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HomeMy WebLinkAbout34-77 Ordinance JUN 8 1977 . ,) \J ORDINANCE NO. 34 77 PROVIDING FOR THE ISSUANCE AND SALE OF NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS OF THE VILLAGE OF DUBLIN, OHIO, IN THE PRINCIPAL SUM OF $423,000 FOR THE PURPOSE OF ACQUIRING AND CONSTRUCTING A MUNICIPAL BUILDING AND DECLARING AN EMERGENCY. O WHEREAS, the Fiscal Officer has certified to this Council ... .. the estimated life of the property and improvement to be acquired and constructed from the proceeds of the bonds and notes hereinafter referred to as exceeding five (5) years and the maximum maturity of bonds as twenty-three (23) years, and notes as eight (8) years if sold at public sale and one (1) year if sold at private sale: NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Dublin, Ohio: Section 1. That it is hereby declared necessary to issue bonds of the Village of Dublin, Ohio, in the principal sum of $423,000 for the purpose of acquiring and constructing a municipal building for said Village, furnishing and equipping the same; land- scaping and site improvement, and to pay the cost of legal services, advertising, printing and other costs incidental thereto. Section 2. Said bonds shall be dated approximately June 1, 1978, shall bear interest at an estimated rate of six per cent (6%) c..... .... per annum payable semi-annually un.til the principal sum is paid and l ...1 shall mature in ten annual installments after their issuance. ) Section 3. That it is necessary to issue and this Council hereby determines that notes in the principal amount of $423,000 shall be issued in anticipation of said bonds for such purpose. Said notes shall be dated June 13, 1977 and shall mature on June 13, 1978. Such anticipatory notes shall bear interest from the date thereof until maturity at the rate or rates per annum offered by bidders as set forth in Section 9 below, payable at maturity, and thereafter at the rate of eight per cent (8%) per annum until the principal sum is paid. Such notes shall be executed and delivered in such number and such denominations as may be requested by the purchasers of such notes. Coupons shall not be attached to said notes. Section 4. Said notes shall be executed by the Mayor and the Clerk and bear the seal of the corporation: shall be designated "Municipal Building Construction Notes"; shall be Eayable as to both principal and interest at three & forty sevenths 0.47%0 per annu 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. Printed notes may bear the facsimile signature of one such officer and the facsimile of the corporate seal. O. Section 5. Said notes shall be the full general obligation of ...... the Village and the full faith, credit and revenue of said City are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said notes and any e~cess 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 6. 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, 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 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. 0 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 the interest collected on the same, shall be irrevocably pledged for the payment of the principal and interest of said notes or the bonds in anticipation of which they are issued when and as the same fall due. Section 7. It is hereby determined and recited that all acts, conditions and things necessary to be done, precedent to and in the issuing of said notes in order to make them legal, valid and binding obligations of the Village of Dublin have happened, been done and performed in regular and due form and as required by law; and that no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of said notes. Section 8. The Village Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditor. Section 9. Subject to the rejection of said notes by the Treasurer as the officer in charge of the Bond and Note Retirement Fund, said notes shall be, and hereby are, awarded and sold to: BIDDERS AMOUNT RATE PREMIUM C - t I-tN1,^,"'...J IVPr1,~ 13tww:... /I 'f).3 ooo.~ 1. Cf)'Yo 0 . at the par value thereof and accrued interest and bearing interest fram the date thereof until maturity at the rate of % per annum and thereafter at the rate of 8% per annum until the principal sum is paid, and the Clerk is hereby authorized and directed to deliver said notes when executed to said purchasers upon payment of such purchase price. The proceeds of such sale other than the premium and accrued interest, if any, shall be credited to the proper improvement fund. The accrued interest and premium, if any, shall be credited to the proper retirement fund to be applied to the principal and interest of said notes in the manner provided by law. Section 10. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the IJ public peace, health and safety in said Village of Dublin for the reason that the Village has heretofore received bids for the acquisition and construction of said improvement and it is immediately necessary to provide ~unds in order to enable the Village to accept said bids; wherefore, this ordinance shall take effect and be in force from and after its passage. Passed: J.JI'lb- ~ , 1977 (!~ 2V, ~ /~1~o~ Mayor Attest: ~ CJ~ dierk