#39-06

PASSED 11/13/06

COMMITTEE REVIEW:	FINANCE COMMITTEE
INTRODUCED BY:	COUNCILMEMBER RISBECK
INTRODUCED ON:	NOVEMBER 13, 2006
DATE OF FIRST READING:	NOVEMBER 13, 2006
DATE OF SECOND READING:
DATE OF THIRD READING:
EMERGENCY CLAUSE:	YES/NO
TITLE ONLY PURSUANT TO SECTION 4.07 OF THE CHARTER:	YES/NO

AN ORDINANCE AUTHORIZING THE VILLAGE MANAGER TO EXECUTE A NOTE AND RELATED BORROWING DOCUMENTS WITH JPMORGAN CHASE BANK TO REFINANCE CURRENTLY HELD MUNICIPAL DEBT; AND DECLARING AN EMERGENCY.

WHEREAS the Village had previously restructured certain capital notes relating to the Parks and Recreation Improvements, the purchase of F. A. Sebring Community Center and the construction of a water tank within the industrial park with the passage of Ordinance #40-04; and

WHEREAS the Village Council wishes to retire ten percent of the note currently held by Bank One and refinance the balance totaling Four Hundred Sixty One Thousand Seven Hundred Dollars ($461,700.00); and

WHEREAS it is the intent of the Municipality to affect sufficient borrowing in accordance with its Charter and the Ohio Revised Code to refinance currently held Municipal Debt.

NOW, THEREFORE BE IT ORDAINED BY THE COUNCIL OF THE MUNICIPALITY OF SEBRING, MAHONING COUNTY, OHIO

Section 1:        That the Village Manager is hereby authorized and directed to execute a note and related documents with JPMorgan Chase Bank for a debt not to exceed Four Hundred Sixty One Thousand Seven Hundred Dollars ($461,700.00) with interest not to exceed 4.32% with a term not to exceed one year to refinance a previously restructured capital note relating to the Parks and Recreation Improvements, the purchase of F. A. Sebring Community Center and the construction of a water tank within the industrial park.

Section 2:        That it is FOUND and DETERMINED that all formal actions of this Council relating to the passage of this Ordinance or adopted in an open meeting of this Council, and that all deliberations of this Council, and of any of its committees which resulted in such formal actions were made in compliance with all legal requirements, including those of section 121.22 of the Ohio Revised Code, all pursuant to Section 3.11 of the Charter of the Village of Sebring.

Section 3:        That this Ordinance is hereby determined to be an EMERGENCY MEASURE necessary for the immediate preservation of the public health, safety and welfare of the citizens of the Municipality of Sebring, Ohio and for the further reason that the same is necessary to provide for the timely refinancing of currently held Municipal Debt.

	_____________________________ JOHN W. SMITH Mayor/President of Council
ATTEST:	APPROVED AS TO LEGAL FORM:
_________________________ Malea G. Sanor Clerk of Council	_________________________ Andrew L. Zumbar Assistant Solicitor