JACKSON CENTER – The Jackson Center Village Council met Aug. 24 to pass several ordinances.
An ordianance of intention to issue industrial development revenue bonds and authorizing execution of an agreement with E.M.I. Corp. was approved by council after the three-reading rule was suspended.
Brad Ruwe of Dinsmore & Shohl LLP was present at the meeting to make a formal request to the village to serve as the conduit issuer of the Series 2015 Obligations. The proceeds of the Series 2015 Obligations will be used for the benefit of E.M.I. Corp. to finance the construction of a 108,000 square foot manufacturing facility located at 801 W. Pike St. and to pay costs of issuance in connection with the issuance of the Series 2015 Obligations.
The bonds will be privately placed with and purchased by Fifth Third Bank. The bonds will be amortized over a 10-year period and at the end of that 10-year period, the bank will have the ability to renew its commitment, or if the bank elects not to renew, E.M.I. Corp. will be responsible for paying-off the bonds or finding an alternate credit provider to assume the Series 2015 Obligations.
The bonds will be secured by a mortage and the interest rate on the bonds will be a floating rate of interest based on the one-month Libor Index, plus a margin. Any and all debt service requirements under the Series 2015 Obligations will be the sole responsibility of E.M.I. Corp. Until long term financing can be obtained, E.M.I. Corp is in the process of obtaining a short-term bridge financing from the bank. Ruwe addressed Mayor and Council and explained that they serve as Bond Council and will represent the village in this Bond Council.
The council adopted another ordinance after suspending the three-reading rule that establishes appropriations within the Airstream Water Main Upgrade Fund to be able to pay expenditures with left over loan money from the Airstream Project that was completed last year. The money that is being appropriated with this ordinance will be used to pay expenditures for the EMI Corp water line installation.
They adopted a resolution after suspending the three-reading rule that will allow the village to apply for funding for the Davis/Linden Street Reconstruction Project. The village will apply for a $500,000 grant and $250,000 zero interest loan to the Ohio Public Works Commission. Administrator Bruce Metz informed council that they did not receive the Neighborhood Revitalization Grant, but will be able to apply for it next year again.
In other business:
• Council Member Jack Toomey presented to Mayor Scott Klopfenstein his resignation as of Oct. 31, 2015. Toomey stated that it is with much regret that he has to tender his resignation. Klopfenstein accepted the resignation of Toomey.
• Council Member Larry Wahrer reported that revenue for July was $21,000 more than expenditures and the Income Tax Receipts for July were about $9,000 more than last July. Wahrer also noted the cash balance is $250,000 greater than this time last year and went on to say that the general fund as well as the electric and water funds and all funds are in the black. The council approved the July 2015 Financial Report.
• Klopfenstein presented Sheriff John Lenhart with a proclamation from the village that recognizes him for being named “The National Sheriff of the Year” and his 40 plus years of loyal service to the country, to the state, to the county and to the Village of Jackson Center.
It also said, “The Village and Community of Jackson Center is very blessed and thankful that you remember and are proud to call Jackson Center home.”
Village Administrator Bruce Metz also presented Sheriff Lenhart with a Plaque of Recognition from the Village of Jackson Center.
The next council meeting will be held Sept. 14, at 7 p.m. in the council chambers.