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HomeMy WebLinkAbout28-77 Ordinance . APR 1 8 1977 .. . ORDINANCE NO. 28 77 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. v..1HEREAS, 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 Two Hundred Fifty Thousand Dollars ($2,250,000) for the purpose hereinafter described; and WHEREAS, this Council has duly enacted the appropriate C legislation 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 to be 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. 86-76 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; and 0 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 install- ment of bonds of the Village of Dublin, State of Ohio, in the principal sum of Eight Hundred Fourteen Thousand Dollars ($814,000) in antici- . i '. r' ,,; . .. pation of the collection of special assessments to be levied for the 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, 1978; 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. C' Section 2. That for the purpose of raising money in ( 1 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), 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 renewal notes shall be signed by the Mayor and the Clerk-Treasurer and shall bear the seal of the corporation; shall be dated April 29, 1977, and mature April 28, 1978. Said notes shall bear interest at the rate of THo" of- Tw~'?.,- ~ Hvw..."",:;. per cent (1.~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 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 ~, 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 improve- ment 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. 0" Section 6. Said notes shall be a full general obligation ,1 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 Retire- ment Fund, said notes shall be and hereby are awarded to e.,~ AlA',..,,,,,,,,, ;;a~ at the p~r value thereof and bearing the aforesaid rate of interest, and the Clerk-Treasurer is hereby I - . ~ ". '" . 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 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 necessary for the immediate preservation of the C 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: /JPIt-, -- I)' , 1977 I Signed: ~ ~ p~o~o~ Mayor Attest: U.J ~ ~ Treasurer ~ CERTIFICATE t; 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. ~'~17 of the Council of the said Village duly adopted by said Council on the If" day of ~^'~ , 1977. ZLo tJS~Q'V Clerk-Treasurer Village of Dublin, Ohio C