86-76 Ordinance,~
OEC 6 1976
ORDINANCE NO . ~tU 6. r 6
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 COLLECTION 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 assess-
ments 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 Two Hundred Fifty Thousand Dollars ($2,250,000) for
the purpose hereinafter described; and
WHEREAS, this Council has duly enacted the appropriate legis-
lation and Village officials, pursuant to such legislation have
completed preliminary 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; and
WHEREAS, this Council by Ordinance No. 68-75 has heretofore
f..
authorized the issuance and sale of notes in anticipation of the
issuance of said bonds, which said anticipatory notes are about to
mature; and
WHEREAS, this Council now desires to renew said anticipatory
notes at maturity;
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 fight Hundred Fourteen Thousand fioliars ($814,000) in antici-
pation of the collection of special assessments to be levied for the
ti
purpose of constructing a Municipal Sewage Collection System
including trunk sewers, local sewers and appurtenances in public
streets, rights-of-way 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 April 15, 1977; shall
bear interest at the rate of six and one-half percent (6 I/2~) per
annum; and shall be payable in thirty (30) annual installments.
~' Section 2. That for the purpose of raising money in antici-
pation 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), and for the purpose of renewing notes of said
Village heretofore issued for such purpose and in anticipation of
the issuance of said bonds by retiring said notes at their maturity,
notes shall be issued in the amount of $814,000.
Section 3. Said renecral notes shall be signed by the Mayor
and the Clerk-Treasurer and shall bear the seal of the corporation;
shall be dated December 16, 1976, and be payable April 29, 1977.
Said notes shall bear interest at the rate of
percent ( ~.~Q o) 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 renewal notes
shall be executed and delivered in such numbers and in such
denominations as may 'be requested by the purchasers of said
notes and shall be designated "Sewage System Improvement Renewal
Notes Series 3". Principal and interest shall be payable at the main
office of ~l~e_~ 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
said improvement shall be used for the payment of the notes authorized
by this Ordinance and for no other purpose.
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 assessments 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 yf the Bond and No;~ t~r~e~
ment Fund s id notes shall be and hereb are awarded to pct
~ k~;,,,,,,~,a,. ~~~ ~ at the par value thereof and beaAring
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
-2-
s ~ ~,
to the date of delivery. The proceeds of the sale of said renewal
notes and accrued interest shall be credited to the proper retire-
ment fund to be applied to the payment of principal and interest
of the notes issued in anticipation of the issuance of said bonds in
the manner provided by law.
Section 8. This ordinance is hereby declared to be an emergency
measure nesessary for the immediate preservation of the public peace,
health and safety of said Village of Dublin for the reason that the
sanitary sewage improvement notes heretofore issued in anticipation
of the issuance of said bonds are about to mature and in order to
preserve and protect the credit of said Village, it is necessary to
make provision immediately for the renewal of said anticipatory notes
at maturity.
Passed:
7i ~~ c~
1976
/'9A~oR
Attest: j (~,
Treasurer
Signed ~,,~ .~
President of Counci
CERTIFICATE
I, Richard Termeer, Clerk-Treasurer of the Village of Dublin,
Ohio, do hereby certif that~the foregoing is a true and exact copy
of Ordinance No. $`•?~ of the Council of the said Village duly
adopted by said Council on the CQ ~ day of ~~,~. , 1976.
Clerk-Treasurer
Village of Dublin, Ohio
-3-