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HomeMy WebLinkAbout23A-72 Ordinance . '~~~._:l~ _.... ..._ .__..____..__"._~..u~_.c_.._"___.__ --~.-.-.-~._.....-...-~._-,,~_.._. ORDINANCE NO. ;<J.-1~ VILLAGE OF DUBLIN, omo TO PROVIDE FOR THE RENEWAL OF A NOTE IN ANTICIPATION OF THE COLLECTION OF SPECIA L ASSESSMENTS FOR THE IMPROVEMENT OF MONTEREY DRIVE BY THE CONSTRUCTION OF A STORM SEWER AND DRAINAGE DITCH AND TO DECLARE AN EMERGENCY \iVHEREAS, by Ordinance No. 08-68 passed February 5, 1968, this Council authorized the issuance of a note for said purpose in the amount of $2,881. 20, dated March 1, 1968, and maturing March 1, 1969; and WHEREAS, the final cost of said project was determined and said note was renewed in the amount of $3,215.22 for an additional term of one year maturing March 1, 1970; and WHEREAS, said note was renewed in the amount of $2,023.69 for an additional term of one year maturing March 1, 1971; and WHEREAS, said note was renewed in the amount of $1,670.80 for an additional term of one year maturing March 1, 1972; and WHEREAS, it is necessary to renew said note in the amount of I ) $1, 310. 17 for an additional term of one year; and WHE REA S, the Council of the Vill age of Dublin, Ohio, has heretofore, I by proper legislation, declared the necessity of improving Monterey Drive in the Village of Dublin, Ohio, by the construction of a storm sewer and drainage ditch; and I WHEREA S, the Clerk of said Village has certified to this Council the estimated life of said project as at least five (5) years, and has further certified the maximum maturity of bonds as twenty (20) years, and notes as five (5) years; now, therefore, .. BE IT ORDA INED by the Council of the Village of Dublin, Franklin County, State of Ohio: " I .:r Section 1. That it is deemed necessary to issue bonds of the Village of Dublin, State of Ohio, in the principal sum of One Thousand Three Hundred Ten and 17/100 Dollars ($1, 310.17) for the improvement of Monterey Drive from Bridge Street south to the end of Monterey Drive by constructing a storm sewer from Bridge Street south approximately 200 feet and a drainage ditch from said storm sewer to the end of Monterey Drive. Said bonds shall be dated approximately March 1, 1973, shall bear interest at the rate of six percent (6%) per annum, and shall be payable in five (5) annual installments. 11 , " Section 2. That for the purpose of renewing a note heretofore issued in anticipation of the issuance of bonds in anticipation of the collection of special assessments for the aforesaid improvements, in accordance with the legislation heretofore passed by the Village Council with respect hereto and to pay the property owners' share of the final cost and expense of said improvement, notes shall be issued in the amount of One Thousand Three Hundred Ten and 17/100 Dollars ($1,310.17) and shall be placed to the credit of the fund for the aforesaid improvements as provided in the engineer's final cost certificate on file in the office of the Clerk. Provided, however, that the appropriations hereinabove made for the aforesaid improvement is subject to the qualifications that interest at the rate of six percent (6%) per annum for the period prior to collection of assessments has been included in said amount, and the amount necessary to pay said interest is hereby appropriated for the payment thereof and for no other purpose, and the amount above set forth shall be reduced by its proportionate amount for the payment of said interest. Section 3. Said note shall be signed by the Mayor and Clerk and shall bear the seal of the corporation; shall be dated March 1, 1972, and be payable March 1, 1973. Said note shall bear interest at the rate of six per cent (6%) per annum, payable at maturity, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Section 4. During the year or years while such note runs there shall be levied on all the taxable property in said Village, in addition to all other taxes, a direct tax annually not less than that which would have been levied if bonds had been issued therefor without the prior issue of said note. Said tax shall be and is hereby 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 said years are certified, extended and collected. Said tax shall be placed before and in preference to all other items and for the full amount thereof; provided, however, that in each year to the extent that the assessments anticipated by said note and bonds are payable and are applicable to the payment of such interest and principal and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the assessment so appropria te d. , I Section 5. A 11 assessments collected for the improvement and unexpended balance remaining in the fund after the cost and expense of the improvement has been paid, shall be applied to the payment of the note and I the interest thereon until fully provided for. ; A certified copy of this Ordinance shall be forwarded by the Clerk to the County A uditor as required by law. Section 6. Said note shall be a full general obligation of the Village i of Dublin, Ohio, and the full faith, credit and revenue of said Village are I i hereby pledged for the payment of both principal and interest of the note hereinbefore assumed at maturity and in accordance with the laws and Constitution of the State of Ohio. Section 7. Any part of the Village portion of the cost of said improvement not paid by the issuance of notes as provided herein shall be paid from the appropriate fund. Section 8. Subject to the rejection of said note by the officer in charge of the Bond Retirement Fund for investment in such fund, said note shall be, and hereby is, awarded and sold to the General Fund of the Village of Dublin, Ohio, at the par value thereof and bearing the aforesaid rate of intere st; and the Clerk is hereby authorized and directed to deliver said note, when executed, to said purchaser upon payment of such purchase price and accrued interest to the date of delivery. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said note is being issued under the provisions of this ordinance. A ny premium and - 2 - / , accrued interest shall be credited to the Bond Retirement Fund to be applied to the payment of principal and interest of said note in the manner provided by lav{. Section 9. This ordinance is hereby declared to be an emergency , meaSure necessary for the immediate preservation of the public peace, healt~ and safety of said Village for the reason that the note heretofore issued has , I matured and it must be renewed at the earliest possible date, and therefore i I this ordinance shall be in full force and effect from and after its passage. 1 i I I : I i i i ,,,/ Passed: f1A.~ /J 1972. 1 , A tte s t : 4~ JJl' h)~ . Clerk I ~ r 1 '. r ",-:-: ~ ,:::5 of T ,-. ')..~ ,,~~ ,., r {~;. ," ~.. !i f' . d-nD. l' _,-~. ~ -. r. ~~ t eel ~ . ,11, , tr'l."iS . . . . . . . . . . . . ^ . ': -, C ~ _';.~:~<~- 1-'-~ ~ C cli I):~..i'~i~.-~1, I Ohio. );," lk I' A: !,:. : :c. '?::K;;~ I . . . . . . . . Village 'Clerk