HomeMy WebLinkAbout063-87 Ordinance
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ORDINANCE NO. 63-87
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
OF S99,000 NOTES, IN ANTICIPATION OF THE ISSUANCE
OF BONDS, FOR THE PURPOSE OF PAYING THE PROPERTY
OWNERS' PORTION. IN ANTICIPATION OF 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 previously by proper legislation declared
the necessity of the improvement described in Section 1 and has determined
that property owners' portion of the cost of that improvement will be not less
than $99,000; and
WHEREAS, pursuant to Ordinance No. 59-86 passed August 4, 1986, notes
in anticipation of bonds in the amount of $99.000. dated August 14. 1986, were
issued for the purpose stated in Section 1, to mature on June 17, 1987; and
WHEREAS, this Council finds and determines it to be in the best
interest of the Village to retire at maturity the outstanding notes with the
proceeds of the notes described in Section 1 and other funds available to the
Village; and
WHEREAS, the Director of Finance as fiscal officer of this Village
has certified to this Council that the estimated life or usefulness of the
improvement described in Section 1 is at least five years, the maximum
maturity of the bonds referred to in Section 1 is twenty years, and the
maximum maturity of the notes referred to in Section 3. to be issued in
anticipation of the bonds, is August 14. 1990, or one year if sold at private
sa Ie;
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 i.s necessary to issue bonds of this Village (the
Bonds) in the principal amount of $99,000 for the purpose of paying the
property owners' portion, in anticipation of the levy and collection of
special assessments, for the purpose of constructing a wa ter 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 in the
manner provided in Resolution No. 11--85, adopted May 13. 1985.
Section 2. The Bonds shall be dated approximately September 1, 1987,
shall bear interest at the now estimated rate of 8% per annum, payable semi-
annually until the prinCipal amount is paid, and shall mature in twenty
substantially equal annual installments.
Section 3. It is necessary to issue and this Council determines that
notes in the aggregate principal amount of $99,000 (the Notes) shall be issued
in antiCipation of the issuance of the Bonds and to retire, together with
other funds available to the Village, the outstanding notes dated August 14,
198b. The Notes shall bear interest at a rate or rates not to exceed 10% per
annum, payable at maturity. If requested by the original purchaser the Notes
may provide that, in the event the Village does not make provision for payment
at maturity of the prinCipal of and interest on the Notes, the prinCipal
amount of the Notes shall bear interest at a different rate or rates not to
exceed 10% per annum from the maturity date until the Village makes provision
to pay that prinCipal amount. The rate or rates of interest on the Notes and
their maturity date shall be determined by the Director of Finance in the
certificate awarding the Notes in accordance with Sections 4 and 6 of this
ordinance.
Section 4. The prinCipal of and interest on the Notes shall be
payable in lawful money of the United States of America, or in Federal Reserve
funds of the United States of America if so requested by the original
purchaser. The principal cf and interest on the Notes shall be payable,
without deduction for services of the village's paying agent, at either or
both of, as determined by the Director of Finance, the main office of The
Huntington National Bank, Columbus, Ohio, or at the principal office of a bank
or trust company requested by the original purchaser of the Notes. provided
that such request shall be approved by the Director of Finance after
determining that the payment at that bank or trust company will adequately
protect the funds of the Village and that proper procedures and safeguards are
available for that purpose. The Notes shall be dated June 17. 1987, and shall
mature no earlier than September 17, 1987 and no later than December 17, 1987,
with the speCific maturity date to be determined by the Director of Finance in
the certificate awarding the Notes referred to in Sections 3 and 6 of this
ordinance.
Section 5. The Notes shall be signed by the Clerk of Council and
Director of Finance, as Director of Finance and Acting City Manager. and by
the Clerk of Council , in the name of the village and in their official
capacities, prOVided that one of those signatures may be a facsimile, and bear
the corporate seal of the village or a facsimile of that seal; shall be issued
in the numbers and denominations as may be requested by the original purchaser
and approved b~ the Director of Finance. provided that the entire prinCipal
amount may be represented by a single note; shall not have coupons attached;
shall be numbered as determined by the Director of Finance; and shall express
upon their faces the purpose for which they are issued and that they are
issued pursuant to this ordinance.
Section 6. The Notes are offered at par and accrued interest, if
any, to the Director of Finance, as officer in charge of the Bond Retirement
Fund of the Village. Notes not purchased for the Bond Retirement Fund or for
other funds of the village shall be sold at private sale by the Director of
Finance in accordance with law and the provisions of this ordinance. The
Director of Finance shall sign the certificate of award referred to in
Sections 3 and 4 evidencing that sale. cause the Notes to be prepared, and
have the Notes signed and delivered, together with a true transcript of
proceedings with reference to the issuance of the Notes if requested by the
original purchaser, to the original purchaser upon payment of the purchase
price.
Section 7. The proceeds from the sale of the Notes, except any
premium and accrued interest, shall be paid into the proper fund or funds and
those proceeds are appropriated and shall be used for the purpose for which
the Notes are being issued. Any portion of those proceeds representing
premium and accrued interest shall be paid into the Bond Retirement Fund to be
applied to the payment of the principal of and interest on the Notes in the
manner prOVided by law.
Section 8. The par value to be received from the sale of the Bonds
or any renewal notes and any excess funds resulting from the issuance of the
Notes shall, to the extent necessary, be used to pay the principal of and
interest on the Notes at maturity and are pledged for that purpose.
Section 9. Dun ng the year or years in which the Notes are
outstanding, there shall be levied on all the taxable property in the Village,
in addition to all other taxes, the same tax that would have been levied if
the Bonds had been issued without the prior issuance of the Notes. The tax
shall be wi thin the ten-mi 11 limitation imposed by law, shall be and is
ordered computed, certified, levied and extended upon the tax duplicate and
colle~ted by the same officers. in the same manner, and at the same time that
taxes for general purposes for each of those years are certified, levied.
extended and collected, and shall be placed before and in preference to all
other items and for the full amount thereof. All speCial assessments
collected for the improvement described in Section 1, and any unexpended
balance remaining in the improvement fund after the cost and expenses of the
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improvement have been paid, shall be used for the payment of the principal of
and interest on the Notes until paid in full. The proceeds of the tax levy
shall be placed in the Bond Retirement Fund. which is irrevocably pledged for
the payment of the principal of and interest on the Notes or the Bonds when
and as the same fall due. However, in each year to the extent the income from
the levy of speCial assessments for the improvement is available for the
payment of the principal of and interest on the Notes and Bonds and is
appropriated for that purpose. the amount of the tax shall be reduced by the
amount of the income so available and appropriated.
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Section 10. The Village 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 so that the Notes will not constitute arbitrage bonds under Section
148 of the Internal Revenue Code of 1986, as amended (the Code). The Director
of Finance. as the fiscal officer, or any other officer of the village having
responSibility for the issuance of the Notes shall give' an appropriate
certificate of the village, for inclusion in the transcript of proceedings for
the Notes, setting forth the reasonable expectations of the village regarding
the amount and use of all the proceeds of the Notes, the facts, circumstances
and estimates on which they are based, and other facts and circumstances
relevant to the tax treatment of interest on the Notes.
The Village covenants that it (a) will take or cause to be taken such
actions which may be required of it for the interest on the Notes to be and
remain excluded from gross income for federal income tax purposes, and (b)
will not take or permit to be taken any actions which would adversely affect
that exclusion, and that it, or persons acting for it, will, among other acts
of compliance, (i) apply the proceeds of the Notes to the governmental purpose
of the borrowing, (11 ) restrict the yield on investment property acquiring
with those proceeds, (111) make timely rebate payments to the federal
government, (iv) maintain books and records and make calculations and reports,
(v) refrain from certain uses of proceeds, all in such manner and to the
extent necessary to assure such exclusion of that interest under the Code.
The Director of Finance and other appropriate officers are hereby authorized
and directed to take any and all actions. make calculations and rebate
payments, and make or give reports and certifications, as may be appropriate
to assure such exclusion of that interest.
Section 11. The Notes are hereby deSignated as "qualified tax-exempt
obligations" for purposes of Section 265(b)(3) of the Code. In that
connection, the Vi llage hereby covenants that the Village (it having no
"subordinate entities" with authority to issue obligations within the meaning
of that Section of the Code) , in or during the calendar year in which the
Notes are issued, (i) will not deSignate as "qualified tax-exempt obligations"
for purposes of Section 265(b)(3) of the Code tax-exempt obligations,
including the Notes, in an aggregate principal amount in excess of
$10,000,000, and (ii) will not issue tax-exempt obligations within the meaning
of Section 265(b)(4) of the Code. including the Notes and any qualified
501(c)(3) bonds as defined in Section 145 of the Code (but excluding
obligations, other than qualified 501(c)(3) bonds, that are private activity
bonds as defined in Section 141 of the Code), in an aggregate principal amount
exceeding $10,000,000, unless the Village receives an opinion of nationally
recognized bond counsel that such deSignation or issuance, as applicable, will
not cause the Notes to cease to be "qualified tax-exempt obligations".
Section 12. The Clerk of Council is directed to deliver a certified
copy of this ordinance to the County Auditors of Franklin, Union and Delaware
Counties.
Section 13. ThiS Council determines that all acts and conditions
necessary to be done or performed by the Village or to have been met precedent
to and in the issuing of the Notes in order to make them legal, valid and
binding general obligations of the Village have been performed and have been
met, or will at the time of delivery of the Notes have been performed and have
been met, in regular and due form as required by law: that the full faith,
credit and rev~nues of the Village are pledged for the timely payment of the
principal of and interest on the Notes: and that no statutory or
constitutional limitation of indebtedness or taxation will have been exceeded
in the issuance of the Notes.
Section 14. This Council finds and determines that all formal
actions of this Council concerning and relating to the passage of this
ord1n8nc~ were taken in an open meeting of this Council and that all
deliberations of this Council and of any committees that resulted in those
formal actions were in meetings open to the publiC, in compliance with all
legal requirements including Section 121.22 of the Revised Code.
Section 15. This ordinance is declared to be an emergency measure
necessary for the immediate preservation of the public peace. health, safety
or welt are of the Village, and for the further reason that the immediate
effectiveness of this ordinance is required in order to effect issuance and
sale of the Notes, whiCh is necessary to retire the outstanding notes and
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therefore preserve the Village's credit; wherefore. this ordinance shall be in
full force and effect immediately upon its passage.
Signed'~~
Presiding Officer
/J
Attest: .~ lA:a'7vUO 7J;. tLJ(fi.J
Clerk. of Council
Passed: June 1, 1987
Effect! ve: June 1, 1987
1 hereby certify that copies of this Ordinance/Resoluti',.^
were posted in the Village of Dublin in accordance '",'!~~
Section 731.25 of the Ohio Re'li~cd Code.
, f/;/fb~d-Q V?J' ~
Clerk of Council
/) CERTIFICATE
I, /~/->;t} . ~ Clerk of Council. hereby certify ~i1t the
furlUloing is a true copy 0 Ord~nce No. _
WIII~ UhIQ, an the / ' day of duly adopted by the council of the Village of
~ tt~W'LO ~, ULd...~..J
Clerk gf Council, Dublin, Ohio
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SUPPLEMENTAL FISCAL OFFICER'S CERTIFICATE
To the Council of the Village of Dublin, OhiO:
As fiscal officer of the village of Dublin, OhiO, and supplementing
my certificate of August 4, 1986, I certify in connection with your proposed
issue of $99,000 notes (the Notes) in anticipation of the issuance of bonds
(the Bonds) for the purpose of paying the property owners' portion, in
anticipation of 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, that:
1- The estimated life or usefulness of the improvement described
above is at least five years.
2. The maximum maturity of the Bonds, calculated in accordance with
Section 133.20 of the Revised Code, is forty years, but because the special
assessments will be payable over a period of twenty years and the Bonds are to
be issued in anticipation of the collection of those special assessments, the
maximum maturity of the Bonds is twenty years.
3. The maximum maturity of the Notes is August 14, 1990. provided
that their maximum maturity is one year if the Notes are sold at private sale.
Dated: June 1, 1987 1~^,Il*J ~~,,~
Dir ctor of Fi e ~
Village of Dublin, OhiO
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