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HomeMy WebLinkAbout28-82 Ordinance - ; ~ ,. ORDINANCE NO. ~ 8-82- AUTHORIZING THE ISSUANCE OF MOTES 1M THE AMOUNT or $545,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF IMPROVING THE FRANTZ ROAD, POST ROAD AND STATE ROUTE 161 ROADWAYS AND INTERSECTIONS I IN THE VILLAGE OF DUBLIN BY WIO&RIMG, GRADING, PAVING, REPAVING, CONSTRUCTING CURBS AND GUTTERS AND INSTALLING TRAFFIC CONTROL DEVICES, WITH RELATED APPURTENANCES AND DECLARING 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 twenty-five (25) 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 hereby declared nece.sary to issue I bonds of the Village of Dublin, Ohio, (the -MuniCipality.) in the principal sum of $545,000 for the purpose of improving the Frantz Road, Post Road and State Route 161 roadways and intersections in the Village of Dublin by widening, ,rading, paving, repaving, constructing curbs a.nd gutters and illlstalling traffic control devices, with related appurtenances (tl\e "Bonds"). Section 2. The Bonds shall be of the denomination of $5,000 each, shall be dated approximately May 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 twenty-five (25) 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. - 9, (J f ;{ r... -rer,,sT- Section 4. Such anticipatory notes (the "Notes") in the amount of $545,000, which sum does not exceed the amount of the bond issue, shall bear interest at the rate of interest set forth in the resolution of this council providing for the award thereof (the "Resolution of Award"), payable at maturity and I fifteen per, centum (15%) per annum or the maximum permitted by law, whichever is lower, from and after maturity. The Notes shall be dated June 1, 1982, shall mature on June 1, 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. Section 5. The Notes shall be executed by the Village Manager and the Director of Finance, shall bear the corporate seal of the Municipality, shall be designated "Frantz Road and Post Road Improvement Notes", shall be payable as to both . , l' , . . principal and interest at the office of the bank designated in the Resolution of Award and shall express Upoll their fac.. the purpose for which the, are issued and that they are issued pursuant to this ordinance. Section 6. Subject to rejection by the officers in charge of the 80nd Retirement Fund, the Notes shall be, and hereby are, awarded and sold to the purchaser identified in the Resolution of Award at the par value thereof and bearing the I aforesaid rate of interest and the Clerk is hereby authorized and directed to deliver the Hotes, when executed, to said purchaser upon payment of such purchase price and accrued interest to the date of delivery. The proceeds of sueh 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 Son4 Retirement !'und 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 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. Section S. 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 Article XII, Section 2, of the COnstitution of Ohio, a direct I 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 u,poa the tax duplicate and shall be collected by the sue officer in tlle sallle manner and at the same tille that tax.. for general purpose. for each of said years are certified, extended and collected. Said tax shall be placed before and in prefereRce to all other item. and for the full amount thereof. FUndS derived from said levies hereby required shall be placed in a separate and distinct fund, wbich, 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 Constitution and laws of the State of Ohio and the Charter of I 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 aunicipal inooae 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. Section 9. Tbe Municipality hereby covenants that it will restrict the use of the proceeds of the Notes in such -2- " , Of # . . - manner and to such extent, if any, as .ay Il>e nec.s.ary, after taking into accotl,nt reasonable expectatioH at t.lle ti.e the debt is incurred, so that they will flOt. constitute arbitr.,e bonds under Section 103(<:) of the Internal Jleventle Code aad the regulations prescribed thereunder. The fi.cal officer or any other officer, iftClu4ing the Clerk, havin.- respon.aibility with respect to the issuance of the Notes is authorized and directed to give an appropriate certificate on beha.lf of the t-iunicipality, for inclusion in the transcript of proceedings, I setting forth the faets, estimates and circumstances and reasonable expectations pertaining to said Section 103(c) and regulations thereunder. SectiQn 10. It is hereby found and determined tbat all formal actions of this council concerning aad relatin9 to tbe adoption of this ordinance were adopted in an open .e.ting of this Council, and that all deliberations of this Council and of any of its committees that resulted in such for..l 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 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 the. legal, valid and binding obligations of the Municipality have hap.pened, been done and been performed in regular and due form as required by lawJ that the full faith, credit and revenue of the !-lunicipali ty are hereby irrevocably pledged for the p.rollPt payment of the principal and interest thereof at maturitYJ and that no limitation of indebtedness or taxation, either statutory or constitutional, has been exceeded in issuing the Notes. Sectton 12. The Clerk is hereby directed to forward a I certified copy of this ordil\an". to the Auditors of pranklin. Delaware and Onion Counties, Ohio. Secti.oa 13. This ordinance is hereby declared to be an emergency measure nece.sary for tbe preservation of the public peace, health aad safety of the Municipality aftd its inhabitants for the reason that contracts must be si9ned imaediately in order to permit construction of the project in tiaely fashion, during favorable we.ther conditions, wherefore this ordinance shall take effect and be in force from and immediately after its passage. Passed lH,at 11 ,1982 Attest: Effective )71~(j /1 ,1982 ~~l~~ Cle l' 0 . nc A, pproved.U to form.., ! I ~~L. c/. ~~ . ~ Legal Officer CERTIrICATB I, Dorothy M. Se.lIlons, Clerk of Council, hereby certify that. the foregoinl is a true copy of Ordinance Mo. duly adopted by the Council of the Village of Dublin, Ohio, on the day of , 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. Clerk of Oouncil 15638 -3- .., ., . . CERTIFICATE OF ESTIMATED LIFE AND MAXIMUM r1ATURITY To the Village Council of the Villaqe of Dublin , Ohio: I The undersigned Fiscal Officer of the Village of Dublin hereby certifies that: 1. The estimated life of the following improvement, to-wi t: improving the Frantz Road, Post Road and State Route 161 roadways and intersections in the Village of Dublin by widening, grading, paving, repaving, constructing curbs and gutters and installing traffic control devices, with related 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 twenty-five years, and, if notes are issued in anticipation of the issuance of I said bonds, the maximum maturity of such notes is eight (8) years, if sold at public sale, and one (1) year if sold at private sale. Dated: '"'f\\cu " \'1 , 1982 l\ - '\ ~~." ~ Oil-.. d:l \ '. lM()Xlfi, ~ \ - Title Finance Director village of Dublin , Ohio BRICKER &'ECKLER Bond Counsel Columbus, Ohio Rev. 12/80 0192B ..