enacted or be proposed or actively considered for enactment, or a decision by a court of the United States shall be rendered, or a ruling, of the Securities and Exchange Commission or other governmental agency having jurisdiction of the subject matter shall be made to the effect that the Notes or any securities of the political subdivision or any securities similar to the type contemplated herein exclusive of industrial development bonds as defined by Section 103c( )of the Internal Revenue Code, as amended)are not exempt from the registration, qualification or other requirements of the Securities Act of 1933,as amended and as then in effect,or any indentures similar to the Indenture are not exempt from the registration,qualification or other requirements of the Trust Indenture Act of 1939,as amended and as then in effect,or ( vii)there shall have been any
material adverse change in the affairs of the political subdivision,or (viii)there
shall be established by the Federal,Ohio or New York State government wage
or price controls,or credit constraints,which,in the reasonable opinion of the
Underwriters would affect their ability to market the Notes.
7)The Village certifies that the Notes are classified as "qualified"securities under
the Tax Reform Act of 1986.
8)Upon acceptance by proper action of the Village Council this instrument shall
become a binding contract between us according to its terms.
Respectfully submitted,
SEASONGOOD & MAYER
By:
.- -L#P U.&.
7&
24 Joseh»0.Magdich,General Tartner
Accepted for and on behalf of the VILLAGE OF GRANVILLE,OHIO under authorization
previously granted by the Village Council this lo/ day of Alover, ib€19(94,.
ATTEST:
m: S Y L(L &
I
rylldQ- 3
a4 Director
BY:
t.S / It t \-
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