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HomeMy WebLinkAbout53-74 Ordinance , ...-.... , ORDINANCE NO. ~?Y1~ TO AUTHORIZE THE ISSUANCE OF A NOTE IN THE AMOUNT OF $200,000 FOR THE PURPOSE OF CONSTRUCTING A MUNICIPAL SEWAGE COLLECTION SYSTEM, . AND TO DECLARE AN EMERGENCY ~ WHEREAS, the Village Clerk has issued his certificate as to the ..; estimated life of the property to be acquired or constructed from the pro- ceeds of bonds and notes hereinafter referred to as exceeding five (5) years, the maximum maturity of bonds as thirty-nine (39) years and notes as five (5) 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 bonds of the Village of Dublin, Ohio, in the principal sum of $200,000 for the purpose of paying a portion of the cost of constructing a municipal sewage collection system by the acquisition of real estate or easements or other interests in real estate, and the construction of sewer lines and appurte- nances and to pay the cost of advertising, printing, legal services and other costs incidental thereto. Section 2. Said bonds shall be of the denomination of $5,000 each, and shall be dated approximately November 1, 1975; shall bear in- n terest at the rate of not more than eight per centum (8%) per annum, pay- able semiannually until the principal sum is paid and shall mature in , thirty (30) annual installments after their issuance. ~ -- Section 3. That it is necessary and this Council hereby deter- mines that notes shall be issued in anticipation of the issuance of said bonds. Section 4. That such anticipatory notes in the amount of $200,000, which sum does not exceed the amount of the bond issue, shall bear interest at the rate offered by the purchaser as set forth in Section 6 below, payable at maturity. Such notes shall be dated November 1, 1974, and shall mature on or before November 1, 1975. Such notes shall be executed and delivered in such number and such denominations as may be requested by the purchaser of such notes. Coupons shall not be attached to said notes. Section 5. Such notes shall be executed by the Mayor and Clerk- Treasurer and bear the seal of the corporation; shall be designated "Sewage System Improvement Notes" and shall be payable as to both principal and in- terest at the Ohio National Bank of Columbus, and shall express upon their face the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of said notes by the officers of the Sinking Fund, said notes shall be, and hereby are, awarded and sold (' to : ~ I ,-.J. Bidder Interest Rate . . . ...' <. ~ ~ ........-.:. A.....O AMT.fw~ ~I<- .,.. ~!I..s 7.15'" 1; ) .;, tl"t~ M'1" l J ~IJ ........ (-I ;, "-.:.... <J \J at the par value thereof and bearing the aforesaid rate of interest, and ' ~ f~ the Clerk-Treasurer is hereby authorized and directed to deliver said notes, "~ when executed, to said purchaser upon payment of such purchase price and '3~ ),.:; .",.i \) '~,', \j \j ',,-, ",' '" - - " , .. , accrued interest to the date of delivery. The proceeds of such sale, ex- cept any accrued interest thereon, shall be deposited in the Village Treasury and used for the purpose aforesaid and for no other purpose. Any accured interest shall be transferred to the Retirement Fund to be applied to the payment of the principal and interest on said notes in the manner pro- vided by law. Section 7. Said notes shall be the full general obligation of ~ the said Village of Dublin, Ohio, and the full faith, credit and revenue of the said Village are hereby pledged for the prompt payment of the same. ( , The par value to be received from the sale of the bonds anticipated by said notes and any excess funds resulting from the issuance of said notes \J shall, to the extent necessary, be used only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 8. During the years which such notes run there shall be levied on all taxable property in the Village of Dublin, Ohio, in addition to all other taxes and inside the limitations of Article XII, Section 2, of the Constituttion of Ohio, a direct tax annually not less than that which would have been levied if bonds had been issued 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 shall be collected by the same offi- cer 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. Funds derived from said levies hereby required 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 the principal and interest on said notes or the bonds in anticipation of which they are issued when and as the same fall due. D Section 9. That the Clerk-Treasurer is hereby directed to forward a certified copy of this ordinance to the Auditors of Franklin and Delaware Counties, Ohio. Section 10. This ordinance is hereby declared to be an emergency measure necessary for the preservation of the public peace, health and safety of the Village and its inhabitants for the reason that the sewage collection system must be designed and constructed at the earliest possible date to improve sanitary conditions within the Village; wherefore this or- dinance shall take effect and be in force from and immediately after its passage and approved by the Mayor. Passed O,,"top,~ ~, , 1974 Attest: .~~ 1D ~~.,., ~ ~ Clerk-Treasurer ('\ t I CERTIFICATE \.J I, Richard Termeer, Village Clerk, hereby certify that the foregoing is a true copy of Ordinance No. S$-'7'f duly adopted by the Council of the Village of Dublin, Ohio, on the :z" 4a 1 day of October, 1974, and that a certified copy thereof was filed in the offices of the Franklin County Auditor and the Delaware County Auditor on the day of October, 1974. ~~ Village Clerk