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HomeMy WebLinkAbout23-82 Ordinance . ~ .' ., f . OROINANCS NO. t 1... 8..z.:. AUTHORIZING THE ISSUANCE OF NOTES IN THE MWUNT OF $321,000 IN ANTICIPATION OF THE ISSUANCE OF BOUDS FOR. THE PURPOSE OF PAYING THE COSTS OF ACQUIRING REAL ESTATE OR INTERES'l'S IN REAL ESTATE FOR l-IUNICIPAL I OPERATIONS AND DECLARING AN EMERGENCY UHEREAS, pursuant to Ordinance No. 19-81 passed April 20, 1981, notes in the principal amoUnt of $371,000 dated May 1, 1981, were issued for the purpose hereinafter stated, to mature April 30, 1982, and it appears advisable in lieu of issuing bonds at this time to issue new notes in anticipation o~ 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 thrity (30) years and notes being eight (8) years. I Nml THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF OUBLIN, COUNTIES OF FRANKLIN, DELAWARE, AND UNION, STATE OF OHIO THAT: r Section 1. It is hereby declared necessary to issue bonds of the Village of Dublin, Ohio, (the -Municipality-) in the principal sum of $321,000 for the purpose of paying the costs of acquiring real estate or interests in real estate for municipal operations (the -Bonds.). Section 2. The Bonds shall be of the denomination of $5,000 each, shall be dated apprOXimately April 1, 1983, shall bear interest at the rate of ten per centum (10%) 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 and to retire the outstanding notes dated May 1, 1981. I Section 4. Such anticipatory notes (the -Notes.) in the amount of $321,000, which sum does not exceed the amount of the bond issue, shall bear interest a,t the rate o.f 'l,.:J.3 per centum (q,~~%) per annum, payable at maturity and fifteen per centum (15%) per annum or the maximum permitted by la\V' , whichever is lower, from and after maturity. The Notes shall be dated April 30, '198..2, shall mature on April 29, 1983, and shall be executed and delivered in such number and such denominations as shall be requested by the purchaser thereof. Coupons shall not be attached to the Notes. i , . Section 5. The Notes shall be executed by the Village t-1anager and the Director of Finance, shall bear the corporate seal of the t'1unicipality,. shall be designated -r1unicipal Land Acquisition Notes", shall be payableadkoboth ~nciPal and interest at the office of 8(}/)1'- Ohio f'/IJJ'101 . . fd1JK: and shall express upon "their faces the purpose for wh1ch they are issued and that they are issued pursuant to this ordinance. sectipn 6. Subject to rejection by the officers in I charge of the Bond Retirement Fund, the Notes shall be, and hereby are, awarded and sold to fi4lJI' ~4/o I!lt$fi()rJt1lfl~(/K at the par value thereof and bea 1ng t e aforesaid 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 ~o the date of delivery. The proceeds of such sale, except any accrued interest thereon, shall be deposited in the 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 obligation of the Hunicipality 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 issuance of theN()tesshall, .tothe 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 run there shall be levied on all taxable property in the Municipality, in addition to all other taxes and inside of the limitations of I 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 ~ax 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 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 income from the municipal income tax is available for the payment of the Notes and Bonds, and is appropriated for such purpose, the amount of such tax shall be reduced by 'the amount of such income so available and appropriated. 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 I 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 133.03(L) and 5705.51(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. Nothing 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 interest on the Bonds and the Notes. -2- . . > . , . . 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 I to give an appropriate certificate on behalf of the r.tuniclpali ty, 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. Section 10. It is hereby found and deterrained 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 tbat all deliberations of tbis Council and of any of its committees that resulted in such formal action, were in meeting s open to' th'e public, incompliance with all legal requirements including Section 121.22 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 obli.gations of the Municipality have happened, be~n done. and been performed in regUlar and due form as required by la\f; . that the full faith, credit and revenue of the Municipality are hereb~ 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. I Section 12. The Clerk is hereby directed to forward a certified copy of this ordinance to the Auditors of Franklin, Delaware and Union Counties, Ohio. Section 13. This ordinance is hereby decla'red 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 heretofore issued are about to mature and it is necessary to make immediate provision for their repayment in order to preserve the credit of the Municipality; wherefore this ordinance shall take effect and be in force from and immediately after its passage. Passed ./0r,' / /1 , 1982 Attest: Effective /Jon'! IC( , 1982 j~~JQ.~ I I Clerk 0 Council Approved as to form: Legal Officer -3- . . II . .' .. t .. CERTIFICATE I, Dorothy M. Semons, Clerk of Council, hereby certify that the foregoing is a true copy of Ordinance No. ~g-32.. duly ad.oPted by the1Council. of the Vi llage of Dliblin, Ohio, on the 1tj11r day of Llri I .' 1982, and that a certified copy thereof was filed in the office of the County Auditors of Franklin, Delaware and Union Counties on the day of , 1982. 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