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HomeMy WebLinkAbout38-76 Resolution RESOLUTION NO. ~&.7{' TO DECLARE THE NECESSITY OF SUBMITTING TO THE ELECTORS OF THE VILLAGE OF DUBLIN, THE QUESTION OF ISSUING BONDS FOR THE PURPOSE OF IMPROVING THE MUNICIPAL WATER DISTRI- BUTION SYSTEM ~ BE IT RESOLVED by the Council of the Village of Dublin, County of Franklin and State of Ohio: Section 1. That for the purpose of expanding and improving the municipal water distribution system by the acquisition of real estate or easements or other interests in real estate, and the construction of water lines and appurtenances, it is necessary to issue bonds of this Village in the amount of Four Hundred Forty-Six Thousand Dollars ($446,000) in anticipa- tion of the collection of special assessments to be levied for said purpose, and it is necessary to levy a tax outside the ten mill limitation of Article XII, Section 2 of the Ohio Constitution to pay the interest on and to retire said bonds. The question of issuing said bonds and the levy of said tax shall be submitted to the electors of said Village at a general election to be held <to l...<\~1 on November 2, 1976. The approximate date of said bonds will be May 1, 1977; ~'1 t \ said bonds will mature in 20 annual installments after their issuance, and will t bear interest at a rate now estimated at 6.5% per annum, payable semiannually. Section 2. That the clerk shall certify a copy of this resolution to the auditor of Franklin County for his calculation of the average annual tax levy required throughout the life of the bonds to pay the interest on and to retire said bonds, assuming that they are all issued in one series and that the amount of the tax list of this Village remains the same throughout the life of said bonds. U Section 3. This resolution 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, and for the further reason that this re- solution must be certified to the Franklin County Auditor by July 15, 19~ in "'IJ order to submit the question herein to the electors; wherefore this resolu- tion shall take effect and be in force from and immediately after its passage. Passed: July 6, 1976 ~ 1/J, ~ Mayo . Attest:~~~ ~\~;"-~"'.-2;:r- Clerk ..