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HomeMy WebLinkAbout27-77 Ordinance . - . .. ... . . " . ORDINANCE NO. 27 77 APR 1 8 1977 TO PROVIDE FOR THE ISSUANCE OF NOTES BY THE VILLAGE OF DUBLIN IN ANTICIPATION OF THE LEVY OF SPECIAL ASSESSMENTS, AND TO PAY THE VILLAGE PORTION OF THE COST OF CONSTRUCTING A WATER LINE IN S.R. 161 FROM SAWMILL ROAD TO POST ROAD, IN POST ROAD FROM S. R. 161 TO COFFMAN ROAD, AND IN COFFMAN ROAD FROM POST ROAD NORTH TO THE HIGH SCHOOL AND IN MONTEREY DRIVE 0 FROM S. R. 161 SOUTH TO THE DEAD END AND DECLARING AN EMERGENCY. WHEREAS, the Council of the Village of Dublin, Ohio, has heretofore, by proper legislation, declared the necessity of the improvement hereinafter described; and WHEREAS, the Council of the Village of Dublin, Ohio, has requested the Fiscal Officer to issue his certificate as to the estimated life of the improvement to be constructed from the proceeds of the bonds hereinafter referred to and the notes to be issued in anticipation of the issuance of said bonds, and as to the maximum maturity of such bonds and notes, and the Fiscal Officer of said Village has certified to this Council such estimated life as at least (" five (5) years, and has further certified the maximum maturity of . such bonds as forty (40) years, and said notes as eight (8 ) ye ar s ; and \....: WHEREAS, this Council by Ordinance No. 31-76 has heretofore authorized the issuance and sale of notes in anticipation of the issuance of said bonds, which said anticipatory notes are about to mature; 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 bonds of the Village of Dublin in the principal sum of Six Hundred Eighty Thousand Dollars ($680,000) in order to provide funds to construct a water line in S.R. 161 from Sawmill Road to Post Road, in Post Road from S. R. 161 to Coffman Road, in Coffman Road from Post Road north to the High School and in Monterey Drive from S. R. 161 south to the dead end, and appurtenances. . Said bonds shall be dated approximately April 1, 1978; shall C bear interest at the rate of six per cent (6%) per annum, and shall be payable in twenty (20) 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 improvements, 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 improvements in the sum of Two Hundred Thirty-seven Thousand Two Hundred Four Dollars ($237,204) and to pay the Village of Dublin's share of the cost and expense of said ,improvement in the sum of \ .... -4 , ~ . .. Four Hundred Forty-two Thousand Seven Hundred Ninety-six Dollars ($442,796) , and for the purpose of renewing notes of said Village previously issued for such purpose and in anticipation of the issuance of said bonds by retiring said notes at maturity, notes shall be issued in the amount of Six Hundred Eighty Thousand Dollars ($680,000) . Section 3. Said notes shall be signed by the Mayor and Clerk and shall bear the seal of the coproration; shall be dated April 29, 0 1977, and be payable April 28,1978. Said notes shall bear interest at the rate of 7H4C& + ToA.Jl.Iv.,., F-~ /-4w.J.......,,.,. per cent (3."'1 %) 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 such denominations as may be requested by the purchaser of such notes. Principal and interest shall be payable at the office of Section 4. After said improvements are 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 improvements and heretofore adopted by this Council, the entire cost and expense thereof, except the portion to be paid by the Village in accordance with the provisions of the Revised Code of Ohio. The proceeds from the sale of such bonds and any unexpended balance in the improvement fund remaining after the completion of said improvements 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 improvements and unexpended balance remaining in the fund after the cost and expense of the improvements 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 C issued to provide a fund for the payment of said notes at maturity, a general tax shall be levied against all of the property in said Village for the payment of such notes and the interest thereon. Provided, however, that during the year or years while such notes run 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 for the Village's portion of said cost, if bonds had been issued therefor 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 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. The funds derived from said tax levies hereby required shall be placed in a separate and distinct fund, which together with all interest collected on the same shall be irrevocably pledged for the payment of the interest and principal of said bonds when and as the same fall due, provided, however, that in each year the amount of such tax shall be reduced by the amount of lawfully available municipal income taxes appropriated and to.be applied to the debt charges on such bonds in compliance with C the covenant hereinafter set forth. To the extent necessary to meet such debt charges, the principal of and interest on said bonds shall be paid from municipal income taxes lawfully available therefor under the Constitution and laws of the State of Ohio and the Charter of the municipality; and the Village hereby covenants, subject and pursuant to such authority, including particularly Sections 133.03(L) and 5705.51(A) (5) and (D) , Ohio Revised Code, to appropriate annually from such municipal income taxes such amount as is necessary to meet such annual debt charges. Nothing in this section in any way diminishes the irrevocable pledge of the full faith and credit and revenues of the Village to the prompt payment of the principal of and interest on such bonds. ... " .. ... . .. ... . Section 6. Said notes shall be a full general obligation of the Village of Dublin, 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. A certified copy of this ordinance shall be forwarded by the Clerk to the County Auditor as required by law. (1 Section 8. Subject to the rejection of said notes by the ..1 Treasurer as the officer in charge of the bonds and note retirement . .I fund, said notes shall be and hereby are awarded and sold to CIl'i NflIt."AoJ~ ~""""'- at the par value thereof and bearing the aforesaid rate of interest, and the Clerk is hereby authorized 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 and accrued interest shall be credited to the proper retirement fund to be applied to the payment of principal and interest of the notes previously issued in anticipation of the issuance of said bonds in the manner provided by law. Section 9. 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 of Dublin for the reason that the notes heretofore issued in anticipation 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: /lP41C_ /S , 1977 (P~A~ ~ Attest: ~ C) :1~ Pres 1ng 1:J lerk CERTIFICATE I, ~ (:)~, Clerk of the Village of Dublin, Ohio, do hereby certify that the foregoing is a true and exact copy of an Ordinance of the Council of the said Village duly adopted by said Council on the J r day of IJ,.,,- , 1977. ~ t::) ~ Village of Dublin, Ohio C