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HomeMy WebLinkAbout30-80 Ordinance , .....} '- -'...:'.1 OrJ. \ n~r\ Ce.. * 30 -'60 \;i, VILLAGE OF DUBLIN, OHIO CITY COUNCIL April 7, 1980 >- ORDINANCE AGREEING TO ISSUE INDUSTRIAL DEVELOPMENT REVENUE BONDS OF THE VILLAGE FOR TaE PURPOSE OF ASSISTING SKOR I TO ACQUIRE, BY PURCHASE AND CONSTRUCTION, REAL AND PERSONAL PROPERTY CONSTITUTING AN INDUSTRIAL FACILITY; AUTHORIZING 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 A~/(.... 7 ,1980 the Dublin Area Community Improvement Corporation (the "Agent"), the designated agency for industrial, commer- cial, distribution and research development for the Village of Dublin, Ohio (the "Village") 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 Village prepared and approved by the Agent and confirmed by this Council; and WHEREAS, the Village by virtue of the laws of the State of Ohio, particularly Chapter 165, Ohio Revised Code, wishes to take the necessary actions for the issuance of Industrial Development Revenue Bonds in~he maximum aggregate amount of $2,750,000 for the purpose of assisting SKOR to acquire~ by purchase and construction, real and personal property constituting an industrial facility (the "Project") within the City; and WHEREAS, SKOR is a general partnership duly organized under the laws of the State of Ohio; I NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Dublin, Ohio: Section 1. That the Village 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 $2,750,000 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 Village will authorize execution of such agree- . ments as are appropriate for the issuanc~ and sale of the aforesaid bonds and the loan of the proceeds thereof for the above-described purpose. Section 3. That the City Manager and the Director of Finance of the Village are hereby authorized and directed to execute on behalf of the-Village the Agreement attached hereto as Exhibit 1. . ,d ,'I ~ Section 4. That the Issuer hereby elects to have the provisions of the $10 million limit in Section l03(b)(6)(D) of the Internal Revenue Code of 1954, as amended, apply with respect to the above described Bonds, and the City Manager and the Director of Finance, or either of them, be and they hereby are authorized to execute and cause to be filed with the appro- priate office of the Internal Revenue Service on behalf of the Issuer an election in the form of Exhibit 2 attached to this ordinance. Section 5. It is 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 delibera- I tions 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. That this Ordinance is hereby determined to be an emergency measure, the immediate passage of which is necessary for the pre- servation of the public peace, health, safety and welfare and for the further reason that this ordinance must be immediately effective so that commencement of the acquisition and construction of the facility above- described can be begun as soon as possible in order that the Village and its residents may enjoy the benefits of the additional employment oppor- tunities at the earliest time; wherefore, this ordinance shall be in full force and effect immediately after its passage and approval by the Mayor. Passed: April 7, 1980 " Approved. U~,/ ~~.e/ ~ ~~. Qr~ I ~ ~ ~ Vice Mayor Attest: , Clerk of Council CERTIFICATE I, mA~c..\A- ~€JCL,.J ,Clerk of Council of the Village of Dublin, Ohio, do hereby certify the foregoing to be a true and exact copy of Ordi- nance No. 30 - 3D adopted by said Council on April 7, 1980. -- . . ~ ~.~~ '--~~ Clerk of Council Village of Dublin, Ohio -2- .. " ~ ,10; Exhibit 1 AGREEMENT TO ISSUE BONDS THIS AGREEMENT, entered into....as of th~ 7th day of April, 1980 between the Village of Dublin, Ohio (herein called the "Issuer"), and SKOR, a general partnership organized and existing under and by virtue of I 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, inc1ud~ng 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 an industrial facility consisting of an office, research and assembly facility (herein called "Project") at property located in the Village of 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 I "Bonds") issued pursuant to Chapter 165, Ohio Revised Code, in an aggre- gate amount now estimated not to exceed $2,750,000; 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 the 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 .. d , 't 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 terms and conditions as provided or permitted under said Cha.pter 165; provided, however, that the Financing Agreement shall require payments 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 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 desig- nated under any trust agreement or mortgage shall, on behalf and for the protection of the holders of the Bonds, accept such other security as may I 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 l6~.Ol, 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 oil such dates and containing suc~ optional and mandatory redemption features and prices as are re- -2- . 'T:' ., '. . , quested by the Company and will deliver the Bonds to the purchaser or purchasers thereof and cooperate to its fullest extent in consummating .... the transaction. 3. All wages paid to laborers and mechanics employed on the I Project shall be paid at the prevailing rates of wages of laborers and mechanics for the class of work 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; pro- vided that if the Company or any other non public. user beneficiary under- takes, as part of the Project, construction to be performed by its regular bargaining unit employees who are covered under a collective bargaining agreement which was in existence prior to the date of this Agreement, then, in that event, the rate of pay provided under the applicable C9llec- tive 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 I Financing Agreement or the sale, lease, or other use or disposition of the Project or portions thereof, acquired, constructed and equipped from 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 Agreement and . the preparation of proceedings for, and the issuance, sale or delivery of, the Bonds. -3- . 'i ; , , . . . IN WITNESS WHEREOF~ the Village of Dublin, Ohio, pursuant to an ordinance of the Village Council, adopted on April 7, 1980, has executed. this Agreement and SKOR has caused its name to besuhscribedhereto by its ~ duly authorized partners as of the year and date first above written. I VILLAGE OF DUBLIN, OHIO By Ci;;{~)IIJ J___ . ., .....~ .. By0~. Director of Finance SKOR, a general partnership .... ~.:.~.'~~_.; .!; . .' BYpa~U~-0~ J ... Pa tn ' I <' . The form of the foregoing agreement is ... .. hereby approved by the Director of Law of the Village of Dublin, Ohio. . , . , -4- . ~. . Exhibit 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 l03(b)(6)(D) of the Internal Revenue Code of 1954. as amended apply with respect to the issue of industrial development bonds herein described: 1. Name and address of governmental unit: I Village of Dublin 6665 Coffman Road Dublin. Ohio 43017 2. Name. address and employer identification number of principal users: SKOR. a general part~ership Industrial Data Terminals c/o John P. O'Connor 1550 West Henderson Road 656 North Fourth Street Columbus, Ohio 43220 Columbus. Ohio 43215 EIN: EIN: 3. Date and face amount of the issue: Bonds will be dated Face amount of issue: $2,750.000 4. Outstanding prior issues as described in Reg. 1.103-10(b)(2)(vi)(b)(4): None " 5. Capital expenditures as described in Reg. 1.103-l0(b)(2)(vi)(b)(5): Date Item Amount I Total $ Dated: VILLAGE OF DUBLIN. OHIO . By Director of Finance . ..' f' ...~ . ... CERTIFICATE WHEREAS, SKOR, Co., has submitted to the Dublin Area Community Improvement Corporation (the "Corporation"), the designated agency of the Village of Dublin (the "Village"), State of Ohio, pursuant to Section 1724.10, Ohio Revised Code, an application for an issuance of Industrial Develop- ment Revenue Bonds in the amount of approximately $2,750,000 I for the acquisition and improvement of real and personal property, constituting a new industrial and commercial facility, by'SKOR, Co., or assigns, to be leased, and subsequently sold, to Industrial Data Terminals Corp., an Ohio corporation, for use as a headquarters office and distribution facility and for related purposes,located in the Village (the "Project"); and WHEREAS, the Project is proposed to be financed by the Village" through the issuance of Industrial Development Revenue Bonds (the "Bonds") pursuant to the authority of Section 13 of Article VIII, Ohio Constitution, and Chapter , 165, Ohio Revised Code; and l~EREAS, the Village Council of the Village is required pursuant to Section l65.03(C), Ohio Revised Code, to receive prior to delivery of the Bonds a certificate ~rom its agency that a project to be financed by the issuance of the Bonds is in accordance with the "Plan" prepared by its . agency pursuant to Section 1724.10, Ohio Revised Code, and confirmed by the Village Council of the Villager and WlIEREAS, the Corporation has prepared a Plan pursuant to Section 1724.10, Ohio Revised Code, and such plan has been confirmed by the Village, Council of the I Village; and WHEREAS, the Project appears to be in accordance with said Plan; NOW, THEREFORE, the Corporation hereby certifies to the Village Council of the Village that the Project is in accordance with the "Plan" as prepared by the Corporation and confirmed by the Village Council of the Village. IN WITNESS WHEREOF, the Corporation has hereunto caus,edthese presents to be subscribed by its duly authorized officer on . the ~day of l-darch, 1980. DUBLIN AREA COMMUNITY IMPROVEMENT CORPORATION By: {!4it/~ Its l?Y'As::tinAnt: . .." ,," .~ . .. RECEIPT . RECEIVED this 7& day of jflt'k . , 1980, on behalf of the. Village Council of the Village of Dublin, , Ohio, a copy of thta foregoing Certiticate. I ~~~ L\.~~ .' er Village Council of the Village of Dublin, Ohio : . ) ...-..-,. --.- ,- .-.: -1<:r-'"-:-.... I ~2- a