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HomeMy WebLinkAbout61-85 Ordinance . ORDINANCE NO. 61-85 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF $383,000 BONDS FOR THE PURPOSE OF CONSTRUCTING A TWELVE INCH WATERLINE 8600 FEET NORTH ALONG AVERY ROAD FROM THE POST AND AVERY ROAD INTERSECTION TO THE BRAND AND AVERY ROAD INTERSECTION AND THENCE 2900 FEET EAST ALONG BRAND ROAD TO MUIRFIELD DRIVE AND DECLARING AN EMERGENCY WHEREAS, the Fiscal Officer of the Municipality has certified to this Council that the estimated life of the improvements for which said bonds were authorized exceeds five (5) years and the maximum maturity of said bonds is twenty (20) years; and WHEREAS, it is now deemed necessary to issue and sell $383,000 of said bonds under authority of Sections 133.01 to 133.48, inclusive, of the Revised Code; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF DUBLIN, FRANKLIN, UNION AND DELAWARE COUNTIES, OHIO THAT: SECTION 1. It is necessary to issue bonds of the Municipality in the principal sum of Three Hundred Eighty-Three Thousand Dollars ($383,000) designated Avery and Brand Roads Waterline Bonds (the "Bonds") for the purpose of constructing a twelve inch waterline 8600 feet north along Avery Road from the Post and Avery Road Intersection to the Brand and Avery Road Intersection and thence 2900 feet east along Brand Road to Muirfield Drive and paying the cost of advertising, printing and legal services and retiring notes heretofore issued for such purpose. The Bonds shall be issued in one lot. SECTION 2. The Bonds shall be issued only as fully registered bonds, in the denomination of $5,000 or any integral multiple thereof but not exceeding the principal amount of Bonds maturing on anyone date; shall be numbered consecutively in the order of their authentication within a given maturity and shall reference such maturity date; shall be dated as of November 1, 1985; and shall bear interest at the rate of ten per centum (10\) per annum, payable semi-annually on the first day of December and June of each year (the "Interest Payment Dates") beginning June 1, 1986, until the principal sum is paid; provided, howeve r , that if the Bonds are sold bearing a different rate of interest than herein specified, they shall bear such rate as may be provided for in the resolution of this Council approving the award thereof. The Bonds shall mature in the following principal amounts on December 1 of the years indicated, which maturities are hereby determined to be in substantially equal annual installments: $18,000 in 1987; $15,000 in 1989, 1991, 1993; $20,000 in 1988, 1990, 1992, 1994 and in each of the years from 1995 to 2006, inclusive. 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 Finance Director and the City Manager in their official capacities, . provided that either or both of those signatures may be a facsimile; and shall bear the corporate seal of the Municipality or a facsimile of that seal. No Bond shall be valid or become obligatory for any purpose or shall be entitled to any security or benefit under this ordinance unless and until a certificate of authentication, as printed on the Bond, is signed by the Bond Registrar (as defined in Section 5 hereof) as authenticating agent. Authentication by the Bond Registrar shall be conclusive evidence that the Bond so authenticated has been duly issued and delivered under this ordinance and is entitled to the security and benefit of this ordinance. The certificate of authentication may be signed by any officer or officers of the Bond Registrar or by such other person acting as an agent of the Bond Registrar and approved by the Finance Director on behalf of the Municipality. It shall not be necessary that the same authorized person sign the certificate of authentication on all of the Bonds. Section 4. The principal of and interest on the Bonds shall be payable in lawful money of the United States of America without deduction for the services of the Bond Registrar as paying agent. The principal of the Bonds shall be payable upon presentation and surrender of the Bonds at the principal corporate office of the Bond Registrar. Each Bond shall bear interest from the later of the date thereof, or the most recent Interest Payment Date to which interest has been paid or duly provided for, unless the date of authentication of any Bond is after the 15th day of the calendar month immediately preceding an Interest Payment Date, in which case interest shall accrue from such Interest Payment Date. Interest on any Bond shall be paid on each Interest Payment Date by check or draft mailed to the person in whose name the Bond is registered, at the close of business on the 15th ~ay of the calendar month next preceding that Interest Payment Date (the "Record Date"), on the Bond Register (as defined in Section 5 hereof) at the address appearing therein. Any interest on any Bond which is payable, but is not punctually paid or provided for, on any Interest Payment Date (herein called "Defaulted Interest") shall forthwith cease to be payable to the registered owner on the relevant Record Date by virtue of having been such owner and such Defaulted Interest shall be paid to the registered owner in whose name the Bond is registered at the close of business on a date (the "Special Record Date") to be fixed by the Bond Registrar, such Special Record Date to be not more than 15 nor less than 10 days prior to the date of proposed payment. The Bond Registrar shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first class postage prepaid, to each Bondholder, at his address as it appears in the Bond Register, not less than 10 days prior to such Special Record Date, and may, in its discretion, cause a similar notice to be published once in a newspaper in each place where Bonds are payable, but such publication shall not be a condition precedent to the establishment of such Special Record Date. . Subject to the foregoing provisions of this Section 4, each Bond delivered by the Bond Registrar upon transfer of or in exchange for or in lieu of any other Bond shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond. Section 5. The Huntington National Bank, Columbus, Ohio, is appointed to act as the authenticating agent, bond registrar, transfer agent and paying agent (collectively, the "Bond Registrar") for the Bonds. So long as any of the Bonds remain outstanding, the City will cause to be maintained and kept by the Bond Registrar, at the principal corporate trust office of the Bond Registrar, all books and records necessary for the -2- . registration, exchange and transfer of Bonds as provided in this Section (the "Bond Register"). Subject to the provisions of Section 4 hereof, the person in whose name any Bonds shall be registered on the Bond Register shall be regarded as the absolute owner thereof for all purposes. Payment of or on account of the principal of and interest on any Bond shall be made only to or upon the order of that person. Neither the Municipality nor the Bond Registrar shall be affected by any notice to the contrary, but the registration may be changed as herein provided. All payments shall be valid and effectual to satisfy and discharge the liability upon the Bonds, including the interest thereon, to the extent of the amount or amounts so paid. Any Bond, upon presentation and surrender at the principal corporate trust office of the Bond Registrar, together with a request for exchange signed by the registered owner or by a person authorized by the owner to do so by a power of attorney in a form satisfactory to the Bond Registrar, may be exchanged for Bonds of any authorized denomination or denominations equal in the aggregate to the unmatured principal amount of the Bonds surrendered, and bearing interest at the same rate and maturing on the same date. A Bond may be transferred only on the Bond Register upon presentation and surrender thereof at the principal corporate trust office of the Bond Registrar, together with an assignment executed by the registered owner or by a person authorized by the owner to do so by a power of attorney in a' form satisfactory to the Bond Registrar. Upon that transfer, the Bond Registrar shall complete, authenticate and deliver a new Bond or Bonds of any authorized denomination or denominations equal in the aggregate to the unmatured principal amount of the Bonds surrendered, and bearing interest at the same rate and maturing on the same date. The Municipality and the Bond Registrar shall not be required to transfer or exchange any Bond for a period of fifteen days next preceding the date of its maturity. In all cases in which Bonds are exchanged or transferred hereunder, the Municipality shall execute and the Bond Registrar shall authenticate and deliver Bonds in accordance with the provisions of this ordinance. The exchange or transfer shall be without charge to the owner; except that the Municipality and Bond Registrar may make a charge sufficient to reimburse them for any tax or other governmental charge required to be paid with respect to the exchange or transfer. The Municipality or the Bond Registrar may require that those charges, if any, be paid before it begins the procedure for the exchange or transfer of the Bonds. All Bonds issued upon any transfer or exchange shall be the valid obligations of the Municipality, evidencing the same debt, and entitled to the same benefits under this ordinance, as the Bonds surrendered upon that transfer or exchange. SECTION 6. For the purpose of providing the necessary funds to pay the interest on the Bonds promptly as and when the same falls due, and also to provide a fund sufficient to discharge the principal of the Bonds at maturity, there shall be and is hereby levied on all the taxable property in the Municipality, in addition to all other taxes and inside the ten mill limitation, a direct tax annually during the period the Bonds are to run in an amount sufficient to provide funds to pay interest upon the Bonds as and when the same falls due and also to provide a fund for the discharge of the principal of the Bonds at maturity, which tax shall not be less than the interest and sinking fund tax required by Article XII, Section 11 of the Ohio Constitution; provided, however, that in each year to the extent -3- that fUnds are available from other sources and are lawfully appropriated for the payment of the Bonds, the amount of such tax shall be reduced by the amount of such funds 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 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 (0), 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. SECTION 7. 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. The tax shall be placed before and in preference to all other items and for the full amount thereof. The funds derived from the 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 the Bonds when and as the same fall due~ SECTION 8. The 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 take any or all of the Bonds, the portion not so taken shall be advertised for public sale and sold in the manner provided by law. The proceeds from the sale of the 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 transferred to the Bond Retirement Fund to be applied to the payment of the principal and interest of the Bonds in the manner provided by law. SECTION 9. The Municipality hereby covenants that it will restrict the use of the proceeds of the Bonds in such manner and to such extent, if any, as may be necessary, after taking into account reasonable expectations at the time the Bonds are issued, so that they will not constitute arbitrage bonds under Section l03(c) of the Internal Revenue Code and the regulations prescribed thereunder. The Fiscal Officer 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. SECTION 10. It is hereby found and determined that all acts, conditions and things necessary to be done precedent to and in the issuing of the Bonds 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 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 Bonds. SECTION 11. 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 -4- 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 12. This ordinance is hereby declared to be an emergency measure, the immediate passage of which is necessary for the public health, welfare, and safety of the Municipality and its inhabitants, for the reason that notes heretofore issued - in anticipation of the Bonds 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 go into full force and effect immediately upon its passage. SECTION 13. The Clerk is hereby directed to forward a certified copy of this ordinance to the County Auditors of Franklin, Union and Delaware Counties. Submitted: September 16, 1985 Passed: September 16, 1985 Effective: September 16, 1985 ~7~ President of Council Attest: JAAl/MM:?J. .?i~ Cierk oE ~o nc~ -Presiding Officer Approved as~orm: I ~.. /9i -~ Legal Officer I , Frances Urban, Clerk of Council of the Village of Dublin, Ohio, here~ ~ertify that the foregoing is a true copy of Ordinance No. &,/- .6 duly passed by the Council of said Municipality on September 16, 1985, and that a true copy thereof was certified by me to the County ~itors of Franklin, Union and Delaware Counties, Ohio on the /~ - day of September, 1985. ~~W;.I{~ Cletk , hereby ce~i(y that c,pies of this Ordinance/Resolution :7 P~i~d 2~n the ViII"e 0' Dublin in accordance with IIn , 0' the Ohio Revised Code, ~/J41/~ 7;} ~~~ Clerk .f Council 3996B -5-