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HomeMy WebLinkAbout68-75 Ordinance ~ " . " ORDINANCE NO. 68 75 TO PROVIDE FOR THE ISSUANCE OF NOTES BY THE VILLAGE OF DUBLIN IN THE PRINCIPAL SUM OF $814,000 IN ANTICIPATION OF THE LEVY AND COLLECTION OF SPECIAL ASSESSMENTS FOR THE CONSTRUCTION OF A MUNICIPAL SEWAGE COLLEC- r TION SYSTEM AND TO DECLARE AN EMERGENCY ~ WHEREAS, the qualified electors of the Village of Dublin did on May 7, 1974, by the requisite majority vote, authorize the issuance of bonds outside the limitation of Article XII, Section 2 of the Ohio Constitution and in anticipation of the collection of special assessments for the purpose hereinafter described; and WHEREAS, the Council of the Village of Dublin, by Resolution No. 02-74 duly adopted January 15, 1974, declared the necessity of submitting to the electors the question of issuing bonds in the sum of Two Million ~~ ($2,250,000) for the purpose hereinafter Two Hundred FiftyADo11ars described; and WHEREAS, this Council has duly enacted the appropriate legislation r and Village officials, pursuant to such legislation have completed pre1im- ~ I ~ inary proceedings as required by Chapter 727 of the Revised Code of Ohio for the levying of special assessments for the improvement hereinafter described; and WHEREAS, the Fiscal Officer of said Village has certified to this Council the estimated life of said improvement as to at least five (5) years, and has further certified the maximum maturity of bonds as thirty (30) years, and notes as eight (8) years. NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Dublin, Counties of Franklin and Delaware, State of Ohio: Section 1. That it is deemed necessary to issue an installment . of bonds of the Village of Dublin, State of Ohio, in the principal sum of Eight Hundred Fourteen Thousand Dollars ($814,000) in anticipation of the f' collection of special assessments to be levied for the purpose of construct- ( I ing a Municipal Sewage Collection System including trunk sewers, local V sewers and appurtenances in public streets, right of ways and easements as fully described in Resolution No. 16-74, declaring the necessity of constructing said system and as provided in said Resolution No. 02-74 referred to above. Said bonds shall be dated approximately December 15, 1976; shall bear interest at the rate of six and one-half percent (6-1/2%) per annum, and shall be payable in thirty (30) annual installments. Section 2. That for the purpose of raising money in anticipation of the levying of special assessments and in anticipation of the issuance of bonds in anticipation of the collection of special assessments for the aforesaid improvement, in accordance with the legislation heretofore passed .. - .:. ~ by the Village Council with respect thereto, to pay the property owners' share of the cost and expense of said improvement in the sum of Eight Hundred Fourteen Thousand Dollars ($814,000), notes shall be issued for such amount which shall be placed to the credit of the fund for the aforesaid improvement as provided in the engineer's estimates on file in the office of the Clerk- Treasurer. Provided, however, that the appropriation hereinabove made for the (' aforesaid improvement is subject to the qualification that interest at the rate of F- U +01\e-"-M't percent (~.~%) per annum for the period prior to , , the collection of assessments has been included in said amount, and the V amount necessary to pay said interest is hereby appropriated for the pay- ment 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 notes shall be signed by the Mayor and the Clerk- Treasurer and shall bear the seal of the corporation; shall be dated December 15, 1975, and be payable December 15, 1976. Said notes shall bear interest at the rate of Fl\Jei; i- ON6 I~" percent (~.~%) per annum, payable at maturity and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Said notes shall be executed and delivered in such number and denominations as may be requested by the purchaser of such notes and shall be designated "Sewage System Improvement Notes Series 3 (Notes)". Principal and interest shall be payable at the office of The Ohio National Bank of Columbus, Columbus, Ohio. Section 4. After said improvement is completed and the cost thereof ascertained, Council shall by ordinance, assess upon the benefited property in the manner provided in the legislation referring to said improvement and heretofore adopted by the Council, the entire cost and expense thereof, except the portion to be paid by the Village of Dublin in accordance with Resolution No. 16-74 of this Council. The proceeds from the sale of bonds and any unexpended balance in the improvement fund remaining after the completion of r said improvement shall be used for the payment of the notes authorized by I this Ordinance and for no other purpose. I I V Section 5. All 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 notes and the interest thereon until fully provided for. In the event that such assess- ments are not levied or bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax outside the limitation of Article XII, Section 2 shall be levied against all the property in said Village for the payment of such notes and interest thereon. A certified copy of this Ordinance shall be forwarded by the Clerk- Treasurer to the County Auditor as required by law. Section 6. Said notes shall be a full general obligation of the Village of Dublin, State of Ohio, and the full faith, credit and revenue of said Village are hereby pledged for the payment of both principal and interest of the notes at maturity and in accordance with the laws and Constitution of the State of Ohio. Section 7. Subject to the rejection of said notes by the Clerk- Treasurer as the officer in charge of the Bond and Note Retirement Fund, said notes shall be and hereby are awarded to 0\-\\0 t-)1\o"'t'Q~~ "l"\'" "- at the par value thereof and bearing the aforesaid rate of interest, and the r Clerk-Treasurer is hereby authorized and directed to deliver said notes ~ . when executed to said purchaser upon payment of such purchase price and I accrued interest to the date of delivery. The proceeds of such sale shall V be paid into the Village treasury in a fund designated for the proposed improvement. Accrued interest shall be credited to the proper retirement fund to be applied to the payment of principal and interest of said notes in the manner provided by law. Section 8. This Ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety of said Village for the reason that said sewage system improvement 2 , , . ~ .; .. is immediately necessary to provide for the health, safety and convenience of the benefited property in the Village of Dublin by the construction of a sewage collection system at the earliest possible date, and therefore this Ordinance shall be in full force and effect from and after its passage. Passed ') (;(..6-"'~ ~ , , 1975. 0 Signed~Pk d ~~ President of Council ~ Attest: ~{;:)~ Treasurer CERTIFICATE I, Richard Termeer, Clerk-Treasurer of the Village of Dublin, Ohio, do hereby certify that the foregoing is a true and exact copy of Ordinance No. (Of~"S"" of the Council of the said Village duly adopted by said Council on the ,~'T day of Vt:'~,,~ , 1975. ~l:) ~ Clerk-Treasurer Village of Dublin, Ohio G C 3