Loading...
HomeMy WebLinkAbout024-86 Ordinance " . ~ ORDINANCE NO. 24-86 AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $120,000 NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF ACQUIRING REAL ESTATE OR INTERESTS IN REAL ESTATE FOR MUNICIPAL OPERATIONS, AND DECLARING AN EMERGENCY. WHEREAS, pursuant to Ordinance No. 18-85 passed April 1, 1985, notes in anticipation of bonds in the amount of $170,000, dated April 26, 1985, were issued for the purpose stated in Section 1, to mature on April 27, 1986; 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 30 years, and the maximum maturity of the notes referred to in Section 3, to be issued in anticipation of the bonds, is May 1, 2001, or one year if sold at private sale; NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Dublin, Franklin, Delaware and Union Counties, Ohio, that: Section 1- It is necessary to issue bonds of this Village (the Bonds) in the principal amount of $120,000 for the purpose of paying costs of acquiring real estate or interests in real estate for municipal operations. Section 2. The Bonds shall be dated approximately April 1, 1987, shall bear interest at the now estimated rate of ten per centum (10%) per annum, payable semi-annually until the principal amount is paid, and shall mature in substantially equal annual installments. Section 3. It is necessary to issue and this Council determines that notes in the aggregate principal amount of $120,000 (the Notes) shall be issued in anticipation of the issuance of the Bonds. The Notes shall bear interest at the rate offour and seventy seven on hudre;ehscentum (4.77 %) per annum, payable at maturity, and at the rate of 4.77 per centum -- (JLJ~%) per annum from the maturity date until the Village makes provision to pay that principal amount. 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 of 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 reques~ 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 April 24, 1986, and shall mature on April 24, 1987. Section 5. The Notes shall be Signed by the Village Manager and Director of Finance, 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 by 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. Sect! on 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 Fu::d of the Village. Notes not purchased for the Bond Retirement ,unQ or for other funds of the Village shall be awarded and sold to Huntington at1ona1 , Bank, Columbus ,OhiO, :'~~!X~,~~,~~~,~t~~x.~~~~ and accrued interest. The Director of Finance shall 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. During 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 limita tion 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 to all other items and for the full amount thereof. 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: provided, however, that in each year the amount of such tax shall be reduced by the amount of lawfully available municipal income taxes appropriated and to be applied to the payment of the principal of and interest on the Notes and Bonds in compliance with the following covenant. To the extent necessary, the principal of and interest on the Notes and the Bonds in anticipation of which the Notes are issued shall be paid from municipal income taxes lawfully available therefor under the Constitution and laws of the State of Ohio: and the Village hereby covenants, subject and pursuant to such authority, including particularly Section 133.03(L) and 5705.5l(A)(5) and (D), 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 and credit and revenues of the Village to the prompt payment of the principal of and interest on the Notes. Section 10. The Notes are hereby designated as "qualified tax-exempt obligations" to the extent permitted by Section 802(e) of H.R. 3838, enti tled Tax Reform Act of 1985, as passed by the U.S. House of Representatives on December 17, 1985 (the Bill) . This Council finds and determines that the reasonably anticipated amount of tax-exempt obligations that are not "nonessential function bonds" as defined in Sections 141(a) and not treated as a nonessential function bond pursuant to Section 802(e)(3)(B) of the Bill (and whether or not designated as qualified) issued and to be issued by the Village during this calendar year including the Notes does not, and this Council hereby covenants that, during such year, the amount of tax-exempt obligations issued by the Village and designated as qualified tax-exempt obligations for such purposes will not, exceed $10,000,000. The Director of Finance and other appropriate officers, and any of them, are authorized to take such actions and give such certificates on behalf of the Village with respect to the reasonably anticipated amount of tax-exempt obligations to be issued by the Vi llage during this calendar year and with respect to such other matters as appropriate under Section 802(e). Section 11. 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, after taking into account reasonable expectations at the time of the delivery of and payment for the Notes, so that the Notes will not constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code and the applicable regulations prescribed under that Section. The Director of Finance, as the fiscal officer, or any other officer having responsibility for issuing the Notes, shall, alone or with any other officer or employee of or consultant to the Village, 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 and the facts and estimates on whiCh they are based, all as of the date of delivery of and payment for the Notes. - Section 12. The Clerk of Council is directed to deliver a certified copy of this ordinance to the County Auditors of Franklin, Delaware and Union 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 revenues 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 ordinance 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 the law. Section 15. ThiS ordinance is declared to be an emergency measure necessary for the immediate preservation of the public peace, health, safety or welfare 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 enable the Village to retire the outstanding notes and thereby preserve its credit; wherefore, this ordinance shall be in full force and effect immediately upon its passage. Signe~ Presiding Officer /) Attest: ~tL?Af "'e ~ '-J77 L{.A..../~ Clerk of Cauncll Passed: April 14, 1986 Effective: April 14, 1986 I hereby certify that copies of this Ordinance/Resolution were posted in the Village of Dublin in accordance with Section 731.25 of the Ohio Revised Code. /l ~ ~~ J~~ //'} Clerk of Council ~ ..... 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 April ~, 1985, I certify in connection with your proposed issue of $120,000 notes (the Notes) in anticipation of the issuance of bonds (the Bonds) for the purpose of paying costs of acquiring real estate or interests in real estate for municipal operations, 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 133.2Q of the Revised Code, is thirty 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 May 1, 2001, provided that their maximum maturity is one year if the Notes are sold at private sale. Dated: April 14, 1986 ~:iJ, ' /~~" ~.",,-, .- Director of Fina e ~ village of Dublin, Ohio