Ordinance 2015-27

ORDINANCE NUMBER 2015-27

AN ORDINANCE RESTRUCTURING LOAN REPAYMENT FROM THE SEWER CAPITAL OUTLAY FUND TO THE GENERAL FUND, AMENDING ORDINANCES 2014-12, 2009-17, 2009-12 AND 2003-6, AND DECLARING AN EMERGENCY.

WHEREAS, the Council of the Village of Apple Creek, Ohio (“Village”) passed Ordinance Nos. 2003-6, 2009-12, 2009-17 and 2014-12, in order to establish a repayment schedule for funds advanced from the Village’s General Fund to the Sewer Capital Outlay Fund for improvements to the Waste Water Treatment Plant; and

WHEREAS, after annual payments as required by said Ordinances the balance of $453,940.00 still remains to be repaid; and

WHEREAS, the Village Council now desires to modify the repayment schedule; and

WHEREAS, Village Council has determined this amendment is in the best interests of the Village’s residents and promotes the general welfare of said citizenry;

NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Apple Creek, Ohio:

SECTION ONE:

Commencing in fiscal year 2015, annual repayment shall be made in accordance with that schedule attached as Exhibit “A”, until said debt is retired.   Consistent with Ordinance No. 2009-17, there shall be no interest due on said balance and all payments shall be applied to a reduction of principal.

SECTION TWO:

All prior Ordinances and Resolutions, and parts of Ordinances and Resolutions, which conflict with the provisions of this ordinance are hereby repealed to the extent that they are in conflict herewith.

All remaining provisions of said prior Ordinances and Resolutions, but for that amendment in Section One above, shall remain intact and unaffected.

SECTION THREE:

This Ordinance is hereby declared an emergency measure necessary for the immediate preservation of the public health, safety and welfare.   Therefore, this ordinance shall go into immediate effect.

VOTE TO SUSPEND RULES:                     Yeas  6  Nays  0

VOTE ON EMERGENCY ORDINANCE: Yeas  6  Nays  0

PASSED: October 5 2015.                  Yeas 6  Nays 0

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