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HomeMy WebLinkAbout52-74 Ordinance - -- - , . a. 40 r ORD INANCE NO. ti~. 1~ TO AUTHORIZE THE ISSUANCE OF BONDS OF THE VILLAGE OF DUBLIN IN THE AMOUNT OF $100,000 FOR THE PURPOSE OF CONSTRUCTING A MUNICIPAL SEWAGE COLLECTION SYSTEM AND TO DECLARE AN EMERGENCY WHEREAS, the qualified electors of the Village of Dublin, Ohio, did, n on May 7, 1968, by more than a 55 per cent majority vote, authorize the issuance I ) '-' of bonds outside the limitation of Article XII, Section 2 of the Constitution of Ohio, for the purpose hereinafter described, and WHEREAS, the Council of the Village of Dublin, by Resolution No. 02-68 has declared the necessity of issuing bonds in the sum of $100,000 for the purpose hereinafter described; and WHEREAS, a note for said purpose in the principal sum of $100,000 in anticipation of the issuance of bonds has been authorized and issued and the Village now desires to issue bonds in the principal sum of $100,000 to retire note; and WHEREAS, the Clerk-Treasurer has certified the estimated life of improve- ments and maximum maturity of the bonds to be issued for such purpose; /""\ t , NOW, THEREFORE, BE IT ORDAINED BY THE Council of the Village of Dublin, ~ in the Counties of Franklin and Delaware, State of Ohio: Section l. That it is hereby declared necessary to issue and there is hereby authorized the issuance of bonds of the Village of Dublin, Ohio for the purpose of paying a portion of the cost of constructing a municipal sewage col- lection system by the acquisition of real estate or easements or other interests in real estate, and the construction of sewer,lines and appurtenances, to retire notes previously issued, and to pay the costs of advertising, printing, legal services and other costs incidental thereto, in the principal sum of $100,000, which bonds shall be designated "Sewage System Improvement Bonds No. 1." Section 2. That said bonds shall be in the denomination of $1,000 each, numbered 1 to 100, both inclusive; shall be dated December 1, 1974, shall bear interest at the rate of seven per centum (7%) per annum, payable semi- annually on the first days of June and December of each year commencing June 1, 1975, until the principal sum is paid; provided, 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. Said bonds shall mature as follows: 1$6,000 on the first day of December in each of the even numbered years, 1976 to 1994, both inclusive, and $7,000 on the first day of December in each of the odd 0, numbered years 1977 to 1993, both inclusive, and in each of the years 1995 to 2005, both inclusive, which maturities are hereby determined to be in substan- ( I tially equal annual installments. The principal sum and interest of all said ~ bonds shall be payable at the main office of The Ohio National Bank of Columbus in the City of Columbus, Ohio. Section 3. 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 Clerk-Treasurer, and bear the facsimile signature of the Mayor. The interest coupons attached to said bonds shall bear the facsimile signature of the Clerk-Treasurer. The corporate seal of the Village shall be affixed to said bonds. ~ ~ . .. , 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 falls due, and also to provide a fund sufficient to discharge said 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 the interest upon said bonds as and when the same falls due and also to provide a fund for the discharge of the principal of said bonds at maturity, which tax shall not be less than the interest and sinking fund tax n required by Article XII, Section 11, of the Constitution of the State of Ohio. t \ Said tax shall be levied outside the ten mill limitation. r W 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 falls due. Section 5. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in the issuing of these bonds in order to make them legal, val~d 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 interest and principal thereof at maturity; and that no limitation of indebtedness or taxation, either statutory or consti- tutional, has been exceeded in issuing these bonds. Section 6. That the Clerk-Treasurer is hereby authorized and directed to certify a copy of this ordinance to the Auditors of Franklin and Delaware n Counties, Ohio, as provided by law. L: Section 7. That the Clerk-Treasurer is hereby directed to have said bonds and coupons properly prepared and executed, to sell the same by first of- fering said bonds to the Village Officer in charge of the bond retirement fund and, if rejected by said Officer, to sell said bonds according to law and to deposit the proceeds therefrom, including any premiums and accrued interest, in the Village Treasury for the purposes hereinabove provided. Section 8. 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 it is necessary to provide funds without delay for retirement of said note; this ordinance, therefore, shall take effect and be in force from and after its passage and approval by tbe MaYOC;L Approved: Passed p:...,.,."" '''-t , 1974 Attest: Clerk-Treasurer CERTIFICATE 0, ( I '-J The undersigned Clerk-Treasurer of the Village of Dublin, Ohio, hereby certifies that the foregoing is a t~e copy of Ordinance No. srJ~11 passed Q:"U,,~ ~ I , 1974, and that certified copies thereof were filed with the County Auditors of Franklin and Delaware Counties, Ohio on the day of , 1974. l~ T,\ ~ ~, ~ Clerk-Treasuer