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HomeMy WebLinkAbout32-81 Ordinance . . ORDINANCE NO. S:l- 11 AN ORDINANCE PROVIDING FOR THE.ISSUANCE OF $400,000 OF BONDS OF THE VILLAGE oP DUBLIN, OHIO, IN ANTICIPATION OF SPECIAL ASSESSMENTS HERETOFORE LEVIED FOR THE PURPOSE. OP PAYING THE PROPERTY OWNERS' PORTION OF THE COST OF EXPANDING AND IMPROVING THE MUNICIPAL SANITARY I SEWERAGE SYSTEM BY ACQUIRING REAL ESTATE OR EASEMENTS OR OTHER INTERESTS IN REAL ESTATE AND CONSTRUCTING TRUNK SEWERS, SUB-TRUNK S~WERS, LOCAL SEWERS AND APPURrENANCES AS DESCRIBED IN RESOLUTION NO. 49-77 ADOPTEDJANUARYl6, 1978, AND DECLARING AN EMERGENCY. WHEREAS, the Fiscal Officer has certified to this Council that the estimated life of the improvements hereinafter described exceeds five (5) years and the maximum maturity of such bonds is forty (40) years: NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF DUBLIN, FRANKLIN AND DELAWARE COUNTIES, OHIO THAT: SECTIONl. It is necessary to issue bonds of the Village of Dublin in the principal sum of Four Hundred Thousand Dollars ($400,000) for the purpose of paying the property owner's portion I in anticipation of the collection of special assessments of the '-""~cost of expanding and improving the municipal. sani tary" sewerage system by acquiring real estate or easements or other interests in real estate and constructing trunk sewers, sub-trunk sewers, local sewers and appurtenances as described in Resolution No. 49-77 adopted January l6, 1978, and paying the cost ot/ advertising, printing and legal services. Such bonds shall be issued in one lot. Note~ have been issued in anticipation of the bonds. SECTION 2. Such bonds shall be in the denomination of $5,000: shall be numbered from 1 to 80, both inclusive: shall be dated July l, 1981; and shall bear interest at the rate of eight 'per centum (8%) per annum, payable semi-annually on the first days of June and December of each year beginning December l, 1981, until the principal sum is paid: provided, however, that if said bonds are sold bearing a different rate of interest than herein specified, such bonds shall bear such rate as may be provided for in the resolution of Council approving/the award thereof. The bonds shall mature as follows, whichjmaturities are hereby determined to be in substantially equal annual installments: $20,000 on December 1 in each of the years from 1982 to 200l, both inclusive. , I I 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 Director of Finance: and shall bear the corporate seal of the Village of Dublin. The interest coupons attached to the bonds shall bear the facsimile signature of the Director of Finance. The principal and interest of said bonds shall be payable at the legal depositary of the Village, presently The Ohio State Bank, Dublin, Ohio. . SECTION 4. For the purpose of providing the necessary funds to pay the interest on such bonds promptly as and when the same falls due,'and also to provide a fund sufficient to discharge the principal amounts of said serial bonds at maturity, there shall be and is hereby levied on all the taxable property in the Village of Dublin, in addition to all other taxes and inside the ten .mill limitation, a direct tax annually during the period said bonds are to run in an amount sufficient to provide funds to pay interest upon said bonds as and when the same falls due and also to provide a fund for the discharge of the principal I of said serial bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Article XII, Section II of the Ohio Constitution; provided, bowever, that in each year to the extent that the assessments anticipated by said bonds are available for the payment of said bonds and are lawfully appropriated for such purpose, the amount of such tax shall be reduced by the amount of such assessments so available and appropriated. SECTION 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. Said tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from said tax levies hereby required shall be placed in a 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 said bonds when and as the same fall due. SECTION 6. Said 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 I take any or all of said bonds, the bonds not so taken shall be _. advertised for public sale and sold in the manner provided by law. The proceeds from the sale of said 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 traris'ferrred to the Bond Retirement Fund to be applied to the payment of the principal and interest of said bonds in the manner provided by law. SECTION 7. The Village of Dublin hereby covenants that it will restrict the use of the proceeds of such issue 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{c) of the Internal Revenue Code and the regulations prescribed under that section. The Fiscal Officer or any other officer, including the Director of Finance, having responsibility with respect to the issuance of these bonds is authorized and directed to give an appropriate certificate on behalf of the Village of Dublin, for inclusion in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said Section I03(c) and regulations thereunder. , I SECTION 8. It is hereby determined that all acts, conditions and things necessary to be done precedent to and in the issuing of these bonds 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 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 bonds. -2- . SECTION 9. 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 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 l2l.22 of the Ohio Revised Code. SECTION 10. The Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditors of I Franklin and Delaware Counties. ' " SECTION 11. This Ordinance is hereby declared to be an t 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 about to mature and it is necessary to make immediateprovisiofl for their repayment in order to preserve the credit of the Villager wherefore this ordinance shall take effect and be in force from and immediately after its passage. . Submitted: t,,/U ne I , 1981 I Passed: (1f.Jy/() { ,1981 .- Effective: r J tJ n e.. I , 1981 .... President of Council Attest: -I!r~ 11/ >tAN~ I ..... .lerk 0 Counc11 .... . ........ ......~... I:~':~ ~w I, Dor()-fj,~Sem on s , Clerk of Council of the Village of Dublin, Ohio, hereby certify that the foregoing is a true copy of Ordinance No. ~:l-81 passed by the Council of said Village on June 1, 1981, and that the same is on file and of record in the office of the clerk. ~f7J, ~, ... ~.-/ C erk . , I , 0527B -3-