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HomeMy WebLinkAbout58-77 Ordinance _.~.,-<'": 11 . , , v . ORDINANCE NO. 58 77 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF BONDS BY THE VILLAGE OF DUBLIN, OHIO, IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE IMPROVEMENT OF CERTAIN STREETS IN RIVER FOREST SUBDIVISION BY CONSTRUCTION OF WATER LINES AND C APPURTENANCES; AND DECLARING AN EMERGENCY WHEREAS, the Council of the Village of Dublin, Franklin and Delaware Counties, Ohio has heretofore by proper legislation declared the necessity of the improvement of certain streets in River Forest Subdivision by construction of water lines and appurtenances; and WHEREAS, Council has heretofore authorized, issued and sold a note of the Village in anticipation of the levy of special assessments for said improvement; and WHEREAS, the Clerk of the Village has certified the estimated life of said improvements as exceeding five years, and has further certified the maximum maturity of bonds as twenty 0 years; 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 hereby declared necessary to issue and there is hereby authorized the issuance of bonds of the Village of Dublin in the aggregate principal amount of One Hundred Eighty One Thousand Nine Hundred Fifty and 24/100 Dollars ($181,950.24) in anticipation of the collection of special assessments heretofore levied in said amount for the purpose of improving Dublin-Bellpoint Road, Ashford Road, River Forest Road, Indian Hill Road and Bennett Court, in River Forest Subdivision between the termini provided for in Resolution No. 35-76, adopted July 6, 1976, by the construction of water lines and appurtenances, and to pay the cost of legal services, advertising, printing and other incidental expenses, and to retire a note, heretofore issued for said improvements. Section 2. That said bonds shall express upon their face the purpose for which they are issued, that they are issued pursuant to this ordinance and shall be signed by the facsimile U signature of the Mayor and signed by the Village Clerk and bear the seal of the corporation. Said bonds shall be dated October 15, 1977, and shall be due and payable as follows: $11,950.24 on the fifteenth day of October, 1979; $10,000 on the fifteenth day of October in each of the years 1980 to 1991, both inclusive, and on the fifteenth day of October in each of the odd numbered years from 1993 to 1997, both inclusive; and $5,000 on the fifteenth day of October in each of the even numbered years from 1992 to 1998, both inclusive. \"- ~......, "J. ..~..,.,..; 1I .. .. " Said bonds shall be of the deno~ination of Five Thousand Dollars ($5,000) each, except Bond No. 1 which shall be in the denomination of Six Thousand Nine Hundred Fifty and 24/100 Dollars ($6,950.24) , shall be numbered from 1 upward, shall bear interest at a rate of six per cent (6%) per annum, pay- able semiannually on the fifteenth day of April and October of each year, commencing April 15, 1978, for which purpose interest coupons, bearing a facsimile of the signature of the Village Clerk shall be attached to and made a part of said bonds; provided, 0 however, that if said bonds are sold bearing a different rate of interest than hereinbefore specified, such bonds shall bear such rate of interest as may be provided for in the resolution of Council approving the award thereof. Principal and interest shall be payable at the main office of the Ohio National Bank of Columbus, Columbus, Ohio. Said bonds shall first be offered to the officer in charge of the bond retirement fund of the Village at par and accrued interest and if not purchased by said officer shall be offered for sale by the Village Clerk in the manner provided by law. Section 3. That for the purpose of providing the necessary funds to pay the interest on the foregoing issue of bonds promptly when and as the same falls due, and also to provide a fund suf- ficient to discharge the principal amounts of said serial bonds at maturity, there shall be and is hereby levied on all taxable property in the Village of Dublin, in addition to all other taxes, a direct tax annually within limitations during the period said bonds are to run in an amount sufficient to provide funds to pay interest upon said bonds as and when the same shall fall due, and also to provide a fund for the discharge of such principal amounts of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Section 11 of Article XII of the Ohio Constitution, provided, however, that in D each year that the assessments to the extent anticipated by said bonds are payable and are applicable to the payment of such interest and principal and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the assessment so appropriated. Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and collected by the same officers, and 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 hereby levied 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 principal and interest of said bonds when and as the same fall due. Section 4. That the Village Clerk is hereby authorized and directed to certify a copy of this ordinance to the Auditors of Franklin and Delaware Counties, Ohio, according to law. Section 5. That all installments of said assessments and all portions thereof, together with interest thereon, shall be U applied to the payment of said bonds and interest as the same shall become due and to no other purpose whatsoever. Section 6. The Village Clerk is hereby directed to have said bonds and coupons properly prepared and executed and to sell the same as provided by law. Section 7. That this ordinance is hereby declared to be an emergency measure, the immediate passage of which is necessary for the public health, welfare, and safety for the reason that the note issued in anticipation of said bonds is about to mature and said ordinance shall go into full force and effect upon its passage. I 2 i I ,,,._~~ .... . - ~ . Passed SEP 6 1977 , 1977 d~f1~~ U Attest: ~ Dj~ Clerk-Treasurer M~id~ I, Richard D. Termeer, Clerk of the village of Dublin, Ohio, hereby certify that the foregoing is a true copy of Ordinance No. Si.11 passed by the Council of the Village of Dublin on S ~, ,=-. .. , 1977, and that the same is on file and of record 1n the office of the Village. ~~ f:) jJL.,~ Village Clerk ~ l) U 3