72-76 Ordinance
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ORDINANCE NO. 7~. 7 fp
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
NOTES OF THE VILLAGE OF DUBLIN IN ANTICIPATION
OF THE ISSUANCE OF BONDS AND IN ANTICIPATION
OF THE LEVY OF SPECIAL ASSESSMENTS TO PAY THE
VILLAGE PORTION AND THE PROPERTY OvlliER'S PORTION
OF IMPROVING CERTAIN STREETS IN RIVER FOREST
f""""'I. SUBDIVISION BY CONSTRUCTION OF WATER LINES AND
I ~ APPURTENANCES; AND DECLARING AN EMERGENCY.
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WHE REAS , this Council has heretofore duly adopted Resolution
No. 37-76 on the 6th day of July, 1976, declaring the necessity of
the improvement hereinafter referred to; and
~vHEREAS , this Council has heretofore duly enacted Ordinance
No. 65-76 on the 4th day of October, 1976, determining to proceed
with said improvement; and
WHEREAS, the fiscal officer has certified to this Council
that the estimated life of said property and improvement is at least
five years and that the maximum maturity of the bonds hereinafter
referred to is twenty years and the maximum maturity of notes to be
issued in anticipation of such bonds is eight 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 to be necessary to
issue bonds of the'Village of Dublin in the principal sum of $427,099
for the purpose of paying the property owners' portion ($394,400) in
anticipation of the collection of special assessments, and the
n Villagels portion ($32,699) of the cost of improving Dublin-Bellpoint
W 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.
Section 2. That said bonds shall be dated approximately
October 1, 1977, shall bear interest at an estimated interest rate
of six per cent per annum and shall mature in twenty substantially
equal 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 $427,099 shall
be issued in anticipation of the issuance of such bonds and in antici-
pation of the levy and collection of special assessments. Such
anticipatory notes shall be dated October 26~ 1976, shall mature on
October 26, 1977, and shall bear interest from the date thereof at
the rate of 1. -l ~ per cent per annum, payable at maturity.
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Section 4. That such anticipatory notes shall be signed by
the Mayor and by the Village Clerk, shall bear the seal of the Village,
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 payable at the office of O~ lUA-" ,o..J........ ~,'- .
r~ Section 5. Subject to the rejection of said notes by the
'II' officer in charge of the Bond and Note Retirement Fund for investment
in such fund, said notes shall be and hereby are awarded and sold to
O~...O ,.., A-ho.-.)^,,- ' 11;,A...J"-. at the par value thereof and bearing
interest as provided in Sec.tion 3 above.. 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 date of
delivery. Said notes shall be executed in such numbers and denominations
as are requested by said purchaser.
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Section 6. The proceeds from the sale of said notes, except
accrued interest, are hereby appropriated to pay the Village portion
($32,699) and the property owners' portion ($394,400) of the cost of
said improvement and such proceeds, except accrued interest, shall
be placed to the credit of the respective improvement funds designated
for said improvement; provided, however, that the amounts hereinabove
appropriated include interest at the rate of five and one-half, per
cent per annum for the period prior to the collection of assessments,
and the amount of each such appropriation shall be reduced by its
proportionate amount for the payment of interest on such notes.
L Any accrued interest shall be credited to the Bond and Note Retirement
) Fund to be applied to the payment of principal and interest of said
, notes in the manner provided by law.
Section 7. Said notes shall be the full general obligations
of the Village and the full faith, credit and revenue of the Village
are hereby pledged for the prompt payment of the same. The par value
to be received from the sale of the bonds in anticipation of which
such notes are issued and any excess 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 the interest thereon,
and are hereby pledged for such purpose.
Section 8. Said anticipatory notes are issued in anticipation
of the issuance of bonds and in anticipation of the levy and collection
of special assessments. 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 shall be levied against all of
the property in said Village for the payment of such notes and 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 Villagels portion
of said cost, if bonds had been issued therefore 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
L ~ 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 the covenant hereinafter set forth.
To the extent necessary to meet such debt charges the principle
of and interest on said bonds shall be paid from municiple income
taxes lawfully available therefore 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 Section 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
r-l payments of the principle of and interest on such bonds.
JL) Section 9. A certified copy of this Ordinance shall be
forwarded by the Clerk to the County Auditor as required by law.
Section 10. 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
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said improvement is immediately needed to provide a potable water
supply and fire protection for the benefited property in the Village
of Dublin and therefore this Ordinance shall be in full force and
effect from and immediately after its passage.
Passed this } 'g""lW . day of (!) eto h 01.. , 1976.
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President Pro Tempo
HaYO~d~~~
ATTEST:
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C erk-Treasurer
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