HomeMy WebLinkAbout66-74 Ordinance
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ORDINANCE NO. (~'w7i
TO ESTABLISH AN INTEREST RATE FOR $100,000
SEWER SYSTEM NOTE FROM NOVEMBER 20, 1974
TO DATE OF BOND DELIVERY AND TO DECLARE
AN EMERGENCY
~'~ WHEREAS, this Council proposes to sell $100,000 Bonds of the Village
L on December 2, 1974, the proceeds of which will be used to retire a $100,000
Note of the Village, dated November 20, 1973, payable November 20, 1974, bearing
interest at the rate of 4.65% per annum, and issued for the purpose of paying
a portion of the cost of constructing a municipal sewage collection system;
and
WHEREAS, said bonds will be delivered on or about January 2,1975,
and the present holder of said anticipatory Note is willing to retain the same
until bond delivery, provided the interest rate is increased to 8% per annum
from November 20, 1974;
NOW, THEREFORE, BE IT ORDAINED, by the Council of the Village of
Dublin, Counties of Franklin and Delaware, State of Ohio:
Section 1. That a note of this Village in the principal amount of
fl' $100,000 authorized by Ordinance No. 48-73 adopted September 10, 1973, as
, amended by Ordinance No. 51-73 adopted November 5, 1973, dated November 20,
~ 1973 and maturing November 20, 1974, bearing interest at the rate of 4.65%
per annum, and issued for the purpose of paying a portion of the cost of con-
structing a municipal sewage collection system, shall bear interest at the
rate of eight per cent (8%) per annum from November 20, 1974 to the date of pay-
ment of the principal thereof from the proceeds of bonds described in the preamble
hereto, which bonds are in the process of being sold and will be delivered on or
about January 2, 1975. The Clerk-Treasurer of the Village is hereby authorized
to pay such interest at the rata and for the period herein provided.
Section 2. This Ordinance is hereby declared to be an emergency
~easure, the immedi'ate passage of which is necessary for the public health,
welfare and safety and for the further reason that this Council must deter-
mine the interest rate on said note from November 20, 1974 to the date of
final payment at the earliest possible time; wherefore this Ordinance shall
take effect and be in force from and ediately aft r it passage.
Passed:
Attest: .
OJ CERTIFICATE
I, Richard Termeer, Clerk-Treasurer of the Village of Dublin, Ohio,
hereby certify that the foregoing is a true copy ol.lordinance No. fRi>->'/
duly passed by the Council of said Village at a ~Jltt..o/' meeting
held on the~ day of December, 1974.
\Q ~ --J~ Cle~ ~
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