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Home My WebLink About093-79 Ordinance .* \ '. 't , () IIrJ/AJI'W~ '13-71 VILLAGE COUNCIL OF OCT 1 5 1979 THE VILLAGE OF DUBLIN, OHIO \ October 15, 1979 ORDINANCE AGREEING TO ISSUE INDUSTRIAL DEVELOPMENT lEVENUE BONDS OF THE VILLAGE FOR THE PURPOSE OF ACQUIRING, BY PURCHASE AND CONSTRU<;TION, REAL AND PERSONAL PROPERTY CONSTITUTING A COMMERCIAL FACILITY FOR USE BY DUBLIN INN, LTD.; AUTHORIZING I THE FILING OF AN ELECTION UNDER SECTION 103{b)(6){D) OF THE ! INTERNAL REVENUE CODE OF 1954, AS AMENDED; AND DECLARING AN EMERGENCY. WHEREAS, on October 12, 1979 the Dublin Area Community Improve- ment Corporation (the "Agent"), the designated agency for industrial, com- mercial, distribution and research development for the Village of Dublin, Ohio (the "Issuer") did certify to this Council that the Project, as hereinafter described is in accordance with the plan for industrial, commercial, distribution and research development of the Issuer prepared and approved by the Agent and confirmed by this Council; and . WHEREAS, the Issuer by virtue of the laws of the State of Ohio, particularly Chapt~r 165, Ohio Revised Code, wishes to take the necessary actions for the. issuance of Industrial Development Revenue Bonds in the maxi- mum aggregate amount of $8,700,000 for the purpose of assisting in the finan- cing of real and personal property constituting a commercial facility (the "Project") for use by Dublin Inn, Ltd. within the Issuer; and WHEREAS, Dublin Inn, Ltd. is a general partnership duly organizd under the laws of the State of Ohio; NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Dublin, Ohio: I Section 1. That the Issuer will use its best efforts to author- ize and issue, in one or more series, Industrial Development Revenue Bonds in the maximum aggregate amount of $8,700,000 and will take all further action which is necessary or desirable for that purpose and its officers shall take all actions necessary or desirable for such purpose. Section 2. That the Issuer, if appropriate, will accept interests in real estate and personal property required for the facility to be financed from the proceeds of the aforesaid bonds, provide for the use of such facilities by Dublin Inn, Ltd. and authorize execution of a financing agreement and inden- ture of trust. Section 3. That the Mayor and the Clerk-Treasurer are hereby author- ized and directed to execute on behalf of the Issuer the Agreement atta~hed hereto as Exhibit 1. , -A " " ~ Section 4. That the Issuer hereby elects to have the provisions of the $10 million limit in Section 103(b)(6)(D) of the Internal Revenue Code of 1954, as amended, apply with respect .to the above described Bonds, and the Mayor and the Clerk-Treasurer, or either of them, be and they hereby \ are authorized to execute and cause to be filed with the appropriate office of the Internal Revenue Service on behalf of the Issuer an election in the form of Exhibit 2 attached to this ordinance. Sec tion 5. 'It is found and determined that all formal actions of this Council' concerning and relating to the adoption of this ordinance I 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 6. This ordinance is hereby declared to be an emergency measure necessary for the preservation of the public peace, health and safety of the Vil1~ge and its inhabitants for the reason that this ordinance must be immediately effective so that the commencement of the acquisition and construction of the facility above-described can be begun as soon as possible in order ~hat the Village and its residents may enjoy the benefits of additional employment opportunities at the earliest time; wherefore this ordinance shall take effect and be 1n force from and immediately after its passage. ~~ Presiding 0 cer Passed: October 15, 1979 ~ de,/'<~ Atte.t:~ ~ President Pro Tempo e 1erk-Treasurer I CERTIFICATE I, f<{~ 7e1lNf~ , Clerk-Treasurer, herepy certify that the foregoing is-',a true copy of Ordinance No. f~ -79 duly adopted by the Council of the,Village of Dublin, Ohio, on the 15th day of October, 1979. ~ ~. -2- .. '" h~ , ... Exhibit 1 AGREEMENT TO ISSUE BONDS , , THIS AGREEMENT; entered into as of the 15th day of. October 1979 between the Vill~ge of Dublin (herein called the "Issuer"), and Dublin Inn, Ltd., a general partnership organized and existing under and I by virtue of the laws of the State of Ohio (herein called the "Company"), for the purpose of carrying out the public purpose of the Issuer as set forth in Chapter 165, Ohio Revised Code, including creating jobs and employment opportunities and improving the economic welfare of the people of the State of Ohio; . . WHEREAS, the Company desires to have provided for its use property comprising a commercial facility consisting of a 222 room hotel (herein called "Project") on property located in Dublin, Ohio; and WHEREAS, the Company has evidenced a desire to have the construc-. tion and equipment of the Project financed in part from the proceeds of Industrial Development Revenue Bonds of the Issuer (herein called the "Bonds") issued pursuant to Chapter 165, Ohio Revised Code, in an aggre- I gate amount now estimated not to exceed $8,700,000; and WHEREAS, it is the desire of the Issuer that such added jobs and employment opportunities be provided at the earliest possible moment and that th~ economic improvement produced by the construction and equipment occur at the earliest possible time. WIT N E SSE T H: 1. The Company will promptly commence the construction and ~ equipment of the Project which Project will be in furtherance of the public ~ " of' .,L purposes of the Issuer as aforesaid, and the Company will provide', or cause to be provided at its own expense, the .necessary interim financ- \ ing to permit construction and equipment of the Project to promptly commence. Upon the issuance of the Bonds, the Issuer and the Company will enter into an agreement (herein called "Financing Agreement") with I respect to the Project and the financing therefor. The Financing Agree- ment shall contain such te'rms and conditions as provided or permitted under said Chapter 165; provided, however, that the Financing Agreement shall require payment~ sufficient to pay the principal of and premium, if any, and interest on the Bonds. In order to secure the payment of the principal of and premium, if any, and interest on the Bonds, the Issuer shall, if requested, also enter into a trust agreement or mortgage which shall have such terms and conditions as may be provided or permitted under said Chapter 165. Upon request of the purchaser or purchasers of the Bonds, the Company shall give and the Issuer or the trustee or mortgagee designated under such trust agreement or mortgage s~ll, on behalf and for the protection of the holders of the Bonds, accept such I other security as may be provided or permitted under said Chapter 165. The Issuer shall not have any financial responsibility with respect to the Bonds or the Project except from "revenues" (as defined in Section 165.01, Ohio Revised Code) derived by the Issuer with respect to the Bonds and the Project. 2. Upon receipt of a request from the Company, the Issuer will promptly issue the Bonds, maturing in such amounts and terms, bearing interest at such rate or rates, payable on such dates and containing such optional and mandatory redemption features and prices as are re- -2- a .~I h~~ quested by the Company and will deliver the Bonds to the purchaser or purchasers thereof and cooperate to its fullest extent in consummating I the transaction. \ 3. All wages paid to laborers and mechanics employed on the Project shall be paid.at the prevailing rates of wages of laborers and I mechanics for the class of w~rk called for by the Project, which wages shall be determined in accordance with the requirements of Chapter 4115, Ohio Revised Code, for determination of the prevailing wage rates; provided that if the Company undertakes, as part of the Project, con- struction to be performed by its regular bargaining unit employees who are covered under ~ collective bargaining agreement which was in exis- tence prior to the date of this Agreement, then, in that event, the rate of pay provided under the applicable collective bargaining agreement may be paid to such employees. 4. The payment of the principal of and any premium and interest on the Bonds shall be made solely from moneys realized from the Financing Agreement or the sale, lease, or other use or disposition of the Project or portions thereof, acquired, constructed and equipped from I the proceeds of the Bonds if title to such shall be in the Issuer. 5. In order to induce the Issuer to execute and.deliver this Agreement and ultimately to issue the Bonds, the Company hereby agrees to defend, indemnify and hold the Issuer and any and all officers there- of harmless against any and all loss, cost, expense, claims or actions. arising out of or connected with the execution of this Agr~ement and the preparation of proceedings for, and the issuance, sale or delivery of, the Bonds. . -3- ~ I t" ~.. r. '..',",... IN WITNESS WHEREOF. the Village of Dublin. Ohio. pursuant to an ordinance of the Village Council. adopted on October 15. 1979. has \ executed this Agreement and Dublin Inn. Ltd. has caused its name to be subscribed hereto by a duly authorized agent as of the year and date first above written. I VILLAGE OF DUBLIN. OHIO By .~~~ Mayor' . BY~.~~_J Clerk-Treasurer DUBLIN INN. LTD. By Its I The form of the foregoing agreement is hereby approved by the Village Solicitor of the Village of Dublin. Ohio. -4- .. J f"I .. ~ ~~._. Exhibi t 2, ELECTION UNDER SECTION 103(b)(6)(D) OF THE INTERNAL REVENUE CODE OF 1954, AS AMENDED \ The Village of Dublin, Ohio hereby'elects to have the provisions , as to the $10 million limit in Section 103(b)(6)(D) of the Internal Revenue Code of 1954, as amended'apply with respect to the iS8ue of lndu.trial development bonds herein described: 1. Name and ad~ress of governmental unit: I Village of Dublin 6665 Coffman Road - Dublin, Ohio 43017 2. Name, address and employer identification number of principal user: Dublin Inn, Ltd. Suite 1501 100' East Broad Street Columbus, Ohio 43215 Employer Identification Number: . 3. Date and face amount of the issue: ~ Bonds will be dated November 1, 1979 Face amount of' issue: $8,700,000 4. Outstanding prior issues as described in Reg. 1.103-l0(b)(2)(vi)(b)(4): None 5. Capital expenditures as described in Reg. 1.103-10(b)(2)(vi)(b)(5): Date Item Amount I Total $ Dated: VILLAGE OF DUBLIN. OHIO By Clerk-Treasurer -