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Home My WebLink About09-69 Ordinance . . , ,..~ -:> ORD INANCE NO (. , TO PROVIDE FOR THE RENEWAL OF A NOTE IN ANTICIPATION OF THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE IMPROVEMENT OF MONTEREY DRIVE BY THE CONSTRUCTION OF A STORM SEWER AND DRAINAGE DITCH AND TO DECLARE AN EMERGENCY WHEREAS, by Ordinance No. 08-68 passed February 5, 1968 this Council authorized the issuance of a note for said purpose in the amount of $2,881.20, dated March 1, 1968, and maturing March 1, 1969 ; and WHEREAS, the final cost of said project has been determined and it is necessary to renew said note in the amount of $ 3;( /:.,;, ~ 7/ for an additional term of one year; and WHEREAS, the Council of the Village of Dublin, Ohio, has heretofore, by proper legislation, declared the necessity of improving Monterey Drive in the Village of Dublin, Ohio, by the construction of a storm sewer and drainage ditch; and WHEREAS, the Clerk of said Village has certified to this Council the estimated life of said project as at least five (5) years, and has further certified the maximum maturity of bonds as twenty (20) years, and notes as five (5) years; now, therefore; BE IT ORDAINED by the Council of the Village of Dublin, Franklin County, State of Ohio: Section 1. That it is deemed necessary to issue bonds of the Village of Dublin, State of Ohio, in the principal sum of T:.; l' ", / l'~""~./~" A_ fi f... -/ li './ I-/?').'./ ;" t I- l . , ~^-- I. I,. J.: j.. Ii ,. ; " (";'I/r:'for the improvement of Monterey Drive from Bridge Street south to the end of Monterey Drive by constructing a storm sewer from Bridge Street south approximately 200 feet and a drainage ditch from said storm sewer to the end of Monterey Drive. Said bonds shall be dated approximately March 1, 1970, shall bear interest at the rate of five per cent (5%) per annum, and shall be payable in five (5) annual installments. Section 2. That for the purpose of renewing a note heretofore issued in anticipation of the issuance of bonds in anticipation of the collection of special assessments for the aforesaid improvements, in accordance with the legis- lation heretofore passed by the Village Council with respect thereto and to pay the property owners' share of the final cost and expense of said improvement, notes shall be issued in the amount of and shall be placed to the credit of the fund for the aforesaid improvement as provided in the engineer's final cost certificate on file in the office of the Clerk. Provided, however, that the appropriations hereinabove made for the aforesaid improvement is subject to the qualifications that interest at the rate of five per cent (5%) per annum for the period prior to collection of assessments has been included in said amount, and the amount necessary to pay said interest is hereby appropriated for the payment thereof and for no other purpose, and the amount above set forth shall be reduced by its proportionate amount for the payment of said interest. Section 3. Said note shall be signed by the Mayor and Clerk and shall bear the seal of the corporation; shall be dated March 1, 1969, and be payable March 1, 1970. Said note shall bear interest at the rate of five per cent (5%) per annum, payable at maturity, and shall express upon its face the purpose for which it is issued and that it is issued pursuant to this ordinance. Principal and interest shall be payable at the office of -~'I ,> I ':)"-{. '-' . , ,,-'c C;.-.c..:, .." :!.c J.)'-v",Ji.. Section 4. During the year or years while such note runs there shall be levied on all the taxable property in said Village, in addition to all other taxes, a direct tax annually nut less than that which would have been levied if bonds had been issued therefor without the prior issue of said note. 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; provided, however, that in each year to the extent that the assessments anticipated by said note and bonds are payable and are applicable to the payment of such interest and principal and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of the assessment so appropriated. Section 5. All assessments collected for the improvement and unexpended balance remaining in the fund after the cost and expense of the improvement has been paid, shall be applied to the payment of the note and the interest thereon until fully provided for. A certified copy of this Ordinance shall be forwarded by the Clerk to the County Auditor as required by law. Section 6. Said note shall be a full general obligation of the Village of Dublin, Ohio, and the full faith, credit and revenue of said Village are hereby pledged for the payment of both principal and interest of the note hereinbefore assumed at maturity and in accordance with the laws and Constitution of the State of Ohio. Section 7. Any part of the Village portion of the cost of said improve- ment not paid by the issuance of notes as provided herein shall be paid from the appropriate fund. Section 8. Subject to the rejection of said note by the officer in charge of the Bond Retirement Fund for investment in such fund, said note shall be and hereby is awarded and sold to FH C r/ /:':, S/A/c I /I. ).) k at the par value thereof and bearing the aforesaid rate of interest; and the Clerk is hereby authorized and directed to deliver said note, when executed, to said purchaser upon payment of such purchase price and accrued interest to the date of delivery. The proceeds of such sale shall be paid into the proper fund and used for the purpose for which said note is being issued under the provisions of this ordinance. Any premium and accrued interest shall be credited to the Bond Retirement Fund to be applied to the payment of principal and interest of said note in the manner provided by law. Section 9. It is hereby determined and recited that all acts, cond i- tions and things necessary to be done, precedent to and in the issuing of said note in order to make it a legal, valid and binding obligation of the Village of Dublin have happened, been done and performed in regular and due form and as required by law; and that no limitation of indebtedness or taxation, either statutory or constitutional, will have been exceeded in the issuance of said note. Section 10. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation of the public peace, health and safety of said Village for the reason that the note heretofore issued has matured and it must be renewed at the earliest possible date, and therefore this ordinance shall be in full force and effect from and after its passage. Passed: / '.. >... ~ ." 1969 -d )'J - JL ' " , ? ,// /,,;, /1 .1 / .'1' ," , . ~t., ;:y~ -. Attest: ..(; .<f)j /i ~ .>(/ ' \.... Mayor Clerk -2- - .' CERTIFICATE I, J IL: ~~ /; J... J; '-> r.' L.J) 0/ , Clerk of the Village of Dublin, Ohio, hereby certify that the foregoing is a true and exact copy of Ordinance No. 09 - f:... '1 passed by the Council of said Village on the -L2...day of Ifj,:.! , 1969. ; .,' ? . /i/ ;1/ / .t /: F ." /. /IA' )}. P , x:..J:.1 ..7. /17. cr'" ...t-;.. ,. ., '.. '.-- Clerk -3-