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HomeMy WebLinkAbout12-82 Ordinance I .. ,,' . ... . ~,.,.. ," .- .. , ORDINANCE NO'. I ,;) .,.!~ 2- AUTHORIZING THE ISSUAMCEO~ NOTES IN THB AMOUNT O~$575,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS F,OR THE PURPOSE OF IMPROVING AND EXTENDING THE MUNICIPAL WATER SYSTEM BY CONSTRUC'l'ING..APPROXIMA'l'ELY 10,00,0 LINEAL FEET OF 16. WATER LINE IN POST ROAD I AND STATE ROUTE lol,CONSTRUCTING A WATER BOOSTER STATION AND TELEMETRY SYSTEM, ACQUIRING REtATSl> EQUIPMENT iND APPURTENANCES, AND DBCLARING AN EMERGENCY .......--- -- --- ~ 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, DELAWARE, AND UNION, STATE OF OHIO THAT: Section 1. It is her:eby declared necessary to issue I bonds of the Village of Dublin, Ohio, (the -Municipalit.yW) in the principal sum of $575,000 for t.he pu,rpose of improving and extending the municipal water system by constr:ucting approximately 10,000 lineal feet of 10- water line in Post Road and State Route 161, constructing a water booster station and telemetry system, aq.quiring ,related equipment and:'.appur:tenances (the .Bonds.) .'" i " : Section 2. The Bonds shall be of the denomination of $5,000 each, shall be dated approximately March 1,1983, shall bear interest at the rate of twelve per centum (12'> per annum, payable semiannually until the principal sum is paid and shall mature in forty (40) annual installments after their issuanCe. Section 3. It is necessar:y to issue and this Council her:eby determines that notes shall be issued in anticipation of the issuance of the Bonds. Section 4. Such anticipatory notes (the WNotes.) in the amount of $575,000, which sum does not exceed the amount of the bond issue, shall bear interest at the rate of 9.11 per centum ( 9.11') per annum, payable at maturity and ";fiftBen:'~ per centum (1.$%) per annum or the maximum permitted by law, whichever is lower, from and after maturity. The Notes shall be dated March 15, 1982, 'shall mature on March IS, 1983, and shall I 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 Village 14anager and the Finance Director, shall bear the corporate seal of the Municipality, shall be designated .Post Road Water Line Notes., shall be payable as to both pr:incipal and interest at the office of the Dublin Branch of the Ohio State Bank and shall express upon their faces t.he purpose for which they , are issued and that they are issued pursuant to this ordinance. ~ . , \ " " . . . Section 6. Subject to rejection by the officers in charge of the aontl RetireSlent Fund, the Notes shall be, and her_bit a~a~ad aQ4.".,8old..to The Ohio Company at the par value thereof and beari-tlg the aforesaid rate of interest and the Clerk is hereby authorized and directed to deliver the uotes, when executed, to said purchaser upon payment of such purchase price and accrued interest to the date of delivery. The proceeds of such sale, exoept any accrued interest thereon, shall be deposited in the Treasury of this I 11unicipality and used for the purpose aforesaid and for no otur purpose. Any accrued interest shall be transferred to the Bon6 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 obligation of the Municipality and the full faith, credit and 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 any excess funds resulting from the issuan~ 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. Section 8. During the years while the Notes runthere shall be levied on all taxable property in the Municipality, 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 salDe manner and at.tbe I same time that taxes for general purposesfo.r eacb of said years are certified, extended and collected. Said tax sball be placed before and in preference to all other items and for the full amount thereof. Funds derived from said levies bereby required shall be placed in a separate and distinct fund, Which, together with interest collected on the s~me 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 the amount of such tax shall be reduced by the amount of lawfully available municipal income taxes appropriated and to be applied to the debt charges on the Bonds in compliance with the covenant hereinafter set forth. To the extent necessary to meet such debt charges, the principal of and interest on the Bonds shall be paid from municipal income taxes lawfully available therefor under the Constitution and laws of the state of Ohio and the Charter of the Municipality: and the Municipality hereby covenants, sUbject and pursuant to such authority, including particularly Sections l33.03(L) and 570S.51(A)(5) and (D), Ohio Revised Code, to appropriate annually from such municipal income taxes such amount as is necessary to meet such annual debt charges. Uothing in this section in any way diminishes the irrevocable pledge of the full faith, credit and revenues of the MuniCipality to the prompt payment of the principal of and I interest on the Bonds and the Notes. Section 9. Tbe 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 thef:eunder. The fiscal officer or any other officer, including the Clerk, baving responsibility with respect to the issuance of the Notes is authorized and directed -2- . . , I <, .~ . . . to give an appropriate certificate OD behal.f of the - Municipality, for inclusion in the transcript of proceedings, setting forth the facts, estimates and.circumstances and reasonable expectatio.ns pertaining to said See.tioR.. 103(c rand regulations thereunder. 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 I 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 l21.22 of the Ohio Revised Code. Section 11. It is hereby found and 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 binding obligations of the MuniCipality have happened, been done and been performed in regular and due form as required by law; that the full faith, credit and revenue 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 certified copy of this ordinance to the Audito~s of Franklin, Delaware and Union 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 notes must be sold without delay in order to permit entering into contracts and taking advantage of favorable weather for construction, Wherefore this ordinance shall take I effect and be in force from and immediately after its passage. /" Passed March 1 , 1982 Attest: Effecti ve March 1 , 1982 ~~)q,. ~~ Cler .0 .ounci1 Approved as to form: ~;r:$~,~ Legal Officer I CERTIFICATE I, j)/Jro'lt (fl $'e.(/'1ons , Clerk of Council, hereby certify that' the regoing 1S a true copy of Ordinance No. 1';'-~2. duly adopted by the Council of the Village of Dublin, Ohio, on the 11't- day of MarCh, 1982, and that a certified copy thereof was filed in the offices of the County AUditors of Franklin, Delaware and Union Counties on the day of March, 1982. -IJh~JV,. ~~ Clerk 0 Council 1289B -3- ~' '''~'--:'''''''''''''''-'''''"'.'......;.<"~,'c..'.;-""",,_;;;'".;c.;.,,.-~,,","--..~_..;;-.-.__.~ -r ~ -.:.;;,.---"" " ~" ~~~,~,_"",'-"';'"'--~'- --..:........- '.- _.-...~ ". , . . , CERTIFICATE OF ESTIMATED LIFE AND MAXIMUM MATURITY To the Village Council of the Village of Dublin , Ohi 0: I The undersigned Fiscal Officer of the Village of Dublin hereby certifies that: I 1. The estimated life of the following improvement, to-wit: improving and extending the municipal water system by constructing approximately 10,000 lineal feet of 16" waterline in Post Road and State Route 16l, constructing a water booster station and telemetry system, acquiring related equipment and appurtenances, is at least five (5) years. 2. The maximum maturity of the bonds proposed to be issued to finance such improvement, calculated in accordance with the provisions of Section 133.20, Revised Code of Ohio, is forty (40) years, and, if notes are issued in anticipation of the issuance of said bonds, the maximum maturity of such notes is eight (8) years, I if sold at public sale, and one (1) year if sold at private sale. Dated: ~(l)-.,r-~ \ , 19 82 . \ - ~ Cl.A\.l ~ Y~~.r.AO Q - Title Finance Director Village of Dublin , Ohio BRICKER & ECKLER Bond Counsel Columbus, Ohio Rev. 12/80 0192B ..-..