Ordinance 2014-23 Issuance of Note for Waterworks System

ORDINANCE NO. 2014-23

 

AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A NOTE FOR THE PURPOSE OF A WATERWORKS SYSTEM IN THE VILLAGE OF ANTWERP, OHIO,

AND DECLARING THE SAME AN EMERGENCY

 

NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Antwerp, Paulding County, Ohio:

 

Section 1.  A Note in the principal amount of $94,406.01 shall be issued by the Antwerp Exchange Bank to the Village of Antwerp for the Village’s waterworks system capital improvement with a financing cost thereof incurred in connection with the issuance of said Note.

 

Section 2.  Said Note shall bear an interest rate not exceeding 2% for one year, payable at maturity, to wit: one year after date of said Note.  In the event of default, the Note shall become immediately due and payable.  Said maturity date shall occur one year from the date of said Note provided the maturity date is not a business day, the Note shall mature on the first business day immediately preceding such date.

 

Section 3.  The Village covenants that it will take or cause to be taken such actions which may be required of it for the interest on the Note to remain excluded from gross income for federal income tax purposes, and will not take or permit to be taken any actions which would adversely affect that exclusion, and that it, or persons acting for it, will, among other acts of compliance, apply proceeds, all in a manner and to the extent necessary to assure such exclusion of that interest under the Internal Revenue Code.  The Village Fiscal Officer and any other appropriate officers are hereby authorized and directed to take any and all actions, make calculations and rebate payments, and make or give reports and certifications as may be appropriate to assure such exclusion of that interest.

 

Section 4.  The Note shall be the full general obligation of the Village and the full faith, credit and revenue of said Village are hereby pledged for the prompt payment of the same.

 

Section 5.  It is hereby determined and recited that all acts, conditions and things required to be done precedent to and in the issuance of the Note, in order to make them legal, valid and binding obligations of the Village of Antwerp, have happened, been done, and performed in regular and due form as required by law; that the full faith, credit and revenue of said Village shall be and is hereby irrevocably pledged for the prompt payment of the principal and interest thereon at maturity; that no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of said Note.

 

Section 6.  The Village Fiscal Officer, or other officer, is authorized to prepare, execute and deliver to the purchaser of said Note a preliminary and final official statement or any other appropriate disclosure document in connection with the sale and delivery of the Note.

 

Section 7.  The Mayor and Fiscal Officer of said Village are hereby authorized to sign and execute the Note on behalf of said Village.

 

Section 8.  It is found and determined that all formal actions of the Council concerning and relating to the passage of this ordinance were adopted in an open meeting of this Council, and that all deliberations of the Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including all lawful ordinances and any applicable provisions of Section 121.22 of the Ohio Revised Code.

 

Section 9.  This Ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public health, safety and welfare of the Village and for the further reason that the Village is in immediate need of a waterworks system for the well being of the residents and this Ordinance shall be in full force and effect immediately after its passage; otherwise, it shall take effect and be in force after the earliest period allowed by law.

 

 

Date: ______________________

 

 

______________________________________

Tom Van Vlerah, Mayor

 

Attest:

 

_______________________________

Loretta Baker, Fiscal Officer