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Home My WebLink About50-85 Ordinance . .... ' ORDINANCE NO. 50-85 AUTHORIZING THE ISSUANCE OF NOTES IN THE AMOUNT OF $110,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS AND THE LEVY AND COLLECTION OF SPECIAL ASSESSMENTS FOR THE PURPOSE OF CONSTRUCTING A WATER LINE AND APPURTENANCES THERETO ON SHIER-RINGS ROAD FROM THE INTERSECTION OF DUBLIN INDUSTRIAL LANE TO WILCOX ROAD THENCE NORTHERLY ALONG THE EAST SIDE OF WILCOX ROAD APPROXIMATELY SIX HUNDRED FEET IN THE VILLAGE OF DUBLIN, OHIO AND DECLARING AN EMERGENCY. WHEREAS, this council has heretofore by proper legislation declared the necessity of improving Shier-Rings Road by constructing a water line and appurtenances thereto on Shier-Rings Road from the intersection of Dublin Industrial Lane to Wilcox Road thence northerly along the east side of Wilcox Road approximately six hundred feet in the Village of Dublin, Ohio, and has determined that the total estimated cost of said improvement will be not less than $110,000; 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 forty (40) years and notes being twenty (20) years; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF DUBLIN, COUNTIES OF FRANKLIN, UNION AND DELAWARE, STATE OF OHIO THAT: Section 1. It is hereby declared necessary to issue bonds of the Village of Dublin, Ohio, (the ftMunicipalityft) in the principal sum of $110,000 (the "Bonds.) for the purpose of paying the property owner's portion 90% ($ 99,000.00 ) in anticipation of the collection of special assessments, and the Village portion 10% ($ 11.000.00 ) of the cost of improving Shier-Rings Road by constructing a water line and appurtenances on Shier-Rings Road from the intersection of Dublin Industrial Lane to Wilcox Road thence northerly along the east side of Wilcox Road approximately six hundred feet in the Village of Dublin. Ohio as described in Resolution No. 11-85 adopted May 13, 1985. Section 2. The Bonds shall be of the denomination of $5,000 each, shall be dated approximately August 1, 1986, shall bear interest at the rate of approximately ten per centum (10%) per annum, payable semiannually until the principal sum is paid, and shall mature in forty (40) substantially equal 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 in anticipation of the levy and collection of special assessments. Section 4. Such anticipatory notes (the .Notes.) shall be in the aggregate principal amount of $llO,OOO, which sum does not exceed the amount of the bond issue, and shall bear interest at the rate of 5.67% per centum ( 5.67 %) per annum, payable at maturity and fifteen per centum (15%) per annum, or the maximum rate permitted by law, whichever is lower, from and after maturity. The Notes shall be dated August 14, 1985, shall mature on August 14, 1986, 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 City Manager and the Finance Director, shall bear the corporate seal of the municipality, shall be designated .Shier-Rings Water Line Special Assessment Notes., shall be payable as to both principal and interest at the Main office of Huntington National, Bank Columbus , Ohio, and shall express upon their faces the purpose for which they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of the Notes by the officer in charge of the Bond Retirement Fund, the Notes shall be, and hereby are, awarded and sold to Huntington Natio~al Bank Columbus, Ohio, 5.67% at the par value thereof and bearing the 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 to the date of delivery. The proceeds of such sale, except any accrued interest thereon, shall be deposited into the proper fund in the Treasury of the Municipality and used for the purpose aforesaid and for no other purpose. Any premium and accrued interest shall be deposited into 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 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 are hereby pledged for that purpose. Section 8. In the event that the special assessments are not levied or the Bonds are not issued to provide a fund for the payment of the Notes at maturity, a general tax shall be levied against all of the property in the Municipality for the payment of the Notes and the interest thereon; provided, however, that 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 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 for the Municipality's portion of the Notes if Bonds had been issued without the prior issuance of the Notes. Such 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 same manner, and at the same time that taxes for general purposes for each of such 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. Funds derived from the tax shall be placed in a separate and distinct fund which, together with interest collected on the investment of the fund shall be irrevocably -2- .... pledged for the payment of the principal and interest on the Notes or the Bonds when and as the same fall due. 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 wil 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 of the Municipality, including the clerk of council, having responsibility with respect to the issuance of the Notes, 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 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 121.22 of the Ohio Revised Code. Section 11. It is hereby determined and recited 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, have been done and have 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 Auditors of Franklin, Union and Delaware 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 construction of the above-described improvement must begin immediately in order to benefit from favorable construction weather; wherefore this ordinance shall take effect and be in force from and immediately after its passage. . Passed: August 5, 1985 Attest: . ~/ttl1~ ~ t(JJ~ Cle k . ~ '. ., CERTIFICATE I, Frances M. Urban, Clerk, hereby certify that the foregoing is a true copy of Ordinance No. 6-0 - i' ~- duly adopted by the Council of the Village of Dublin, Ohio, on the 5th day of August, and that a certified copy thereof was filed in the office of the Franklin, Union and Delaware County Auditors on the ~-~ day of August, 1985. I herelty certify that copies of this Or~inance/Resoluti.on were pl5te~ in the Villace of Dublin in accordance with /,1 ~ Section 731.25 of the Ohil Revised c.~e. ;;~C#O ~}, a 4~ 3888B~J~k7 'nJ. Z/~> Clerk Clerk of Council -3-