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Home My WebLink About16-83 Ordinance ,... ..' . ,,, . ,.,f." ORDINANCE NO. /'-f3 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF BONDS IN THE AMOUNT OF $859,000 FOR THE PURPOSE OF IMPROVING THE MUNICIPAL WATER DISTRIBUTION SYSTEM BY CONSTRUCTING AN ELEVATED WATER STORAGE TANK , AND ACQUIRING RELATED EQUIPME}~ AND APPURTENANCES, AND DECLARING AN EMERGENCY. WHEREAS, the Fiscal Officer of the Village of Dublin, Ohio (the "~"unicipality") has certified to this Council that the estimated life of the improvements for which the bonds hereinafter described were authorized exceeds five (5) years and the maximum maturity of said bonds is forty (40) years~ and \'lHEREAS , it is now deemed necessary to issue and sell said bonds under authority of ~ections 133.01 to 133.48, inclusive, of the Revised Code in order to ietire notes heretofore issued in anticipation thereof~ NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF DUBLIN, IN THE COUNTIES OF FRANKLIN, DELA\<lARE AND I UNION, OHIO THAT: SECTION 1. It is necessary to issue bonds of the Municipality in the principal sum of Eight Hundred Fifty-nine Thousand Dollars ($859,000) ( t he II Bond s II ) for the purpose of improving the municipal water distribution system by constructing an elevated water storage tank and acquiri~g related equipment and appurtenances, paying the cost of advertising, printing and legal services and retiring notes heretofore issued for such purpose. The Bonds shall be issued in one lot. SEC'rION 2. The Bonds shall be in the denomination of $5,000 each except for Bond No. 1 which shall be in the amount of $4,000~ shall be numbered from 1 to 172, both inclusive~ shall be dated May 1, 1983~ and shall bear interest at the rate of ten per centum (10.0%) per annum, payable semi-annually on the first day of June and December of each year beginning December 1, 1983, until the principal sum is paid; provided, however, that if the Bonds are sold bearing a different rate of interest than herein specified, they shall bear such rate as may be provided for in the resolution of this Council approving the award thereof. The Bonds shall ma~ure in the following principal amounts on December 1 of the years indicated, which maturities are hereby determined to be in substantially equal annual installments: I $44,000 in 1984; $40,000 in each of the odd-numbered years from 1985 to 1999, inclusive; and $45,000 in each of the even-numbered years from 1986 to 2002, inclusive, and in 2001 and 2003. SECTION 3. The Bonds shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance; shall be executed by the facsimile signature of the Village Manager and the manual signature of the Finance Director~ and shall bear the corporate seal of the Hunicipality. The interest coupons attached to the bonds shall .. . . . .' bear the facsimile signature of the Finance Director. Interest and principal on the Bonds shall be payable at the main office of The Huntington National Bank, Columbus, Ohio. SECTION 4. For the purpose of providing the necessary funds to pay the interest on the Bonds promptly as and when the same falls due, and also to provide a fund sufficient to discharge the principal of the Bonds at maturity, there shall be , and is hereby levied on all the taxable property in the Municipality, in addition to all other taxes and inside the ten mill limitation, a direct tax annually during the period the Bonds are to run in an amount sufficient to provide funds to pay interest upon the Bonds as and when the same falls due and also to provide a fund for the discharge of the principal of the Bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Article XII, Section 11 of the Ohio Constitution: provided, however, that in each year to the extent that revenues from the municipal income tax are available and are lawfully appropriated for the payment of the Bonds, the amount of such tax shall be reduced by the amount of such revenues so available and appropriated. To the extent necessary to meet such debt charges, the principal of and interest on the Bonds shall be paid from municipal income taxes lawfully available therefor under the Constitution and laws of the State of Ohio and the Charter of the Municipality: and the Municipality hereby covenants, subject and pursuant to such authority, including particularly Sections l33.03(L) and 5705.5l(A)(5) and (D) , Ohio Revised Code, to appropriate annually from such municipal income taxes such amount as is necessary to meet such annual debt charges. Nothing in this section in any way diminishes the irrevocable pledge of the full faith, credit and revenues of the Municipality to the prompt I payment of the principal of and interest on the Bonds. !O;ECTION 5. 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. The tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from the tax levies hereby required shall be placed ina separate and distinct fund, which, together with all interest collected on the same, shall be irrevocably pledged for the payment of the interest and principal of the Ronds when and as the same fall due. SEr.TION 6. The Bonds shall be first offered at par and accrued interest to the officer in charge of the Bond Retirement Fund for investment in said fund, and if said officer refuses to take any or all of the Bonds, the portion not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of the Bonds, except the premium and accrued interest thereon, shall be used for the purpose aforesaid and for no other purpose: the premium and accrued interest received from such sale shall be transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of the Bonds in the manner provided by law. I SECTION 7. The Municipality hereby covenants that it will restrict the use of the proceeds of the Bonds in such manner and to such extent, if any, as may he necessary, after taking into account reasonable expectations at the time the Bonds are issued, so that they will not constitute arbitrage bonds under Section I03(c) of the Internal Revenue Code and the regulations prescribed thereunder. The Fiscal Officer is authorized and directed to give an appropriate certificate on behalf of the Municipality, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said Section lO3(c) and regulations thereunder. -2- . . . ... ,. SECTION 8. It is hereby found and determined that all acts, conditions and things necessary to be done precenent to and in the issuing of the Bonds in order to make them legal, valid and binding obligations of the Hunicipality have happened, been done and been performed in regular and due form as required by law: that the faith, credit and revenue of the Municipality are hereby irrevocably pledged for the prompt payment 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 the Bonds. SECTION 9. It is hereby found and determined that all formal actions of this Council concerning and relating to the adoption of this ordinance were adopted in an open meeting of this Council, and that all deliberations of this Council 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 10. This ordinance is hereby declared to be an emergency measure, the immediate passage of which is necessary for the pUblic health, welfare, and safety of the Municipality and its inhabitants, for the reason that notes heretofore issued in anticipation of the Bonds are about to mature and it is necessary to make immediate provision for their repayment in order to preserve the credit of the Municipality, wherefore this ordinance shall go into full force and effect immediately upon its passage. SECTION 11. The Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditors of Franklin, Delaware and Union Counties. Submitted: , 1983 ~ Passed: . 1983 Effective: , 1983 President of Council Attest: 1 hereby certify that copies of this Ordinance/Resolution , were posted in the Village of Dublin in accordance with Section 731.25 of the Ohio Revised Code. ~ I, , Clerk of Council of Dublin, Ohio. hereby certify that the foregoing is a true copy of Ordinance No. duly passed by the Council of said Municipalitv on , 1983, and that a true copy thereof was - certified by me to the County Auditors of Franklin, Delaware and Union Counties, Ohio on the day of , 1983. cleik 2353B -3-