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HomeMy WebLinkAbout31-76 Ordinance . . ORDINANCE NO. ~/-7' 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 WATERLINE 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 MONTERY DRIVE FROM S .R. 161 SOUTH TO THE DEAD END AND DECLA~ING 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 re- ferred 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) years; Now, There- fore, 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 waterline 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 15, 1977; shall 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 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 im- provements, 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 Four Hundred Forty-Two Thousand Seven Hundred Ninety-Six Dollars ($442,796) notes shall be issued in the amount of Six Hundred Eighty Thousand Dollars ($680,000) and shall be placed to the credit of the respective fund for the aforesaid improvement as provided in the engineer's estimates on file in the office of the Clerk. Provided, however, that the appropriations hereinabove made for the aforesaid improvements is subject to the qualifications that interest at the rate of five and one-half per cent (5-1/2%) per annum for the period prior to the collection of assessments has been included in said amount, and the amount necessary to pay said interest is hereby appropriated for the payment 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 Clerk and shall bear the seal of the corporation; shall be dated April 30, 1976 and be payable Ap'ril~29, 1977. Said notes shall bear interest at the rate of Three and Sixty-1~~r~Hundredths per cent (3.64%) per annum, payable at maturity, and shall express upon their face the pdrpose 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 The Ohio National Bank of Columbus, Columbus, Ohio. 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 here- tofore 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 Re- vised 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 improve- ments 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 un- expended balance remaining in the fund after the cost and expense of the im- provements 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 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 addi- tion 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 is- sued 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 avail- able municipal income taxes appropriated and to be applied to the debt charges on such bonds in compliance with 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 l33.03(L) and 5705.5l(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 Vil- lage 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. - . . Section 8. 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 The Ohio National Bank at the par value thereof and bearing the aforesaid rate of interest, and the Clerk is hereby 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 such sale shall 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 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 for the reason that said improvement is immediately necessary to provide a potable water supply and fire protection for the bene- fited property in the Village of Dublin at the earliest possible date, and therefore this ordinance shall be in full force and effect from and after its passage. Passed: ,4P4l.'&" '" , 1976 7f~/~ 'J(' ~..:t~C-1./ / G~\...ul UJ ~ ~ Clerk ' , Ptte $1 oN"l6, 11 J "XC Attest: CERTIFICATE 2 '-I iAA.O j) - I, ( CfZ.m CC(L , Clerk of the Village of Dublin, Ohio, do hereby certify that the foregoing is a true and exact copy of an Ordi- nance of the council~ the said Village duly adopted by said Council on the 1'1.)-- day of 4,~ , 1976. /Z-L v ~ ~~ Clerk Village of Dublin, Ohio