Granville Community Calendar

Ordinance 09-1997

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VILLAGE OF GRANVILLE, OHIO
ORDINANCE NO. 09 -99
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
800,000 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 the net revenues of the municipal sanitary sewer system (the "Revenues"); and
WHEREAS, notes heretofore issued in anticipation of such bonds are about mature and should be renewed to in the amount of $800,000;
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$00,000, 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, 1998, shall bear interest at the rate of approximately nine per cent 9 %per)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 oNf soaitdebso"inn)dsth.e principal amount of 8$00,000 shall be issued in anticipation of the issuance
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 May 19, 1998, and
shall be of such number and denominations as may be requested by the purchaser.
SECTION 4. That the Notes shall be in fully registered form without
coupons, shall bear the signatures of the Village Manager and Director of Finance, provided
that either or both such signatures may be facsimiles, and may bear the seal of the
Municipality or a facsimile thereof. The Notes shall bear the manual authenticating signature
of an authorized representative of such bank or trust company designated by the original
purchaser of the Notes and approved by the Director' of Finance, which is hereby designated
to serve as the paying agent, registrar and transfer agent ( the "Paying Agent and Registrar")
for the Notes. The principal of and interest on each Note shall be payable at the principal
office of the Paying Agent and the Registrar to the person whose name appears on the Note
registration records as the registered holder thereof. The Notes shall be designated "Sanitary
Sewer Improvement Bond Anticipation Notes, Fourth (1997)Renewal", and shall express
upon their faces the purpose for which they are issued and that they are issued in pursuance of this ordinance.
The Notes shall be transferable by the registered holder thereof in person by his or attorney duly authorized in writing at the principal office of the Paying Agent and
Registrar upon presentation and surrender thereof to the Paying Agent and Registrar. No
transfer of any Note shall be effective until entered upon the registration records maintained
by the Paying Agent and Registrar. Upon such transfer, a new Note or Notes of authorized
denominations of the same maturity and for the same aggregate principal amount shall be
issued to the transferee in exchange therefor.
The Municipality and the Paying Agent and Registrar may deem and treat the
registered holders of the Notes as the absolute owners thereof for all purposes, and neither
the Municipality nor the Paying Agent and Registrar shall be affected by any notice to the contrary.
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 puos*e 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.
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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
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 sufficient a 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 theteof 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 265b( )of the Code. This council finds and determines that the reasonably anticipated amount of taxe-xempt obligations w(hether designated as qualified)issued and to be issued by the Municipality during or not this calendar year
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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 for purposes of this ordinance, the following terms shall
have the following meanings:
Book entry form"or "book entry system"means a form or system under
which (i)the beneficial right to payment of principal of and interest on the Notes may be
transferred only through a book entry, and ( ii)physical Note certificates in fully registered
form are issued only to the Depository or its nominee as registered owner, with the Notes
immobilized"to the custody of the Depository, and the book entry maintained by others
than the Municipality is the record that identifies the owners of beneficial interests in those
Notes and that principal and interest.
Depository" means any securities depository that is a clearing agency under
federal law operating and maintaining, together with its Participants or otherwise, a book
entry system to record ownership of beneficial interests in Notes or principal and interest,
and to effect transfers of Notes, in book entry form, and includes and means initially The
Depository Trust Company a( limited purpose trust company)N,ew York, New York.
Participant"means any participant contracting with a Depository under a book entry system and includes security brokers and dealers, banks and trust companies, and clearing corporations.
All or any portion of the Notes may be initially issued to a Depository for use in a book entry system, and the provisions of this Section shall apply to such Notes, notwithstanding any other provision of this ordinance. If and as long as a book entry system is utilized with respect to any of such Notes: i()there shall be a single Note of each maturity; i(i)those Notes shall be registered in the name of the Depository or its nominee, registered owner, and immobilized in the custody of the Depository; ( as iii)the beneficial
owners of Notes in book entry form shall have no right to receive Notes in the form of physical securities or certificates; i(v)ownership of beneficial interests in any Notes in book entry form shall be shown by book entry on the system maintained and operated by the Depository and its Participants, and transfers of the ownership of beneficial interests shall be made only by book entry by the Depository and its Participants; and v( )the Notes as such shall not be transferable or exchangeable, except for transfer to another Depository or to another nominee of a Depository, without further action by the Municipality. Debt service charges on Notes in book entry form registered in the name of a Depository or its nominee shall be payable in the manner provided in the Municipality's agreement with the Depository
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to the Depository or its authorized representative (i)in the case of interest, on each interest
payment date, and (ii)in all other cases, upon presentation and surrender of Notes as
provided in this ordinance.
The Paying Agent and Registrar may, with the approval of the Municipality,
enter into an agreement with the beneficial owner or registered owner of any Note in the
custody of a Depository providing for making all payments to that owner of principal and
interest on that Note or any portion thereof (other than any payment of the entire unpaid
principal amount thereof)at a place and in a manner (including wire transfer of federal
funds)other than as provided in this ordinance, without prior presentation or surrender of the
Note, upon any conditions which shall be satisfactory to the Paying Agent and Registrar and
to the Municipality. That payment in any event shall be made to the person who is the
registered owner of that Note on the date that principal is due, or, with respect to the
payment of interest, as of the applicable date agreed upon as the case may be. The Paying
Agent and Registrar shall furnish a copy of each of those agreements, certified to be correct
by the Paying Agent and Registrar, to any other paying agents for the Notes and to the
Municipality. Any payment of principal or interest pursuant to such an agreement shall
constitute payment thereof pursuant tO, and for all purposes of, this ordinance.
The Director of Finance is authorized and directed without further action of
this council to execute, acknowledge and deliver, in the name of and on behalf of the
Municipality, a blanket letter agreement between the Municipality and The Depository Trust
Company, as Depository, to be delivered in connection with the issuance of the Notes to the
Depository for use in a book entry system, and to take all other actions the Director of
Finance deems appropriate in issuing the Notes under a book eritry system.
If any Depository determines not to continue to act as Depository for the Notes
for use in a book entry system, the Municipality and the Paying Agent and Registrar attempt to establish may a securities depository/book entry relationship with another qualified
Depository under this ordinance. If the Municipality and the Paying Agent and Registrar do
not or are unable to do so, the Municipality and the Paying Agent and Registrar, after the Paying Agent and Registrar has made provision for notification of the beneficial owners by the then Depository, shall permit withdrawal of the Notes from the Depository and authenticate and deliver Note certificates in fully registered form to the assigns of the Depository or its nominee, all at the cost and expense i(ncluding costs of printing definitive Notes)if, the event is not the result of action or inaction by the Municipality or the Paying Agent and Registrar, of those persons requesting such issuance.
SECTION 11. That the Director of Finance is hereby authorized without further action of this council to execute and deliver an agreement with the Paying Agent and Registrar for its services as paying agent, registrar and transfer agent for the Notes, in each case in such form as such officer may approve, the execution thereof by such officer to be conclusive evidence of such authorization and approval.
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SECTION 12. That the Director of Finance is hereby directed to forward a
certified copy of this ordinance to the county auditor.
SECTION 13. 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 14. 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.
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Attest: f01114146*b ClerkfCon{c/il
Mayor
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OVFILLFAGICE IALCOPY OFGRANVILLE
day c,f May
TF.N-N·111.1. (™IER] 711(A'11
FOR POLVI'ICAL.SUIJDIVISIONS ISSWINC;UNVO1lil) 1 1({NI{WAI.Oill-IGATION 13ONIS) AN[)NO'IES I
7he uildersigried, CC U) N-j'Y AUDJ7 OR of Licking Ccillilly. () 11 Ille Village lii„Il,e,el,y ceitilies iii c<1,1e!,ctic„w,ith a p:,pc,sed issile 1(,01*0*.Notes
,- -Granville
ili Ilie prilicip;1,altic,u,11 ul- 8$00/00__&_.'_Oditled May 19 19 97 , th:1, ilie rilles required Ic, p1(rc,li(tce tile highest arii,ual clebl cliarges fi,r the prcipcs,ed issue ai,id all c,ther. issues of ·said sul,ilivisiciii ;li,d Ille slibilivisic,lis overl:p,l,ilig it. wilich are paytil,le l'rc,111 taxes sltlj,ecl la1x11d,eupll(ic!laittiell alirlel}i li;as tilck))1I1i0i)w1'sArticle XII, Sectiori 2, Ohic)Colislitillic,11, h;s,ed lip(l,illie fticls lierei,1,iller set Ic,rili atid assuiiiii,g Ilitic :ill levies were to lie Iliade tlierel(r,011 Ilie geller;1,
Overlapi,l)lg Assessed
Sulidivisit )11 Valiialicm
Coulity 2,023,959,870
Licking
Granville 6*91¥
Village
School
District
Township
if any)
PLEASE NOTE INSTRUCTNI{S)
ON REVERSE SIDE
82,038,830
1)ATI,l)tl,is
Bonds and Noles 0„s(tanding
a) Special Assessie„ ,il bonds &., ,
nciles iii t,rigilial or reli,Alled
IC,n".
b) All t„lier'Inkids>n&,tdippay- ''' '
al,le fr<i,n,r(is,ecured hyilaxes
iliside lt) 111ill liltiflatic,Ii:
a) .Specia,1A.,fsesse'i"t h(n, ds&...
tic,tes <iii 7„igi-lial 04 refuird'ed
11) All c,ther. lic,tids &nt,les payable
fri,111 (ir secured by taxes
iliside-10,ftiillylii„itatiThf v'»..-2
Bc,nds.l&ic,l e.ss·p' i,yal,le .frolijl lixes{1:4''
inside 10111ill li,ititaticili
a) Special Assessliie,it bonds &
11,les iii c,rigii;il (r,refunded
1(r,,11:
8TH
lireseli[
l'ri,icipal
A mi,tii,1
klit (h,arges fc,r fiscal year in wh ch they
will tocal Ilte highest, lo-wit, 19 98
kir pril,cipal for li,ic rest
865,000 $ 182,000- . .. $ 43,100
7,758,400 571,400 458,912
Prcipc,sed issue: $ 44,450
1 9 97
PECK, SHAFFER & WILLIAMS, L.L.P
BOND ATTORNEYS
CINCINNATI AND COLUMBUS, OHIO
40,010
1'1('A)1'.
Reclitired I ax
Rale ft,r I wi,
Prevbus
111111115
0. 1112 MIl.LS
0.5091 Mil.1.S
Mil.IS
1.0295
MILI- S
Mill.S
MILLS
Mil.IS
1.6498 MII.IS
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1
C' Cl i '''Al 11)1'1(11)

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