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Home My WebLink About068-78 Ordinance - --- ---- ----- - - --- - - - -- --- ---- --- - - .. ' , ~. ~ C' 8 'i Q ORDINANCE NO. 0 · ..) AUTHORIZING THE ISSUANCE OF NOTES IN THE AMOUNT OF $970,000 IN ANTICIPATION . , OF THE ISSUANCE OF BONDS AND THE LEVY AND COLLECTION OF SPECIAL ASSESSMENTS FOR THE PURPOSE OF IMPROVING CERTAIN STREETS IN (~ THE VILLAGE OF DUBLIN BY THE CONSTRUCTION 1 OF WATERLINES AND APPURTENANCES. t) WHEREAS, this council has heretofore by proper legislation declared the necessity of making certain improvements in waterlines, services, fire hydrants and appurtenances in the Village of Dublin and has determined that the total cost. of said improveme~ts will not be less than $970,000;and WHEREAS, the Village Clerk as fiscal officer has 'issued his certificate that the estimated life of the improvement to be constructed from the proceeds of bonds and notes pereinafter referred to exceeds five (5) years, the maxim~ maturity ,of bonds being forty (40) years and notes being (l eight (8) years; \ ) NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF DUBLIN, COUNTI~S OF .FRANKLIN AND DELAWARE, STATE OF OHIO THAT: Section 1. It is hereby declared ne6essary to iss~e 'p bonds of the Village of Dublin, Ohio, in the principal sum of $970,000 for the purpose of paying the property owner's portion ($ o/~J 100.00 ) in anticipation of the collection of special asset;sments, and the Village's portion ($ 5"O{. 10/),00) of the cost of constructing water lines, services, fire ~ hydrants and appurtenances in certain streets in the Village of Dublin, as described in the Resolution, Declaring the Necessity thereof, Resolution No. 02-78, duly passed by this Council on February 20, 1978, 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 September 1, 1980; shall bear interest at the rate of not more than eight per centum (8%) per annum, payable semiannually until the ~ principal sum is paid and shall mature in twenty (20) annual \.' installments after their issuance. Section 3. It is necessary and this Council hereby determines that notes shall be issued in anticipation of the issuance of said bonds and in anticipation of the levy and collection of special assessments. . Section 4. Such anticipatory notes in the amount of $970,000 which sum does not exceed the amount of the bond issue, shall bear interest at the rate of five and40/l00ths per centum (5.40%) per annum, payable at maturity and eight . - / ... . I , I I per centum (8 %) per annum after maturity. Such notes s ha 11 , be dated August 1, 1978, shall mature on August 1, 1979, and , I shall be executed and delivered in such number and such ,I denominations as may be requested by the purchaser thereof. Coupons shall not be attached to the notes. I Section 5. Such notes shall be executed by the Mayor I (l and the Village Clerk and shall bear the seal of the corporation, U shall be. designated "Waterline Construction Notes" and shall I be payable as to both principal and interest at the main office of BancOhio/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. I Section 6. Subject to the rejection of said not~s by the officers in charge of.the Bond Retirement Fund, said notes shall be, and hereby are, awarded and sold to Ban~Ohiol Ohio National Bank of Columbus at the par value thereof and bearing the aforesaid rate of interest, and 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 the date of delivery. The proceeds of such sale, except any accrued interest thereon, shall be deposited in the Village Treasury and used for the purpose aforesaid and for no other purpose. . Any accrued " , interest shall be transferred to the Bond Retirement Fund. to be applied to the payment of the principal and interest on said notes in the manner provided by law. Section 7. Such notes. shall be the full general obliga~ tion of the said Village of Dublin, Ohio, 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 anticipated by said notes and any excess funds resulting from 'the issuance of said notes shall, to the extent necessary, be used only fo~ '.. , the retirement of said notes at maturity, together with .. interest thereon, and is hereby pledged for such purpose. Section 8. In the event that such assessments are not' levied or bonds are not issued to provide a fund for the payment of such notes at maturity, a general tax shall be levied against all of the property in sai~ Village for the payment of such notes and the interest thereon; provided, however, 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 Constitution of Ohio, a direct tax annually not less than that which would have been levied for the Village's portion of said Notes 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 officer, in ,the same manner, n and at the same time that taxes for general purposes for ea~h of said years are certified, extended and col'lected. ... 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 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 ~hesame fall due. 2 --- - - .- ----- ---- - - - . . ... Section 9. The Village hereby covenants that it will restrict the use of the proceeds of such notes 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(d) of the Internal Revenue ~ Code and the regulations prescribed under the section. The ~ ~ 1 fiscal officer or any other officer, including the Clerk- I ,W Treasurer, havir:g res?on~ibility w~th respect ~o the issuanc~ , of these notes 1S autnor1zed and d1rected to glve an appropr1ate certificate on behalf of the Village, for inclusion in the I transcript of proceedings, setting forth the facts, estimates I and circumstances and reasonable expectations pertaining to II said Section 103(d) and regulations thereunder. I Section 10.' It is found and determined that all formal I actions of this Council concerning and ,relating to the I adoption of this ordinance were adopted in an 'open meeting of this Council, and that all deliberations of this Council I 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 Section 121.22 of the Ohio Revised Code. Section 11. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in the issuing of these notes 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 O 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 notes. Section 12. That the Clerk is hereby directed to forward a certified copy of this ordinance to the Auditors of Franklin and Delaware Counties, Ohio. , '.,. Section 13. This ordinance is hereby declared to bean emergency measure necessary for the preservation of the public peace, health and safety of the Village and its inhabitants for the reason that new water lines and fire hydrants must 'be installed in the Village; wherefore this , ordinance shall take effect and be in force ',from and immediately after its passage. . pre~~~ ~ Passed JUL 1 7' 1~78 ' 1911-. ~,<v' Attest:~ AJ ~ Clerk CERTIFICATE I, Richard D. Termeer, Village Clerk, hereby certif~ that the foregoing is a true copy of Ordinance No. ~g.1~ -' 3 - . ,. .. . .. . . duly adopted by the Council of the Village of Dublin, Ohio, on the 11 day of July, 1978, and that a certified copy, thereof was filed in the offices of the Franklin and Delaware County Auditors on the 'OJ day of July, '1978. 0 ~~ Richard D: Termeer, Clerk . U . , I I 1('\ I ~ , " . 4