Granville Community Calendar

Ordinance 08-1997

VILLAGE OF GRANVILLE, OHIO
ORDINANCE NO. 08-99
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
89,000 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 improvements 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 heretofore levied against the properties benefitted by such improvements t(he "Revenuesa"n)d;
WHEREAS, notes heretofore issued in anticipation of such bonds are about to mature and should be renewed ln the amount of $89,000;
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 8$9,000, 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, 1997, 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 (40)years after their issuance.
SECTION 2. That it is hereby determined that notes h(ereinafter called the saNidobtoensd"sin). the principal amount of 8$9,000 shall be issued in anticipation of the issuance of
SECTION 3. That the Notes shall be dated May 19, 1997, shall bear interest
at the rate of
per cent ( per annum, payable at maturity, shall mature on November 19,
1997, and shall be of such number and denominations 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, Series B",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
SeasongoodM &ayer, 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.
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
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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 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 taxe-xempt obligations" to the extent permitted by Section 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 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 7, 1997.
Attest:
Cleof CouMcil
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11{N- IVIll.1. (I{Irl 11· 1(A1
FOR POLVIICAL.SUIJDIVISIONS ISSWINC; CJNVOTI{l)Cil{Nlil{Al. 1(1)1-IGATION IJONIS) AN[)NOTIES
7 he luidersiglied, C(1I)-N'I'Y AUD!7OR of Licking Village Granville lilll
c,f y. (h)it,,lie,el,y ce,lil ies ili c<li,liectic)11 with a p c',lic,sed issue 01 9010*.Notes lillie 000 &89,000 iii the prilicip;1, :111u,(li,t-01 $800 dmed May 19 19 97 , ili:1, Ilie r:t,es required Ic,
1p(rI,il)klu(cie„I1ll1e'illhilgilhileicstalaicti)i,,ual. cleb[ cli;r,ges Ic,r tlie prcipcs,ed issue alid all c,ther issues i,1. said sul)li(visic,ii ;ind ilie subdivisic,lis c,verl:p,pilig it. which :r,e imy:li,le Irc,iii taxes sulj,ecl tax duplicate 1 01-Article XII, Secticin 2, 1(1)ic,Cc,listitillic1),, 11s;,ed up(11,tile facts herei I )Il,ler set Ic,rth aid assuliii g„Ili;1,1,11 levies were tol,e liiade Illerclc,r (11,Ilie gelieri,1 are as Ic)llows
0veilappilig
S u t,d i v is ic, n
Licking
Granville
Assessed
V,71„Mum
County 2,023,959,870
6,# 98¥
Village
School
District
lownship
if any)
PLEASE NOTE INSTRUCTII)NS
ON REVERSE SIDE
OFFICIAL COPY VILLAGE OF GRANVILLE
82,038,830
1)A'1'1[)tliis
Bonds and Notes Oilistanding
a) Special Assessitie,il bonds &
nc,les iii (ri,gilial or relunded
Ic,n 11:
Ch) All,c,ther lic,lids &n,tes payal,
le frc,1,1 ,r: secured hy.taxes
i,iside 1()ii,ill lit,illatic,ii:
a) Special, A<ses%tie,tic hc,nds &
11t(e,<il)' r(id,itial r(,refunded
I . f/, rTii:-* :;
Ch) All <tl,ier 1l,i„ds &ni,les payable
fic,111 ',r secured by taxes
iliside 10 it,ill littiitatitin:6-
Boiidsl ic&,le,s:pi,yal,le frolii taxes
inside 10 liiill liii,ilatic)11:
a) Special Assess,ize,it borids &
tic,les iii (r,igi 111,1 (r ,refulided
fc,r,11:
8TH May
prese,11
1 ' r i,ic i pa I
Ammm,
eli, lia(r'ges fc,r fiscal yead in wh ch they
will ,ca(l,Ilie highest. to.wit, 19 98
h,r Mincftial ft)r lill<Ics[
000 182,000
7,758,400 571,400
PrHPI}sed issue: $ 44,450
19 97
PECK, SHAFFER & WILLIAMS, L.L.P
BOND ATTORNEYS
CINCINNATI AND COLUMBUS, OHIO
43,100
458,912
40,010
1'1('A)I' .
Reclitircil I ,7x
Rate fc,r I wo
Previl,us
0. 1112
0.5091
1. 0295
1. 6498
MI[- LS
Mil.IS
Mil.1 S
M 11-1-S
Mill. S
MILLS
M 1 1 .1.S
Mil.1S -
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865,
C' ll ' ,A' lll )1'1( l)t

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