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HomeMy WebLinkAbout020-78 Ordinance "~--:"~.-~"""'""~--""""~"""",,=,;, ~ . MAR 2 0' 1978 , ORDINANCE NO. 19 78 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $652,095.47 OF BONDS OF THE VILLAGE OF DUBLIN, OHIO, IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSHENTS HERETOFORE LEVIED FOR THE PURPOSE OF PAYING A PORTION OF THE COST OF CONSTRUCTING A MUNICIPAL SEWERAGE SYSTEM AND DECLARING AN EMERGENCY. U WHEREAS, the qualified electors of the Village of Dublin, , Ohio, did on May 7, 1974, by the requisite majority vote authorize the issuance of bonds in the sum of $2,250,000 in anticipation of the J'. collection of special assessments and the levying of taxe&~putside the ten-mill limitation to pay the principal and interest of such bonds for the purpose hereinafter described; and ~, WHEREAS, this Council has duly enacted the appropriate legislation and Village officials pursuant to such legislation have completed proceedings as required by Chapter 727 of the Revised Code of Ohio, for the levying of special assessments for the improvement hereinafter described and said assessments have been duly levied; and G WHEREAS, the Fiscal Officer has certified to this Council that the estimated life of the property and improvement hereinafter mentioned is at least five years and that the maximum maturity of bonds to be issued to pay the cost of making such improvement is th~ars; and WHEREAS, pursuant to Ordinance No. 28-77 passed April 18, 1977, notes were issued in anticipation of the levy and collection of special assessments and in anticipation of the issuance of bonds for the purpose of paying the cost of the improvement hereinafter described and such notes are now about to mature; and WHEREAS, this Council has determined to issue and sell bonds in the amount and bearing the terms hereinafter provided in order to retire said notes at maturity; U NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Dublin, Franklin and Delaware Counties, Ohio: Section 1. That it is necessary to issue bonds of the Village of Dublin in the principal sum of $652,095.47 in anticipation of the collection of special assessments heretofore levied for the purpose of paying a portion of the cost of constructing a municipal sewerage collection system including trunk lines, local in public streets, rights-of-way and easements, to retire notes heretofore issued for said purpose and to pay the costs of legal services, advertising, printing and other costs incidental thereto. ~,' . . " ,- Section 2. That said bonds shall be in the denomination of $5,000 each, except bond number one in the denomination of $7,095.47, shall be numbered from 1 to 130, both inclusive, shall be dated April 15, 1978, and bear interest at the rate of 6% per annum, payable semi-annually on the 15th days of October and April of each year beginning October 15, 1978 until the principal sum is paid, provided that if such bonds are sold at a lower or different rate of interest than herein provided, such bonds shall bear such rate as may be provided for in resolution of Council approving the award thereof. Said bonds shall mature as follows: $37,095.47 on U October 15, 1979; $30,000 on October 15 in each of the even-numbered years 1980 to 1998, inclusive; and $35,000 on October 15 in each of the odd-numbered years 1981 to 1997, inclusive; which maturities are hereby determined to be in substantially equal annual installments. The principal and interest of said bonds shall be payable at the main office of The Huntington National Bank of Columbus, Columbus, Ohio. Section 3. That said bonds shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance and shall be signed by the Mayor and the Clerk- Treasurer and shall bear the corporate seal of said Village. The interest coupons attached to said bonds shall bear the facsimile signature of the Clerk-Treasurer. Section 4. 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 fall due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all the taxable property in said Village of Dublin, in addition to all other taxes, a direct tax annually 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 falls due and also to provide a fund for the discharge of the principal U of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Article XII, ~ll of the Constitution of Ohio and shall be outside the limitation of Section 2 of said Article, provided, however, that in each year to the extent that the assessments anticipated by said bonds are available for the payment of such bonds and are appropriated for such purpose, the amount of such tax shall be reduced by the; amount of the assessments so appropriated. Section 5. 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. Section 6. That said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund for investment in said fund, and if said officer refuses to take any or all of said bonds,the bonds not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds ~ from the sale of said bonds, except the premium and accrued interest thereon shall be used for the purpose aforesaid and for no other purpose; the premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds in the manner provided by law. Section 7. The Village of Dublin hereby covenants that it will restrict the use of the proceeds of the bonds in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time the debt is incurred, so that they will not constitute arbitrage bonds under section 103{c) of the -~'" ,. .. ~. Internal Revenue Code and the regulations prescribed under that section. The Fiscal Officer or any other officer, including the Clerk, having responsibility with respect to the issuance of these bonds is authorized and directed to give an appropriate certificate on behalf of the Village, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said Section 103(c) and regulations thereunder. Section 8. It is hereby determined that all acts, conditions E and things necessary to be done precedent to and in the issuing of these bonds in order to make them legal, valid and binding obligations of said Village have happened, been done and performed in regular and due form as required by law; that the full faith, credit and revenue of said Village are hereby irrevOcably pledged for the prompt payment of the principal and interest thereof at maturity; and that no limitation of indebtedness or taxation, either statutory or constitutional, has been exceeded in issuing these bonds. Section 9. It is found and determined that all formal actions of this Council concerning and relating to the adoption of this ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including Revised Code Section 121.22. Section 10. The Village Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditors of Franklin and Delaware Counties, Ohio. Section 11. That this ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety and for the further reason that the U notes of this Village heretofore issued for this improvement are about to mature and must be retired with the proceeds of the bonds authorized herein in order to protect the credit of this Village; 1 wherefore, this ordinance shall go into effect immediately upon its passage. , I Passed th i s bO..... day of (fJMc;r 1978 I , I ~~ President ro Tempore ~r~';';::':-.~""'-~"-''''' ''f4l'\~ \.~~ Mayor-Presiding Officer ATTEST: 2J4'~ ~ -- -- Clerk-Treasurer ~ ~..')!\>-l> ---------, t " MAR 2 0, 1978 , ORDINANCE NO. 20 78 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $653,083.68 OF BONDS OF THE VILLAGE OF DUBLIN, OHIO, IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS, AND TO PAY THE VILLAGE PORTION OF THE COST OF CONSTRUCTING A WATER LINE IN SR 161 FROM SAWMILL ROAD TO POST ROAD, .' IN POST ROAD FROM SR 161 TO COFFMAN ROAD, IN COFFMAN ROAD FROM POST ROAD NORTH TO THE U HIGH SCHOOL, AND IN MONTEREY DRIVE FROM SR 161 - j SOUTH TO THE DEADEND, AND DECLARING AN I j EMERGENCY. WHEREAS, the Fiscal Officer has certified to this Council that the estimated life of the property and improvement hereinafter mentioned is at least five years and that the maximum maturity of the bonds to be issued to pay the cost of making such improvement is forty years; and WHEREAS, this Council by Ordinance No. 27-77 adopted April 18, 1977, has heretofore authorized the issuance and sale of notes in anticipation of said bonds, which said anticipatory notes are about to mature; and WHEREAS, this Council desires to issue and sell bonds in U the amount and bearing the terms hereinafter provided in order to ,\ discharge such notes at maturity; NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Dublin, Counties of Franklin and Delaware, Ohio: Section 1. That it is declared necessary to issue bonds of the Village of Dublin in the principal sum of $653,083.68 for the purpose of paying the property owners' portion ($142,978.98) in anticipation of the collection of special assessments heretofore duly levied, and the Village's portion ($510,104.70) of the cost of constructing a water line in SR 161 from Sawmill Road to Post Road, in Post Road from SR 161 to Coffman Road, in Coffman Road from Post Road north to the High School and in Monterey Drive from SR 161 south to the deadend, and appurtenances, and to retire notes heretofore issued for said purpose, and to pay the cost of legal services, advertising, printing and other costs incidental thereto. Section 2. That said bonds shall be in the denomination of $5,000 each, except bond number one which is of the denomination of $8,083.68, shall be numbered from 1 to 130, inclusive, shall be dated the 15th day of April, 1978, and shall bear interest at the rate of U 6% per annum payable semi-annually on the 15th days of Apr~l and October of each year beginning October 15, 1978 until the principal sum is paid; provided, however, that if said bonds are sold bearing a different rate of interest than heretofore specified, such bonds shall bear such rate as may be provided for in the resolution of Council approving the award thereof. Said bonds shall mature as follows: $38,083.68 on the 15th day of October, 1979; $30,000 on the 15th day of October in each of the even-numbered years 1980 to 1998, both inclusive; and $35,000 on the 15th day of October in each of the odd-numbered years 1981 to 1997, both inclusive; which maturities are hereby determined to be substantially equal annual " , .' installments. The principal and interest of said bonds shall be payable at the main office of The City National Bank and Trust Company, Columbus, Ohio. Section 3. That said bonds shall express upon their face the purpose for which they are issued and that they are issued in pursuance of this ordinance~ shall be signed by the Mayor and Clerk- Treasurer and shall bear the corporate seal of said Village. The interest coupons attached to said bonds shall bear the facsimile signature of said Clerk. U.. , Section 4. That for the purpose of providing the necessary J funds to pay the interest on the foregoing issue of bonds promptly r} when and as the same falls'due, and also to provide a fund sufficient to discharge the said serial bonds at maturity, there shall be and is hereby levied on all the taxable property in the Village of Dublin in addition to all other taxes a direct tax annually 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 falls due and also to provide a fund for the discharge of the principal of the bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Article XII, Sll of the Constitution of Ohio~ provided, however, that in each year to the extent that the assessments anticipated by said bonds are available for the payment of such bonds and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the assessments so appropriated. Section 5. 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 U........ 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 to the extent that municipal income taxes are lawfully available for the payment of such bonds and are appropriated for such purpose in compliance with the covenant hereinafter set forth, the amount of such tax shall be reduced by the amount of such municipal income taxes so appropriated. All assessments collected for the improvement shall be applied to the payment of the bonds and the interest thereon. To the extent necessary to meet such debt charges not provided for by the collection of said assessments, the principal and interest on said bonds shall be paid from municipal income taxes lawfully available therefore under the Constitution and laws of the State of Ohio, and the Village hereby covenants subject and pursuant to such authority, including particularly Sections 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 demonstrates the irrevocable pledge of the full faith, credit and revenues of the Village to the prompt payment of the principal of and interest on such bonds when and as the same fall due. Section 6. That said bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement t Fund for investment in said fund, and if said officer refuses to .... > take any or all of said bonds, the bonds not so taken shall be r' advertised for public sale and sold in the manner provided by law. The proceeds from the sale of the bonds, except the premium and accrued interest thereon, shall be used for the purpose aforesaid and for no other purpose; the premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds in the manner provided by law. ""-- , . .~ ,~ Section 7. The village of Dublin hereby covenants that it will restrict the use of the proceeds of the bonds in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time the debt is incurred, so that they will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the regulations prescribed under that section. The Fiscal Officer or any other officer, including the Clerk, having responsibility with respect to the issuance of these bonds is authorized and directed to give an appropriate certificate on behalf of the Village, for inclusion in the transcript of proceedings, U setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said Section 103(c) and regulations thereunder. Section 8. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in the issuance of these bonds 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 as required by law; that the full faith, credit and revenue of said Village are hereby pledged for the prompt payment of the principal and interest thereof at maturity; and that no limitation of indebtedness or taxation, either statutory or consti- tutional, has been exceeded in issuing these bonds. Section 9. It is found and determined that all formal actions of this Council concerning and relating to the adoption of this ordinance were adopted in an open meeting of this Council and that all deliberations of this Council and of any of its committees that resulted in such action were in meetings open to the public in compli~ce with Section 121.22, Ohio Revised Code. Section 10. The Village Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditors of Franklin and Delaware Counties, Ohio. e Section 11. That this ordinance is hereby declared to be "",:" an emergency measure necessary for the immediate preservation of the public peace, health and safety and for the further reason that the notes of this Village heretofore issued for this improvement are about to mature and must be retired with the proceeds of the bonds authorized herein in order to protect the credit of this Village; wherefore, this ordinance shall go into effect immediately upon its passage. Passed this ~ day of ~~ , 1978 ~~~ President Pro Tempore Mayor-Presiding Officer ATTEST: . ~ ~ ~ Clerk-Treasurer