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Home My WebLink About01-81 Ordinance ",. , ":' .~ I 'J" ._ . ,., 0/-'1/ ORDINANCE NO. . " AUTHORIZING THE ISSUANCE OF NOTES IN THE AMOUNT OF $400,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS AND THE LEVY AND COLLECTION OF SPECIAL ASSESSMENTS FOR THE PURPOSE OF EXPANDING AND IMPROVING THE MUNICIPAL SANITARY SEWERAGE SYSTEM BY THE ACQUISITION OF REAL ESTATE OR EASEMENTS OR I OTHER INTERESTS IN REAL ESTATE AND THE CONSTRUCTION OF SEWER LINES AND APPURTENANCES, AND DECLARING AN EMERGENCY WHEREAS, this council' has heretofore by proper'.legisla tion declared the necessity of improving .the municipal sanitary sewerage system by the acquisition of real estate:or easements or other interests in real estate and the construction of sewer lines and .appurtenances,. and :'h;i.s:detp.rr:lio.l'.:if) that. the total estimated cost' of~sai(]' irnprQvernent ,\~iJ.l;'bE: not let{s than $800,000; and WHEREAS, pursuant to Ordinance No. 67-80 passed October 6, .1980, notes in the principal amount of $800,000, dated ;October 24, 1980, were issued for. the purpose hereinafter I stated, to'mature January 23,1981, and 'it appears:advisable in lieu of issuing bonds at this time to issue new notes in anticipation of the issuance of such bonds; and WHEREAS, the fiscal officer has certified to this council that the estimated life of the improvement to be constructed from the proceeds of bonds and notes'hereinafter referred to exceeds five (5) years, the maximum maturity of bonds being forty (40) years and notes being eight (8) years; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF DUBLIN, COUNTIES OF FRANKLIN AND DELAWARE, STATE OF OHIO THAT: I Section I. It is hereby declared necessary to issue bonds of the Village of Dublin, Ohio, in the principal sum of $400,000 for the purpose of paying a portion of the cost of improving the municipal sanitary sewerage system by the acquisition of real estate or easements or other interests in real estate and the construction of sewer lines and appurtenances as described in Resolution No. 49-77 adopted January 16, 1978. J . Section 2. Said bon~all be of the denomina~ion of $5,000 each and shall be dated approximately July 1, 1981; shall bear interest at the rate of not more than eight per centum (8%) per annum, payable semiannually until the principal sum is paid and shall mature in forty (40) annual installments after their issuance. ~ t ,> . . . ii . Section 3. It i~ necessary and this Council hereby determines that notes shall be issued in anticipation of the issuance of said bonds and in anticipation of the levy and collection of special assessments, and to retire said existing nOtes dated October 24, 1980. I Section 4. Such anticipatory notes in the amount of $400,000 which sum does not exceed the amount of the bond issue, shall bear interest at the rate of 1.83 ' per centum (~) per annum, payable at maturity and ten and one- half per centum (10-1/2%) per annum after maturity. Such notes shall be dated January 23, 1981,mature on July 23, '1981~ and shall be executed'and. delivered' in suc~ number and such denominations as shall be requeste~ by the purchaser . . thereof. . Couponsr shall not .be attached.. to. the notes. Section 5.'. Such notes shall be e~ecuted by the City '. Manager .and: the Director .0fFinance and~shall bear the seal .' . ;":1'.:': ; Qf::~he ~,l;LJ.l^g(n Sh6,~L bl:-"'d~~signa'ted.~ "Phase II Sewer Line ; ":: ' ....~:. "'\f'[mpJSTOv.~;.nlt::'ll tJ~o ~>:::! :-:~t.. i;\!'(} ~;.jaJ::1 UH,~,< pay.:'l'i::>l-:! a~:. to both pr inc ipal . .. , :I....'.~ t . t '.', , ..,',: , . " " t f ' ..,... f &. OJ, , 'l..t. anc ).rlt.€.'l.e'':>.~~.f:l_., ~~.Jf:,"r......._..;;~:~:'.".-'-':~. f.,... },(.,. 0 . 1Jt' . ~D '.;' ",. "an.d .shalL,express upon their face , . ., . --.p". ... ..._..._.......~.._,...,--- .., the' purpose for wh1.ch they. are issued and that they are .', issued pursuant to this ordinance. Section 6. Subject to the rejection of said notes by the officers in charge of the Bond Retirement Fund, said notes shall be, and hereby are, awarded and sold to /3d~e OJ, i D at the par value thereof,and bearing the "t :, aforesaid rate of. interest, and the Clerk is hereby..authorized ," anddir~cted to deliver said notes, when executed, to said I' purchaser' upon 'payment of such purchase price and accrued . . interest to the date of delivery. The proceeds of such sale, except any accrued interest thereon, shall be deposited in the Village Treasury and used for the purpose aforesaid and for no ,other purpose. Any accrued interest shall be .. transferred to the Bond Retirement Fund to be applied to the ,payment of the principal and interest on said notes in the manner provided by law. Section 7. Such notes shall be the full general obligation of the said Village of Dublin, Ohio, and the full faith, credit and revenue of the Village are hereby pledged for the prompt payment of the same. The par value to be received from the sale of the bonds anticipated by said notes and any excess'funds resulting from the issuance of said notes shall, to the extent necessary, be used Only for the retirement of said notes at maturity, together with interest thereon, and is hereby pledged for such purpose. Section 8. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax shall be levied against all of the property in said Village for the payment of said notes and the interest thereon; provided, , however, that during the years while such notes run there shall be levied on all taxable property in the Village of Dublin, Ohio, in addition to all other taxes and inside the limitations of Article XII, Section 2, of the Constitution of Ohio, a direct tax annually not less than that which would have been levied for the Village's portion of said notes if bonds had been issued without the prior issue of said notes. -2- ~ .. . ,. . p . " . Said tax shall be and is hereby ordered computed, certified, levied and extended upon the tax duplicate and shall be collected by the same officer 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. Funds derived from said levies hereby required shall be placed in a separate and distinct fund, which, together with interest I collected on the same shall be irrevocably pledged for the t payment of the principal and interest on said notes or the bonds in anticipation of which they are issued when and as the same fall due. I ' Section 9. The Village hereby covenants that it will . ~ . . restrict the use of the proceeds of such notes in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time the debt is incurred, so that they will not'constitute arbitrage bonds under'Section l03(d) of, the Internal Revenue Code and the regulations prescribed under,the section. The I fiscal officer. or" any other Qfficer.,' incJ~L1(Hngr t.h,.' 1):1 r.ector of Finance" having responsi.bil i ty,with,'t:espectt;o;~'~ tH~ issuance I of these notes is:,aut.horized' and directed 'to g;.ve:':ail,appropriate I certificate on'behalf,of the Village; for'inclusion in the transcript of proceedings, setting forth the factsjiestimates and circumstances and reasonable expectations pertaining to .1 ' said Section 103 (d) and regulations thereunder. I ,Section IO. It is found and determined that all f01='mal 1 :1 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 I 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 II. It is hereby determined and recited that all acts, conditions and things necessary to be done precedent , to and in the issuing of these notes in order to make them "legal, valid and binding obligations of said Village'of Dublin have happened, been done and performed in regular and due form as required by law; that the full faith, credit and revenue of said Village 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 these notes. Section 12. That the Clerk is hereby directed, to forward a certitied copy of this ordinance to the Auditors of Franklin and Delaware Counties, Ohio. Section 13. This ordinance is hereby declared to be an emergency measure necessary for the preservation of the public peace, health and safety of the Village of Dublin and its inhabitants for the reason that notes heretofore issued are I about to mature and it is necessary to make immediate provi- sion for their repayment in order to preserve the credit of the Village; wherefore this ordinance shall take effect and be in force from and immediately after its passage. ~~$rt~LA~~ '" /t~~r , Presiding Officer -- Passed \. If/KJllQJ" y S , 1981. Attest, JJ~rt>> .~~ I -3- ~. , . - It . CER'I'IFICATE It . D".,./)II1" S'f"DAS.. , Clerk of Council, hereby certify that/the oregoing is a true copy of Ordinance No.. O/-~I . duly adopted by the council of the Village of Dublin, Ohio, on the ~~ . day of January, 1981, and that a certified copy thereof was filed in the offices of I the Franklin and Delaware County Auditors on the ,~ day of January, 1981. ..... ~ J,Je. ~~ I ler i I I i I 1 I I I j 1 I ; \ I I i I .I .1 'I I I II J ' I , -4-