HomeMy WebLinkAboutOrdinance 54-25RECORD OF ORDINANCES
BARRETT BROTHERS - DAYTON, OHIO ; Form 6220S
Ordinance No. 34-25 Passed ,
PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN THE
MAXIMUM PRINCIPAL AMOUNT OF = $23,000,000, IN
ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE
OF PAYING THE COSTS OF ACQUIRING CERTAIN REAL PROPERTY
FOR MUNICIPAL PURPOSES, TOGETHER WITH ALL NECESSARY
APPURTENANCES THERETO
WHEREAS, this City Council has requested that the Director of Finance, as fiscal officer of
this City, certify the estimated life or period of usefulness of the Improvement described in
Section 1, the estimated maximum maturity of the Bonds described in Section 1 and the
maximum maturity of the Notes described in Section 3; and
WHEREAS, the Director of Finance has certified to this City Council that the estimated life
or period of usefulness of the Improvement described in Section 1 is at least five (5) years,
the estimated maximum maturity of the Bonds described in Section 1 is thirty (30) years
and the maximum maturity of the Notes described in Section 3, to be issued in anticipation
of the Bonds, is two hundred forty (240) months;
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Dublin, State of
Ohio, | v) of the elected members concurring, that:
Section 1. Authorized Principal Amount of Anticipated Bonds; Purpose. It is necessary to
issue bonds of this City in the maximum principal amount of $23,000,000 (the “Sonds”) for
the purpose of paying the costs of acquiring certain real property for municipal purposes,
together with all necessary appurtenances thereto (the “Jmprovement’).
Section 2. Estimated Bond Terms. The Bonds shall be dated approximately February 1,
2031, shall bear interest at the now estimated rate of 6.00% per year, payable
semiannually until the principal amount is paid, and are estimated to mature in twenty (20)
annual principal installments on December 1 of each year and in such amounts that the
total principal and interest payments on the Bonds, in any fiscal year in which principal is
payable, shall be substantially equal. The first principal payment of the Bonds is estimated
to be December 1, 2031.
Section 3. Authorized Principal Amount of Notes; Dating; Interest Rate. It is necessary to
issue and this City Council determines that notes in the maximum principal amount of
$23,000,000 (the “/Votes”) shall be issued in anticipation of the issuance of the Bonds for
the purpose described in Section 1 and to pay the costs of the Improvement and any
financing costs. The principal amount of Notes to be issued (not to exceed the stated
maximum principal amount) shall be determined by the Director of Finance in the certificate
awarding the Notes in accordance with Section 7 of this Ordinance (the “Certificate of
Award’) as the amount which, along with other available funds of the City, is necessary to
pay the costs of the Improvement and any financing costs. The Notes shall be dated the
date of issuance and shall mature not more than five years following the date of issuance,
provided that the Director of Finance shall establish the maturity date in the Certificate of
Award. The Notes shall bear interest at a rate or rates not to exceed 6.00% per year
(computed on the basis as determined by the Director of Finance in the Certificate of
Award) from their dated date, payable on such dates as determined by the Director of
Finance in the Certificate of Award (the “Jnterest Payment Dates”), and until the principal
amount is paid or payment is provided for. The rate or rates of interest on the Notes shall
be determined by the Director of Finance in the Certificate of Award in accordance with
Section 7 of this Ordinance.
The Director of Finance may determine if it is in the best interest of and financially
advantageous to the City that the Notes shall be subject to optional redemption by and at
the sole option of the City, in whole and/or in part, on any date prior to maturity and at
such redemption price, plus accrued interest to the redemption date, all of which terms
shall be set forth in the Certificate of Award. Notice of redemption, identifying the Notes
or portions thereof, to be called, shall be mailed by certified mail to the registered holders
thereof not less than thirty (30) days prior to the date of redemption. Notice having been
mailed in the manner provided in the preceding sentence hereof, the Notes and portions
RECORD OF ORDINANCES
BARRETT BROTHERS - DAYTON, OHIO Form 6220S
54-25 Page 2
Ordinance No. Passed ,
thereof called for redemption shall become due and payable on the redemption date, and
upon presentation and surrender thereof at the place or places specified in that notice,
shall be paid at the redemption price, plus accrued interest to the redemption date. If
moneys for the redemption of all of the Notes or portions thereof to be redeemed, together
with accrued interest thereon to the redemption date, are held by the Paying Agent (as
defined below) on the redemption date, so as to be available therefor on that date and, if
notice of redemption has been deposited in the mail as aforesaid, then from and after the
redemption date those Notes or portions thereof called for redemption shall cease to bear
interest and no longer shall be considered to be outstanding. If those moneys shall not be
sO available on the redemption date, or that notice shall not have been deposited in the
mail as aforesaid, those Notes or portions thereof shall continue to bear interest, until they
are paid, at the same rate as they would have borne had they not been called for
redemption.
Section 4. Payment of Debt Charges; Paying Agent. The Director of Finance is hereby
designated as the initial paying agent, and may, if it is determined to be in the best interest
of the City, designate a bank or trust company to act as paying agent, after determining
that the payment at that bank or trust company will not endanger the funds or securities
of the City and that proper procedures and safeguards are available for that purpose, if
agreed to by the original purchaser (the “Paying Agent’).
The principal of and interest on the Notes shall be payable in lawful money of the United
States of America without deduction for the services of the Paying Agent. Unless the entire
principal amount is represented by a single Note, the principal of the Notes shall be payable
upon presentation and surrender of the Notes at the office of the Paying Agent. The
interest on the Notes shall be payable on each Interest Payment Date by wire or check or
draft mailed or delivered to the person in whose name the Note is registered, and to that
person’s address appearing, on the Note Register (as defined in Section 6 hereof), at the
close of business on the fifteenth (15'*) day of the calendar month next preceding that
Interest Payment Date. Notwithstanding the foregoing, if and so long as the entire principal
amount of the Notes is represented by a single certificate, payment of principal and interest
may be made by wire or check or draft mailed to the person in whose name the Note was
registered on the applicable date of payment, with presentation and surrender of said
certificate to be made to the Paying Agent after payment of principal and interest at final
maturity.
Section 5. Execution of Notes. The Notes shall be signed by the City Manager and the
Director of Finance, in the name of the City and in their official capacities, provided that
one of those signatures may be a facsimile. The Notes shall be issued in minimum
denominations of $100,000 (and may be issued in denominations in such amounts in
excess thereof as requested by the original purchaser and approved by the Director of
Finance) and with numbers as requested by the original purchaser and approved by the
Director of Finance. The entire principal amount may be represented by a single note if it
is determined by the Director of Finance that issuance in that form will facilitate the sale
and delivery of the Notes. The Notes shall not have coupons attached, shall be numbered
as determined by the Director of Finance and shall express upon their faces the purpose,
in summary terms, for which they are issued and that they are issued pursuant to this
Ordinance.
Section 6. Note Register. So long as any of the Notes remain outstanding, the City will
cause the Paying Agent to maintain and keep at its designated office all books and records
necessary for the registration, exchange and transfer of Notes as provided in this Section
6 (the “Wote Register’). The person in whose name a Note is registered on the Note
Register shall be regarded as the absolute owner of that Note for all purposes of the Note
Proceedings. Payment of or on account of the debt charges on any Note shall be made
only to or upon the order of that person; neither the City nor the Paying Agent shall be
affected by any notice to the contrary, but the registration may be changed as provided in
this Section 6. All such payments shall be valid and effectual to satisfy and discharge the
City’s liability upon the Note, including interest, to the extent of the amount or amounts so
paid.
RECORD OF ORDINANCES
BARRETT BROTHERS - DAYTON, OHIO Form 6220S
54-25 Page 3
Ordinance No. Passed ,
Any Note may be exchanged for Notes of any authorized denomination upon presentation
and surrender at the designated office of the Paying Agent, together with a request for
exchange signed by the registered owner or by a person legally empowered to do so ina
form satisfactory to the Paying Agent. A Note may be transferred only on the Note Register
upon presentation and surrender of the Note at the designated office of the Paying Agent
together with an assignment signed by the registered owner or by a person legally
empowered to do so in a form satisfactory to the Paying Agent. Upon exchange or transfer
the Paying Agent shall complete and deliver a new Note or Notes of any authorized
denomination or denominations requested by the owner equal in the aggregate to the
unmatured principal amount of the Note surrendered and bearing interest at the same rate
and maturing on the same date.
If manual signatures on behalf of the City are required, the Paying Agent shall undertake
the exchange or transfer of Notes only after the new Notes are signed by the authorized
officers of the City. In all cases of Notes exchanged or transferred, the City shall sign and
the Paying Agent shall deliver Notes in accordance with the provisions of the Note
Proceedings. The exchange or transfer shall be without charge to the owner, except that
the City and Paying Agent may make a charge sufficient to reimburse them for any tax or
other governmental charge required to be paid with respect to the exchange or transfer.
The City or the Paying Agent may require that those charges, if any, be paid before the
procedure is begun for the exchange or transfer. All Notes issued upon any exchange or
transfer shall be valid obligations of the City, evidencing the same debt, and entitled to the
same security and benefit under the Note Proceedings, as the Notes surrendered upon that
exchange or transfer.
Section 7. Award and Sale of the Notes. The Notes shall be sold at not less than 97% of
par plus accrued interest (if any) at private sale by the Director of Finance in accordance
with law and the provisions of this Ordinance. The Director of Finance shall sign the
Certificate of Award referred to in Section 3 fixing the interest rate or rates which the Notes
shall bear and evidencing that sale to the original purchaser, cause the Notes to be
prepared, and have the Notes signed and delivered, together with a true transcript of
proceedings with reference to the issuance of the Notes if requested by the original
purchaser, to the original purchaser upon payment of the purchase price.
The Mayor, the City Manager, the Director of Finance, the Director of Law, the Clerk of
Council and other City officials, as appropriate, and any person serving in an interim or
acting capacity for any such official or as an assistant thereto, are each authorized and
directed to sign any transcript certificates, financial statements and other documents and
instruments and to take such actions as are necessary or appropriate to consummate the
transactions contemplated by this Ordinance. Any actions heretofore taken by the Mayor,
the City Manager, the Director of Finance, the Director of Law, the Clerk of Council or other
City official, as appropriate, in doing any and all acts necessary in connection with the
issuance and sale of the Notes are hereby ratified and confirmed. The Director of Finance
is authorized, if it is determined to be in the best interest of the City, to combine the issue
of Notes with one or more other note issues of the City into a consolidated note issue
pursuant to Section 133.30(B) of the Ohio Revised Code.
Section 8. Application of Note Proceeds. The proceeds from the sale of the Notes received
by the City (or withheld by the original purchaser or deposited with the Paying Agent, in
each case on behalf of the City) shall be paid into the proper fund or funds, and those
proceeds are appropriated and shall be used for the purpose for which the Notes are being
issued. The Certificate of Award may authorize the original purchaser to (a) withhold
certain proceeds from the sale of the Notes or (b) remit certain proceeds from the sale of
the Notes to the Paying Agent, in each case to provide for the payment of certain financing
costs on behalf of the City. If proceeds are remitted to the Paying Agent in accordance
with this Section 8, the Paying Agent shall be authorized to create a fund in accordance
with the Certificate of Award and/or the Note Registrar Agreement for that purpose. Any
portion of those proceeds received by the City (after payment of those financing costs)
representing premium or accrued interest shall be paid into the Bond Retirement Fund.
RECORD OF ORDINANCES
BARRETT BROTHERS - DAYTON, OHIO Form 6220S
54-25 Page 4
Ordinance No. Passed
Section 9. Application and Pledge of Bond or Renewal Note Proceeds or Excess Funds.
The par value to be received from the sale of the Bonds or of any renewal notes and any
excess funds resulting from the issuance of the Notes shall, to the extent necessary, be
used to pay the debt charges on the Notes at maturity and are pledged for that purpose.
Section 10. Provision for Tax Levy. During the year or years in which the Notes are
outstanding, there shall be levied on all the taxable property in the City, in addition to all
other taxes, the same tax that would have been levied if the Bonds had been issued without
the prior issuance of the Notes. The tax shall be within the ten-mill limitation imposed by
law, shall be and is ordered computed, certified, levied and extended upon the tax duplicate
and collected by the same officers, in the same manner, and at the same time that taxes
for general purposes for each of those years are certified, levied, extended and collected,
and shall be placed before and in preference to all other items and for the full amount
thereof. The proceeds of the tax levy shall be placed in the Bond Retirement Fund, which
is irrevocably pledged for the payment of the debt charges on the Notes or the Bonds when
and as the same fall due.
In each year to the extent receipts from the municipal income tax are available for the
payment of the debt charges on the Notes or the Bonds and are appropriated for that
purpose, the amount of the tax shall be reduced by the amount of such receipts so available
and appropriated in compliance with the following covenant. To the extent necessary, the
debt charges on the Notes or the Bonds shall be paid from municipal income taxes lawfully
available therefor under the Constitution and the laws of the State of Ohio and the Charter
of the City; and the City hereby covenants, subject and pursuant to such authority,
including particularly Section 133.05(B)(7) of the Ohio Revised Code, to appropriate
annually from such municipal income taxes such amount as is necessary to meet such
annual debt charges.
Nothing in the preceding paragraph in any way diminishes the irrevocable pledge of the
full faith and credit and general property taxing power of the City to the prompt payment
of the debt charges on the Notes or the Bonds.
Section 11. Federal Tax Considerations. The City covenants that it will use, and will restrict
the use and investment of, the proceeds of the Notes in such manner and to such extent
as may be necessary so that (a) the Notes will not (i) constitute private activity bonds or
arbitrage bonds under Sections 141 or 148 of the Internal Revenue Code of 1986, as
amended (the “Code’) or (ii) be treated other than as bonds the interest on which is
excluded from gross income under Section 103 of the Code, and (b) the interest on the
Notes will not be an item of tax preference under Section 57 of the Code.
The City further covenants that (a) it will take or cause to be taken such actions that may
be required of it for the interest on the Notes to be and remain excluded from gross income
for federal income tax purposes, (b) it will not take or authorize to be taken any actions
that would adversely affect that exclusion, and (c) it, or persons acting for it, will, among
other acts of compliance, (i) apply the proceeds of the Notes to the governmental purpose
of the borrowing, (ii) restrict the yield on investment property, (iii) make timely and
adequate payments to the federal government, (iv) maintain books and records and make
calculations and reports and (v) refrain from certain uses of those proceeds, and, as
applicable, of property financed with such proceeds, all in such manner and to the extent
necessary to assure such exclusion of that interest under the Code.
The Director of Finance, as the fiscal officer, or any other officer of the City having
responsibility for issuance of the Notes is hereby authorized (a) to make or effect any
election, selection, designation, choice, consent, approval, or waiver on behalf of the City
with respect to the Notes as the City is permitted to or required to make or give under the
federal income tax laws, including, without limitation thereto, any of the elections available
under Section 148 of the Code, for the purpose of assuring, enhancing or protecting
favorable tax treatment or status of the Notes or interest thereon or assisting compliance
with requirements for that purpose, reducing the burden or expense of such compliance,
reducing the rebate amount or payments or penalties with respect to the Notes, or making
payments of special amounts in lieu of making computations to determine, or paying,
RECORD OF ORDINANCES
BARRETT BROTHERS - DAYTON, OHIO Form 6220S
54-25 Page 5
Ordinance No. Passed ,
excess earnings as rebate, or obviating those amounts or payments with respect to the
Notes, which action shall be in writing and signed by the officer, (b) to take any and all
other actions, make or obtain calculations, make payments, and make or give reports,
covenants and certifications of and on behalf of the City, as may be appropriate to assure
the exclusion of interest from gross income and the intended tax status of the Notes, and
(c) to give one or more appropriate certificates of the City, for inclusion in the transcript of
proceedings for the Notes, setting forth the reasonable expectations of the City regarding
the amount and use of all the proceeds of the Notes, the facts, circumstances and estimates
on which they are based, and other facts and circumstances relevant to the tax treatment
of the interest on and the tax status of the Notes. The Director of Finance or any other
officer of the City having responsibility for issuance of the Notes is specifically authorized
to designate the Notes as “qualified tax-exempt obligations” if such designation is
applicable and desirable, and to make any related necessary representations and
covenants.
Section 12. Financing Costs. The expenditure of the amounts necessary to pay the
financing costs (as defined in Section 133.01 of the Ohio Revised Code) in connection with
the Notes is hereby authorized and approved, and the amounts necessary to pay those
costs are hereby appropriated from the proceeds of the Notes, if available, and otherwise
from any other funds lawfully available that are appropriated or shall be appropriated for
that purpose.
Section 13. Certification and Delivery of Ordinance. The Clerk of Council is directed to
promptly deliver or cause to be delivered a certified copy of this Ordinance to the County
Auditors of the Counties of Delaware, Franklin and Union, Ohio.
Section 14. Bond Counsel. The legal services of the law firm of Squire Patton Boggs (US)
LLP, as bond counsel, are hereby retained. Those legal services shall be in the nature of
legal advice and recommendations as to the documents and the proceedings in connection
with the authorization, sale and issuance of the Notes and securities issued in renewal of
the Notes and rendering at delivery related legal opinions, all as set forth in the form of
engagement letter from that firm which is now on file in the office of the Clerk of Council.
In providing those legal services, as an independent contractor and in an attorney-client
relationship, that firm shall not exercise any administrative discretion on behalf of this City
in the formulation of public policy, expenditure of public funds, enforcement of laws, rules
and regulations of the State of Ohio, any county or municipal corporation or of this City, or
the execution of public trusts. For those legal services, that firm shall be paid just and
reasonable compensation and shall be reimbursed for actual out-of-pocket expenses
incurred in providing those legal services. To the extent they are not paid or reimbursed
pursuant to the Certificate of Award, the Director of Finance is authorized and directed to
make appropriate certification as to the availability of funds for those fees and any
reimbursement and to issue an appropriate order for their timely payment as written
statements are submitted by that firm. The amounts necessary to pay those fees and any
reimbursement are hereby appropriated from the proceeds of the Notes, if available, and
otherwise from available moneys in the General Fund.
Section 15. Municipal Advisor. The services of Baker Tilly Municipal Advisors, LLC, as
municipal advisor, are hereby retained. The municipal advisory services shall be in the
nature of financial advice and recommendations in connection with the issuance and sale
of the Notes. In rendering those municipal advisory services, as an independent contractor,
that firm shall not exercise any administrative discretion on behalf of the City in the
formulation of public policy, expenditure of public funds, enforcement of laws, rules and
regulations of the State of Ohio, the City or any other political subdivision, or the execution
of public trusts. That firm shall be paid just and reasonable compensation for those
municipal advisory services and shall be reimbursed for the actual out-of-pocket expenses
it incurs in rendering those municipal advisory services. To the extent they are not paid or
reimbursed pursuant to the Certificate of Award, the Director of Finance is authorized and
directed to make appropriate certification as to the availability of funds for those fees and
any reimbursement and to issue an appropriate order for their timely payment as written
statements are submitted by that firm. The amounts necessary to pay those fees and any
RECORD OF ORDINANCES
BARRETT BROTHERS - DAYTON, OHIO Form 6220S
54-25 Page 6
Ordinance No. Passed ,
reimbursement are hereby appropriated from the proceeds of the Notes, if available, and
otherwise from available moneys in the General Fund.
Section 16. Satisfaction of Conditions for Note Issuance. This City Council determines that
all acts and conditions necessary to be done or performed by the City or to have been met
precedent to and in the issuing of the Notes in order to make them legal, valid and binding
general obligations of the City have been performed and have been met, or will at the time
of delivery of the Notes have been performed and have been met, in regular and due form
as required by law; that the full faith and credit and general property taxing power (as
described in Section 9) of the City are pledged for the timely payment of the debt charges
on the Notes; and that no statutory or constitutional limitation of indebtedness or taxation
will have been exceeded in the issuance of the Notes.
Section 17. Compliance with Open Meeting Requirements. This City Council finds and
determines that all formal actions of this City Council and any of its committees concerning
and relating to the passage of this Ordinance were taken in an open meeting of this City
Council or any of its committees, and that all deliberations of this City Council and of any
of its committees that resulted in those formal actions were in meetings open to the public,
all in compliance with the law, including Section 121.22 of the Ohio Revised Code.
Section 18. Captions and Headings. The captions and headings in this Ordinance are
solely for convenience of reference and in no way define, limit or describe the scope or
intent of any Sections, subsections, paragraphs, subparagraphs or clauses hereof.
Reference to a Section means a section of this Ordinance unless otherwise indicated.
Section 19. Effective Date. This Ordinance shall be in full force and effect on the earliest
date permitted by law.
Signed: LL A= Mayor - Presiding Officer
Attest:
Ch de OLS Clérk of Council U
Passed: Mpeoe der YY, 20265
Effective: Sasa ‘]__, 2026
To: Members of Dublin City Council
From: Megan O’Callaghan, City Manager
Date: December 2, 2025
Initiated By: Matt Rubino, Chief Financial Officer/Director of Finance
Jeremiah Gracia, Director of Economic Development
Meghan Murray, Budget Manager
Douglas Urbancsik, Financial Analyst
Re: Ordinance 54-25 – Issuance and Sale of General Obligation Notes
Summary
This ordinance provides for the issuance and sale of notes in the maximum principal amount of
$23,000,000, for paying the costs of acquiring certain real property for municipal purposes,
together with all necessary appurtenances.
Payment of the note debt service will be from General Fund resources and other available funding
sources including proceeds from the future sale of City owned land.
Background
The plan of finance for land acquisition by the City will utilize a combination of short-term financing
and a contribution of cash resources from the General Fund.
The cost of the land acquisition and closing costs is expected to total $22.3 million. Finance staff
have worked with the City’s municipal advisor Baker Tilly Municipal Advisors to design a financing
plan that will utilize approximately $16.9 million in note proceeds and a General Fund cash
contribution of $5.4 million to fund the land purchase and associated costs.
A summary of the proposed note issuance is provided in Figure 1 below.
Authorized Maximum Principal $23,000,000
Maximum Note Term 5 Years
Maximum Interest Rate 6.00%
First Interest Payment Date June 1, 2026
First Optional Redemption Date December 1, 2027
Bond Counsel Squire Patton Boggs (US) LLP
Municipal Advisor Baker Tilly Municipal Advisors, LLC
Figure 1
Office of the City Manager
5555 Perimeter Drive • Dublin, OH 43017-1090
Phone: 614.410.4400 • Fax: 614.410.4490 Memo
Ordinance 54-25 – Issuance and Sale of General Obligation Notes
December 2, 2025
Page 2 of 3
The note financing component is in the form of a five-year note (est. $16.9 million) to be issued by
the City on a tax-exempt basis to attain a lower interest rate. Current market conditions indicate
that the note would carry an interest rate in the 4.25%-4.50% range. The annual interest
payments will depend on the amount of note principal issued by the City. The note will be directly
purchased by a partner bank and will be structured with an optional redemption feature that will
enable the City to begin paying down principal two years after the issuance. At the end of the five-
year note term any remining principal could be converted to long-term debt for a period of up to
thirty years if the City chooses.
The outlined approach to financing offers several benefits to the City that include a comparably
low interest rate, flexible pay-down terms, a relatively quick transaction time, and no requirement
for an official statement or ratings report. The compressed timeline and reduced documentation
translate into slightly lower issuance costs for the City.
The ability to redeem or pay down principal in any amount after two years aligns with the City’s
strategy of acquiring land for development purposes. The principal amount of the notes can be
paid down using the optional redemption feature as funds become available from sale of City land
or from other sources. Any remaining principal at the end of the note term could be converted to
longer term bonds if necessary.
Legislation to authorize the note issuance is on the Dec. 8 City Council meeting agenda for first
reading and public hearing. Once the legislation is approved and effective the City could award the
note sale to the bank. The actual closing on the note financing and funding the land purchases
would occur approximately 30 days after the award of the note.
The note proceeds and the cash contribution from the General Fund would be combined and
deposited into an escrow account for settlement of the land acquisitions. The first interest payment
on the note would be due on or around June 1, 2026 along with the City’s other outstanding debt
service payments, with subsequent interest payments due semiannually thereafter. The principal
on the note will be payable on the maturity date.
The Note Issuance Ordinance
The Note Ordinance authorizes bond anticipation notes to be issued in the maximum principal
amount of $23,000,000. The maximum principal authorization preserves the flexibility to issue less
principal for the designated particular purpose of paying the costs of acquiring certain real
property for municipal purposes.
The Note Ordinance has been constructed in similar fashion to previous note authorization
legislation and provides for the following measures:
• The Notes will bear interest at a rate or rates not to exceed 6.00% per year (computed on
the basis as determined in the Certificate of Award) and will be payable on a semi-annual
basis until maturity.
• The City will determine in the Certificate of Award the actual principal amount of Notes to
be sold, not to exceed the maximum permitted amount contained in the Ordinance.
• The Notes are to be dated the date of issuance and shall mature not more than five years
following the date of issuance, provided that the City is authorized to establish an earlier
maturity date in the Certificate of Award.
Ordinance 54-25 – Issuance and Sale of General Obligation Notes
December 2, 2025
Page 3 of 3
• The interest on the Notes is expected to be exempt from local, state and federal income
taxation, but the Notes will not be designated or deemed designated as “qualified tax-
exempt obligations” under Section 265(b)(3) of the Internal Revenue Code.
• The Notes may be subject to optional redemption as the City is authorized to make that
determination, based on market conditions, in the Certificate of Award.
• The City shall take such actions that may be required for the interest on the Notes to be
and remain excluded from gross income for purposes of federal income tax purposes.
• A signed Fiscal Officer’s Certificate is presented to City Council prior to City Council’s
consideration of the related Note Ordinance.
• The proceeds are appropriated and shall be used for the purpose for which the Notes are
being issued
Recommendation
Because time is of the essence for securing the funding for the property acquisitions and closing
on these critical properties, staff recommends waiving the second reading and adopting the
Ordinance at the Dec. 8, 2025 City Council meeting. A vote to suspend the two-readings rule will
require a super majority of Council (i.e., 5 votes).
FISCAL OFFICER’S CERTIFICATE
To the City Council of the City of Dublin, Ohio:
As fiscal officer of the City of Dublin, Ohio, I certify in connection with your proposed
issue of notes in the maximum principal amount of $23,000,000 (the “Notes”), to be issued in
anticipation of the issuance of bonds (the “Bonds”), for the purpose of paying the costs of acquiring
certain real property for municipal purposes, together with all necessary appurtenances thereto (the
“Improvement”), that:
1. The estimated life or period of usefulness of the Improvement is at least five (5)
years.
2. The estimated maximum maturity of the Bonds, calculated in accordance with
Section 133.20 of the Revised Code, is thirty (30) years. If notes in anticipation of the Bonds are
outstanding later than the last day of December of the fifth year following the year of issuance of
the original issue of Notes, the period in excess of those five years shall be deducted from that
maximum maturity of the Bonds.
3. The maximum maturity of the Notes is two hundred forty (240) months.
Dated: _December 2__, 2025
Director of Finance
City of Dublin, Ohio