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HomeMy WebLinkAbout48-73 Ordinance ; - ' . ORDINANCE NO. l\ ~.:)3 TO AUTHORIZE THE ISSUANCE OF A NOTE IN THE AMOUNT OF $100,000 FOR THE PURPOSE OF CONSTRUCTING A MUNICIPAL SEWAGE COLLECTION r<#.=" SYSTEM , AND TO DECLARE AN EMERGENCY '. WHEREAS, the qualified electors of the Village of Dublin, Ohio, did, on May 7, 1968, by the requisite majority vote, authorize the issuance of bonds outside of the limitation of Article XII, Section 2, of the Constitution of Ohio, for the purpose hereinafter described; and WHEREAS, the Council of the Village of Dublin, by Resolution , No. 02-68 heretofore adopted, has declared the necessity of issuing bonds in the sum of $376,800 for the purpose hereinafter described; and WHEREAS, the Village Clerk has issued her certificate as to the estimated life of the property to be acquired or constructed from the proceeds of bonds and notes hereinafter referred to as exceeding five (5) years, the maximum maturity of bonds as thirty-nine (39) years and 1"'" notes as five (5) years; '- NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF DUBLIN, COUNTY OF FRANKLIN, STATE OF OHIO: Section L That it is hereby declared necessary to issue bonds of the Village of Dublin, Ohio, in the principal sum of $100,000, said amount being a portion of the aforementioned public voted issue, for the purpose of paying the Village portion of the cost of constructing a municipal sewage collection system by the acquisition of real estate or easements or other interests in real estate, and the construction of sewer lines and appurtenances and to pay the cost of advertising, printing, legal services and other costs incidental thereto, such costs being incident to the purpose of Resolution No. 02-68. Section 2. Said bonds shall be of the denomination of $5,000 each, and shall be dated approximately September 15, 1974; shall bear interest at the rate of not more than eight per centum (8%) per annum, payable semiannually until the principal sum is paid and shall mature in twenty (20) annual installments after their issuance. Section 3. That i.t is necessary and this Council hereby deter- ".-. mines that notes shall be issued in anticipation of the issuance of said , bonds. ~ Section 4, That such anticipatory notes in the amount of $100,000, which sum does not exceed the amount of the bond issue, shall bear inter- est at the rate offered by the purchaser as set forth in Section 6 below , "i' 1",'~r',", N,~~r'7 "t';"1- '~:'T2 topteS c;f , ,', ' .' () R /) ',~r,/(. . ~ ,-' ,0' -----( ) / " . ),~.~ r" ,.- ,;iilao-e Clerk I '- . b '---'.-- ~ . payable at maturity. Such notes shall be dated September 17, 1973, and shall mature on or before September 17, 1974. Such notes shall be executed and delivered in such number and such denominations as may be requested by the purchaser of such notes. Coupons shall not be attached to said notes. Section 5. Such notes shall be executed by the Mayor and Clerk- Treasurer and bear the seal of the corporation; shall be designated "Sewage System Improvement Notes" and shall be payable as to both prin- cipal and interest at The Ohio National Bank of Columbus, and shall express upon their face the purpose for which they are issued and that - they are issued pursuant to this ordinance. Section 6. Subject to the rejection of said notes by the officers of the Sinking Fund, said notes shall be, and hereby are, awarded and sold to Bidders Interest Rate The Ohio National Bank of Columbus 6.125% at the par value thereof and bearing the aforesaid rate of interest, and the Clerk-Treasurer is hereby authorized and directed to deliver said notes, when executed, to said purchaser upon payment of such purchase price and accrued interest to the date of delivery. The proceeds of such sale, except any accrued interest thereon, shall be deposited in the Village Treasury and used for the purpose aforesaid and for no other pur- pose. Any accrued interest shall be transferred to the Retirement Fund to be applied to the payment of the principal and interest on said notes in the manner provided by law. Section 7. Said notes shall be the full general obligation of the i~~' said Village of Dublin, Ohio, and the full faith, credit and revenue of the said Village are hereby pledged for the prompt payment of the same. The par value LO be received from the sale of the bonds anticipated by said notes and any excess funds resulting from the issuance of said notes shall, to the extent necessary, be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 8. During the years while such notes run there shall be levied on all taxable property in the Village of Dublin, Ohio, in addition to all other taxes and outside the limitations of Article XII, Section 2, of the Constitution of Ohio, a direct tax annually not less than that which would have been levied if bonds had been issued without the prior issue of said notes. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and shall be collected by the same officer 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 tpe full amount thereof. Funds derived from said levies hereby required shall be placed in a separate and distinct fund, which, together with the interest collected on the same shall be irrevocably pledged for the payment, of the principal and interest on said notes or the bonds in .",..... anticipation of which they are issued when and as the same fall due. ",- Section 9, That the Clerk-Treasurer ,is hereby directed to forward '-,eo' a certified copy of this ordinance to the Auditor of Franklin County, Ohio. -2- "'--' t Section 10. This ordinance is hereby declared to be an emergency measure necessary for the preservation of ,the public peace, health and safety of the Village and its inhabitants for the reason that the voted authority for said notes is about to expire and the notes authorized herein must be delivered at the earliest possible date; wherefore this ordinance shall take effect and be in force from and immediately after its passage. ,~ .......... Passed $", . Ib , 1973 Attest: fl~ f), l~PA- Clerk-Treasurer I thereby eettity th~t five topies of this 0 .JL.p '.vere posted in a~c~rd;~~~ :;j'th" ORe: ~?;L2S ~lnd Re- solution 03-62 of the Village of -Dublin, Ohio. r -~.~ t lVillage Clerk '-- - " ,# r f '*"" -3- C