Ordinance 2015-14: Lift Station Note

ORDINANCE NO. 2015-14

 

AN ORDINANCE TO PROVIDE FOR THE ISSUANCE OF A NOTE TO PAY A PORTION OF THE COST OF INSTALLING THE LIFT STATION IN THE COLONY SUBDIVISION IN THE VILLAGE OF ANTWERP, COUNTY OF PAULDING, OHIO, AND DECLARING THE SAME AN EMERGENCY

 

WHEREAS, the Village of Antwerp authorized the bidding of the project to install a lift station in the Village of Antwerp, Paulding County, Ohio, in the Colony Subdivision; and

 

WHEREAS, the bidding process was completed and a contract was awarded to the lowest and best bidder to install the lift station; and

 

WHEREAS, a lift station has been installed in the Colony Subdivision located in the Village of Antwerp, Paulding County, Ohio; and

 

WHEREAS, the Village of Antwerp must continue to pay a portion of the cost incurred in installing the lift station in the Colony Subdivision; the Village implemented a Tax Increment Financing (TIF) program that will redirect real estate tax monies to offset said financing for the improvement in the future.

 

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 $15,997.93 shall be issued for the purpose set forth herein, which is to pay a portion of the cost of installing the lift station in the Colony Subdivision located in the Village of Antwerp, Paulding County, Ohio, with a financing cost thereof incurred in connection with the issuance of said Note.

 

Section 2.  Said Note shall bear interest at a rate not exceeding 2% annually 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, and the Note shall mature on the first business day immediately preceding such date.

 

Section 3. The Village covenants that it will take, cause to be taken, or has 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 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 thereof 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 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 and the Council approves any action taken by such officials in that regard.

 

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 must continue to pay a portion of the cost incurred by having the lift station installed in the Colony Subdivision 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.

 

Section 10. This Ordinance shall take effect as of the maturity of the Note referenced in Ordinance No. 2014-12, said Ordinance for the issuance of a Note for the purpose of installing a lift station in the Colony Subdivision located in the Village of Antwerp, County of Paulding, Ohio.

 

Date: ________________                                          ___________________________________

Thomas D. VanVlerah, Mayor

Attest:

 

_______________________________

Aimee Lichty, Fiscal Officer