Granville Community Calendar

Ordinance 17-1997

ORDINANCE NO. 17-97
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND
SALE OF $93,000 OF GENERAL OBLIGATION BONDS OF
THE VILLAGE OF GRANVILLE, OHIO FOR THE PURPOSE
OF CONSTRUCTING IMPROVEMENTS TO THE SANITARY
SEWER SYSTEM OF THE VILLAGE, AND DECLARING AN
EMERGENCY.
WHEREAS, this Village Council has heretofore determined the necessity of
constructing improvements to the sanitary sewer system of the Village of Granville, Ohio
the "Village"s)u c(h improvements are referred to herein as the "Project"an)d;
WHEREAS, the Director of Finance, as fiscal officer of the Village, 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 C6uncil has heretofore levied special assessments
against the properties benefitted by the Project to pay a portion of the costs of the Project;
and
WHEREAS, this Village Council expects the debt service charges on such
bonds to be paid from such special assessments t(he "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 9$3,000 t(he "Bonds"fo)r the purpose of paying part of the costs of the Project, including, without limitation, f"inancing costs"a,s defined in Section 133.01 of the Ohio Revised Code, related to the Bonds, under authority of and pursuant to the general laws of the State of Ohio, particularly Chapter 133 of the Ohio Revised Code.
SECTION 2. That the Bonds shall be issued in such principal amount for the
purpose aforesaid. The Bonds shall be i()dated September 1, 1997, i (i)numbered from R-1 upwards in order of issuance,i (ii)be of the denominations of 5$,000 and any integral multiple thereof,except that one Bond shall be in the denomination of 3$,000 or 3$,000 plus any integral multiple of 5$,000, provided that each Bond shall be of a single maturity, and iv)shall mature on December 1, 2016 but shall be subject to mandatory sinking fund
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redemption on December 1 of the years and in the respective principal amounts, and such
principal amounts shall bear interest at the rate of five and seventy-five hundredths per cent
5.75 %per)annum payable semiannually on the first day of June and the first day of
December of each year commencing June 1, 1998, as follows:
Year
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Principal Amount
Maturing
3,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
Unless otherwise called for redemption, the remaining principal amount of the Bonds
5,000)shall be paid at stated maturity ( December 1, 2016).
It is hereby determined that such principal installments are such that the total
principal and interest payments on the Bonds in any fiscal year in which principal is payable
is not more than three times the amount of those payments in any other such year.
The Bonds 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 date, commencing December 1, 2007 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, 2007 through November 30, 2008
December 1, 2008 and thereafter
101 %
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)a,nd 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, i(ii)the date fixed for redemption, and i(v)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 or portions thereof shall be
paid at the redemption 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 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
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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 "Sanitary Sewer 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, or the Acting Village Manager, and the Director of Finance, provided 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 Star Bank, National Association, Cincinnati, Ohio, as the paying agent,
registrar and transfer agent t(he "Paying Agent and Registrar"fo) r 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 registered holder at his address as it appears on such
registration records.
The Bonds shall be transferable by the registered holder thereof in person or by his 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. 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 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
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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 pay interest 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 are 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 M &ayer,
Cincinnati, Ohio t(he "Purchasera")t 98.9247312 %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, the Acting Village Manager and the Director of Finance, or
any 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 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 a"rbitrage bonds"under Sections 103b( )2()and 148 of the Internal Revenue Code of 1986, as amended t(he C" ode"a)nd 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
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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 103b( )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 265b( )3()of the Code. This Village Council
finds and determines that the reasonably anticipated amount of qualified tax-exempt
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
tax-exempt 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 265b( )3().
SECTION 8. That the Director of Finance is hereby directed to forward a
certified copy of this ordinance to the County Auditor.
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, the Acting Village Manager and
Director of Finance, or any 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
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1
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: September 3, 1997
Attest:
Clerl©kf Cocil
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 September 3, 1997.
1%6404 Clerkjbf Couhcil
Date: September 3 , 1997
CERTIFICATE
The undersigned hereby certifies that a copy of the foregoing certified ordinance was this day to the County Auditor of Licking County, Ohio.
44,62«
Dirreof*Finance
Date: September 5- ,1997
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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.
6/C6unty ukuditor
Date: September r , 1997
r-
8-
1
of tlie
I'liN- MII.I. Clill'1'11ICATE
FOR POLITICAL SUBDIVISIONS ISSUING UNVO'l[il)GF.Nlil{AL Ol]LIGATION BONDS AND NOlES
I'lie u,idersigned, C(U)N-rY AUDITOR cd
Village of Granville
Licking Courily. C)hio, hereby cel'IiI ies iii colinectioli with a p:oposed issue <1 ,lh,lids.
in flie principal aliic,ulit ul $ 93,000 daited September 1 19 97, tliat tile rates required ti, produce the highest annual debt charges fi,r the proposed issue a,id all c,tlier issues ol said subdivisic,ii and Ilie subdivisic,lis overlapping it, which are payable Ir(1}11 taxes subject t1ax(t)ildeup1l0icIalltiell limitatic)n of Article XII, Sectic,n 2, Ohic,Cc,nstilulic,n, based upo,1 the facts hereii:1,t-er set Ic,rth aiid assuillilig Illat all levies were to I,e 111ade thereft,r oli the ge,ieral are as 1.1 (lo,ws:
Overlappilig
Subdivisic,n
Licking
Granville
Coulity
EX#9=
Village
Granville Exempted
Village School
District
Granville
Assessed
Val ualic,n
2,023,959,870
82,038,830
209,895,310
Township 178,921,770*
if any)
INCLUDES VILLAGE
PLEASE NOTE INSTRUCTIi)Ns
ON REVERSE SIDE
A'1'Iii)this
Bonds and Notes Outstanding
a) Special Assessnient bonds &
notes in c,riginal or refunded
fc,rni:
h) All other bonds &notes pay- able frolii or secured by taxes
inside 10 111ill lili,ilatic,n:
a) Special Assessnient bonds &
ni,tes iii origilial or refunded
fc,r,11:
b) All c,ther bc)i,ds &nc,les payable
frc,111 or secured by taxes
iliside 10111ill li111italic,n:
Bonds &nc,tes payable froii, taxes
inside 10 111ill lili,ilation:
a) Special Assessii,em bonds &
notes iii origilial or refunded
fc,rm
d:iy of September
Presen[
1rincipal
Aitic,il n[
865,000
7,753,400
223, 167
365,000
kl,1 Charges for fiscal year in wh ch they
will It,tal tl,e highest, to-wit, 19 98
fc,r Principal for Int(ies,
182, 000
571, 400
14,163
15,000
Proposed issue: $ 4,650
19 97 .
PECK, SHAFFER & WILLIAMS, L.L.P
BOND ATTORNEYS
CINCINNATI AND COLUMBUS, OHIO
43, 100
458,887
12,546
23,382
5, 348
1'1('A)I.
Recli,ired Tax
Rale fc,r iwi,
Prevbus
C(} It!111115
0. 1112
0.5090
0.4679
0.3256
MILLS
MHAS
M11.1 S
Mil.1.9
0- MILLS
0
MILLS
0. 1219
1.5356
I;'< Fr'; A11)1'i·)11
Mil.IS
MILIS
0- 0- 0-
0- 0- 0-

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