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HomeMy WebLinkAbout19-81 Ordinance , ." }c . ., C'r ORDINANCE NO. ~ AUTHOIUZING THE ISSUANCE OF NOTES IN THE AMOUNT OF $371,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING THE COST OF ACQUIRING REAL ESTATE OR INTERESTS IN REAL ESTATE FOR MUNICIPAL OPERATIONS AND DECLARING AN EMERGENCY I 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) year s , the maximum maturity of bonds being thirty ~30) 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: Section 1. It is hereby declared necessary to issue bonds of the Village of Dublin, Ohio, (the "Municipality") in the principal sum of $371,000 for the purpose of paying the costs of acquiring real estate or interests in real estate for municipal operations (the "Bonds"). I Section 2. The Bonds shall be of the denomination of $5,000 each, shall be dated approximately April 1, 1982, shall bear interest at the rate of eight per centum (8%) per annum, payable semiannually until the principal sum is paid and shall mature in thirty (30) annual installments after their issuance. Section 3. It is necessary to issue and this Council hereby determines that notes shall be issued in anticipation of the issuance of the Bonds. Section 4. Such anticipatory notes (the "Notes") in the amount of $371,000, which sum does not exceed th?Jamount of the bond iss~hall bear interest at the rate of . ,/8 per centum ( '. %) per annum, payable at maturity and ten and one-half per centum (10-1/2%) per annum after maturity. The Notes shall be dated May 1, 1981, shall mature on April 30, ~ 1982, and shall be executed and delivered in such number and such denominations as shall be requested by the purchaser thereof. Coupons shall not be attached to the Notes. Section 5. The Notes shall be executed by the City Manager and Director of Finance, shall bear the corporate seal of the Municipality, shall be designated "Municipal Land Acquisition Notes", shall be payable as to both principal and I interest at the office of Bank OJ? e-. and Shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Sect ion 6. Subject to rejection by the officers in charge of the Bond Retirement Fund, the Notes shall be, and hereby are, awarded and sold to ~c.. q~ p at the par value thereof and bearing the a oresa1 rate of interest and the Clerk is hereby authorized and directed to deliver the Notes, when executed, to said purchaser upon payment of such purchase price and accrued interest to the date of delivery_ i ~ J . ..,. . . The proceeds of such sale, except any accrued interest thereon, shall be deposited in th~ Treasury of this Municipality 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 the Notes in the manner provided by law. Section 7. The Notes shall be the full general obligat.ion of the Municipalitl'andthefull faith, credit and I revenue of the Municipality are hereby pledged for the prompt payment of the same. " The par value to be received from the sale of the Bonds and anycexceS's funds resultingfroJll the issuance of the Notes shall, to the extent necessary, be used only for the retirement of the Notes at maturity, together with interest thereon, and is hereby pledged for such purpose. The Municipality hereby covenants to appropriate annually from lawfully available municipal income taxes amounts necessary to meet the annual debt changes on the Notes and the Bonds. Section 8. During the years while the Notes run there shall be levied on all taxable property in the Municipali.ty, in addition to all other taxes and inside of 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 if the Bonds had been issued without the prior issuance of the Notes. 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 I shall be placed in a separate and distinct fund, which, together with interest collected on the same shall be irrevocably pledged for the payment of the principal and interest on the Notes or the Bonds when and as the same fall due, provided, however, that in each year to the extent that the revenues from the municipal income tax are available for the payment of the Notes and Bonds, and are appropriated for such purpose, the amount of such tax shall be reduced by the amount of such revenues so available and appropriated. Section 9. The Municipality hereby covenants that it will restrict the use of the proceeds of the 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 103(c) of the Internal Revenue Code and the regulations prescribed thereunder. The fiscal officer or any other officer, inCluding the Clerk, having responsibility with respect to the issuance of the Notes 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 103(c) and regulations thereunder. I Section 10. 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 11. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in the issuing of the Notes in order to make them legal, valid and -2-- -- --,. ~ . ,. ~ . ~ " binding obligations of the Municipality have happened, b~en done and been performed in regular and due form as required bylaw: that the full faith, credit andrevenu.e.,.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 Notes. Section 12. The Clerk is hereby directed to forward a I certified'copy of this ordinance to the Auditors of Franklin and Detaware 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 Municipality and its inhabitants for the reason that the lands to be acquired are urgently needed for development of municipal projects: wherefore this ordinance shall take effect and be in force from and immediately after its passage. Signed: ~. ~~ . . e" '. A -. " -' Pres1d1ng Officer Passed /lpr/ I ;Ie) , 191L Attest: Effective /J pf' J'I ;) 0 , 19.i1 ~ JtlJ.~LJJ Cler kof -ouncil -I to form: CERTIFICATE I, . , Clerk of Council, hereby certify that the f egoing isa true copy of Ordinance No. /9-fl duly ado~ted by t Council of the Village of Dublin, Ohio, on the ~~ day of ~J"/I , 1981, and that a certified copy thereo . was filed 1n he offices of the Franklin and Delaware County Auditors on the <)XI"""- day of ~~'-' , 1981. 14~ m'lJ/,~ C er 0 ounC1 I 0330B -3-