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HomeMy WebLinkAbout046-89 Ordinance RECORD OF ORDINANCES Dayton Legal Blank Co. Form No. 30043 Ordinance NO.n n~~~~~mn Passedm_ mn_J9n AN ORDINANCE AUTHORIZING THE CITY MANAGER TO ENTER INTO A CONTRACT WITH THE BORROR CORPORATION FOR CONSTRUCTION OF THE COSGRAY TRUNK SEWER WHEREAS, Council has previously authorized the construction of the Cosgray Trunk Sewer to serve Dublin residents, as well as the City's maintenance facility/school bus facility; and WHEREAS, delays in land acquisition have put this project behind schedule; and WHEREAS, the maintenance facility/school bus facility is nearly completed and must have sewer service prior to commencing operations; and WHEREAS, the Borror Corporation is developing a residential subdivision, part of which will be served by the Cosgray Trunk Sewer, and has urgent need and is prepared to proceed with construction immediately; and WHEREAS, the Borror Corporation has agreed to construct the Cosgray trunk sewer in exchange for a pay-back agreement with the City of Dublin. NOW, THEREFORE, BE IT ORDAINED by the Council for the City of Dublin, State of Ohio, 7 elected members concurring that: r" Section 1. The City Manager is hereby authorized to enter into a pay-bac agreement with the Borror Corporation for construction of the Cosgray Trunk Sewer. Section 2. The terms of this pay-back agreement shal~ be subject to the approval of the City Law Director and shall include provisions whereby the Borror Corporation shall build the Cosgray Trunk Sewer pursuant to the plans and specifications previously developed by the City and upon completion and acceptance thereof by the City of Dublin, shall transfer said sewer to the City of Dublin pursuant to the terms of the pay-back agreement. Section 3. This Ordinance shall be effective at the l~arliest period allowed by law. Passed this 15th day of May , 19.39. ~id7{;~ Attest: /J {/t/J-7U/<7 ~ ~~ Clerk of Council I.hereby cer~i~ that cop:es of t";~ Od'n01'!::e/llesl)!u~ion were poste" 'n tl City of DubLn In amrdance w:th Secfon 731.::5 of the OJ:io Revised Code, J~",~ ~ €Jerk of Ceuncil, D lin;/litj \ ORDINANCE NO. "7'&-Y'7-(;::\) AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $1,200,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF CONSTRUCTING A SWIMMING POOL, BATH HOUSES, A PUMP HOUSE AND A CONCESSION STAND, ACQUIRING FURNISHINGS AND EQUIPMENT THEREFOR, AND MAKING RELATED SITE IMPROVEMENTS, TOGETHER WITH NECESSARY APPURTENANCES THERETO, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 114-88 passed November 21, 1988, notes in anticipation of bonds in the amount of $1,200,000, dated December 8, 1988, were issued for the purpose stated in Section I, to mature on June 8, 1989; and WHEREAS, this Council finds and determines that the City should retire the outstanding notes with the proceeds of the Notes described in Section 3; and WHEREAS, the Director of Finance has certified that the estimated 1 ife of that improvement is at least five years and that the maximum maturity of the bonds is 21 years allocated to the classes of impr~vements set forth in the Fiscal Officer's Certificate, which allocation is approved, ratified and confirmed, and the maximum maturity of the notes is December 9, 2007, or one year if sold at private sale; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Dublin, Franklin, Union and Delaware Counties, Ohio, that: Section 1. It is necessary to issue bonds of this City in the aggre- gate principal amount of $1,200,000 (the Bonds) for the purpose of paying costs of constructing a swimming pool, bath houses, a pump house and a concession stand, acquiring furnishings and equipment therefor, and making related site improvements, together with necessary appurtenances thereto. Section 2. The Bonds shall be dated approximately December 1, 1989, -' shall bear interest at the now estimated rate of 8% pe:~ year, payable semi- annually unt il the principal amount is paid, and shall mature in 21 substantially equal annual installments. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $1,200,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds and to retire the outstanding notes dated December 8, 1988. The Notes sha~l bear interest at a rate or rates not to exceed 10% per year (computed on a 360-day per year basis), payable at maturity and until the princ ipal amount is paid or payment is provided for. The rate or rates of interest on the Notes shall be determined by the Director of Finance or Acting Director of Finance in the certificate awarding the Notes in accordance with Section 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 orig inal purchaser. The principal of and interest on the Notes shall be payable, without deduction for services of the City's paying agent, at either or both of, as determined by the Director of Finance, the main office of Bank One, Columbus, N. A. , Columbus, Ohio, or 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 or Acting Director of Finance after determining that the payment at that bank or trust company will adequately protect the funds of the City and that proper procedures and safeguards are available for that purpose (the Paying Agent). The Notes shall be dated June 8, 1989, and shall mature on December 8, 1989. Section 5. The Notes shall be signed by the City Manager and Director of Finance or Acting Director of Finance, in the name of the City and in their official capacities, provided that one of those signatures may be a facsimile, and bear the corporate seal of the City or a facsimile of that seal. The Notes shall be issued in the denominations and numbers as requested by the original purchaser and approved by the Director of Finance or Acting , -2- Director of Finance, provided that the entire principal amount may be represented by a single note. The Notes shall not have coupons attached, shall be numbered as determined by the Director of Finance or Acting 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 or Acting Director of Finance, as officer in charge of the Bond Retirement Fund of the City. Notes not purchased for the Bond Retirement Fund or for other funds of the City shall be sold at private sale by the Director of Finance or Acting Director of Finance in accordance with law and the provisions of this ordinance. The Director of Finance or I Acting Director of Finance shall sign the certificate of award referred to in I Section 3 evidencing that sale, the Notes to be prepared, and have the cause 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 pre- mium and accrued interest shall be paid into the Bond Retirement Fund. Section 8. The par value to be received from the sale of the Bonds or of 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. During the year or years in which the Notes are out- standing, there shall be levied on all the taxable property in the City, 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 within the ten-mill I imitat ion imposed by law, shall be and is 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 those years are certified, levied, extended and collected, and shall be placed before and in preference t) all other items and for the full amount thereof. The proceeds of the tax le'iTY 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. Section 10. The City 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 or Acting Director of Finance, as the fiscal officer, or any other officer of the City having responsibility for the issuance of the Notes shall give an appropriate certificate of the City, for inclusion in the transcript of proceedings for the Notes, setting forth the reasonable expectations of the City 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 the interest on the Notes. The City covenants that it (a) will take or cause to be taken such actions that 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 authorize to be taken any actions that 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, (ii) restrict the yield on investment property acquired with those proceeds, (iii) make timely rebate payments to the federal government, (iv) maintain books and records and make calculations and reports, and (v) refrain from certain uses of those 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 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. . -3- The City hereby represents that the $1,200,000 notes dated December 8, 1988 (the Refunded Obligations) were designated as "qualified tax- exempt obligations" pursuant to Section 265(b)(3) of the Code. The City hereby covenants that it will redeem the Refunded Obligations from proceeds of, and within 90 days after issuance of, the Notes, and represents that all other conditions are met for treating the Notes as "qualified tax-exempt obligations" and as not to be taken into account under subparagraph (D) of Section 265(b)(3) of the Code, without necessity for further designation, by reason of subparagraph (D)(ii) of Section 265(b)(3) of the Code. Further, the City represents and covenants that, during any time or in any manner as might affect the treatment of the Notes as "qualified tax-exempt obligations", it has not formed or participated in the formation of, or benefited from or availed itself of, any entity in order to avoid the purposes of subparagraph (C) or (D) of Section 265(b)(3) of the Code, and will not form, participate in the formation of, or benefit from or avail itself of, any such entity. The City further represents that the Notes are not being issued as part of a direct or indirect composite issue that combines issues or lots of tax-exempt obligations of different issuers. Section 11. 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 12. This Counc il determines that all acts and conditions necessary to be done or performed by the City 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 City 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 fl11 faith, credit and revenues of the City 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 i.1. the issuance of the Notes. Section 13. This Counc il finds and determines that all formal actions of this Counc il concerning and relating to the passage of this ordinance were taken in an open meeting of this Council a,d that all delibera- tions of this Council and of any committees that res~lted in those formal actions were in meetings open to the public in compliance with the law. Section 14. This ordinance is declared to be an emergency measure necessary for the immediate preservation of the public peace, health, safety and welfare of the City, and for the further reason that this ordinance is required to be immediately effective in order to issue and sell the Notes, which is necessary to enable the City to timely retire ~he outstanding notes and thereby preserve its credit; wherefore, this ordin.mce shall be in full force and effect immediately upon its passage. Signed: (' -) .'] U' . /(/ ~ vel ) , ~h i,'~\ .-.., '-. ~ - "-, r- (.. . ~._,.. , Presiding Officer Attest: -h~M~ 'Y'~ e'lerk of 0 cil Passed: June S , 1989 Effective: June 5, 1989 I hereby certify that ror,:es (If fl.,< (\ ..",,---- I~ ,.' .' '"1 '/ere posf:d in the City ('If n..I.I'" :" 1::():'d(1:~-., .., . ~ ..~ of the It.io Revised Code. ,=jA4l-~rtdG-? ~ 't-lM-P--7 ~j / Clerk of (Gun II, Dublin, Ohio'- ;........... --. - SUPPLEMENTAL FISCAL OFFICER'S CERTIFICATE To the Council of the City of Dublin, Ohio: As fiscal officer of the City of Dublin, and supplementing my certificate of November 21, 1988, I certify in connection with your proposed issue of $2,200,000 notes (the Notes) , to be issued in anticipation of the issuance of bonds (the Bonds) for the purpose of paying costs of improving the municipal water system by constructing an elevated water storage tank and related facilities, together with all necessary appurtenances thereto (the improvement) , that: 1. The estimated life or usefulness of the improvement 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. If notes in anticipation of the Bonds are outstanding for a period in excess of five years from the date of the original issue of notes, the period in excess of five years shall be deducted from that maximum maturity of the Bonds. 3. The maximum maturity of the Notes is July 21, 2007, provided that their maximum maturity is one year if the Notes are sold at private sale. ,,-, '::::u Dated: June 5, 1989 ~\ A-L <. .2:.k~T"" \j. Excerpt of Minutes Dublin City Council Meeting June 5, 1989 Ordinance No. 46-89 - Ordinance Authorizing the Issuance of $1,200,000.00 Notes for the Ear1ington SWilmning poo1 (Renewa1) Mr. Sutphen introduced the Ordinance. Mrs. King moved to do away with the three time reading rule and treat as an emergency. Mr. Sutphen seconded the motion. Vote on the motion - Mr. Jankowski, yes; Mr. Strip, yes; Mr. Amorose, yes; Mrs. King, yes; Mr. Sutphen, yes; Ms. Maurer, yes. Vote on the Ordinance - Ms. Maurer, yes; Mr. Jankowski, yes; Mr. Sutphen, yes; Mr. Strip, yes; Mr. Amorose, yes; Mrs. King, yes. I, Francess M. Urban, Clerk of Council, do hereby certify that the foregoing is a true excerpt of the minutes of the Dublin City Council Meeting held on Monday, June 5, 1989. ~}. . '7/J ~//I / -/.jJ,(/IC<- } ( v'r..-!Cc2J<-J 'prances M. Uiban Clerk of Council