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Home My WebLink About07/18/1959 ~ 56 "A 8peoialm,et1>>g ,otthe Village of DubliaCoUDOil wa.held, oa J1lly 18, 1959. 1'h8 SoliOltor' olitlfaei the plan of the bo:Ddhlg_o01llpaDy h regard' t. ' wateraud.'pr sriage system &8 given to" him by- theboDdiJlgoompUV' representative ~ George !. Grady. ayor w. RalphJonespresid.ed. over the, .eting. ~"," Roll call as tollows: Eger - preln:t Eberly - presm Karrer - present Wacker ":" prescurt; BellOws -, preHBb !homs - present The oontract reads as tollow.: CinOinnati, 'Ohio July 6, 1959 Honorable lILyor, qd." I8mber$ otfillage Counoil Dublin, :Ohio Gentle.n: W. UDderstud ,that you ,are interested in. a JIIl1n1oipalwatenrorb ad/or' sewer system to.. J'O\U"~vill&ge~ proViding the oostot its oonstructiOn oan be, in so tar as possible, tinanced through the medium ot reveJl8ia bODds. It is 60 ourunderstaDdiDg that you do not deem it advisable aDd to the best interest ot the village to use Village funds tor' the employment ot aa eJagineer to determine' the feasibility, ad with the lr:nOWlege' otthfs iDfo:r.ation, we wish to submit to you tor your acce~tance or rejeotion a tiDanoiDg proposal. ,. ~ wi.ll emplOy'em eJigiileer t() ,:prepare apreliDO\'tAry ,~tenrOrk8a:lld/or sner repol"t ,outlining to, you a reo01llm8Dded oonstruction program amarrivbJg at aa estiJDe.ted cost of the waterworks and/or sewer sjsWlL" "!heC"report shall he submitted with ourfiJ:w.aCial fiDdiBgsaDd reooaDdatloJl8 coVeriDg the 'prOposed waterworlal aiJd/or sewer systemi, which sliallbeapprovedh or rejected bi" the ' ' Village Council. U it is thea 4~term.ined by the Village Oouncil and ourselves . that the proposed waterworks 8:1JIl!or sewer system is an economio ' feasibility, tlum. the Village shall employ said, eDg'ineer to prepare, detailed plans am speolf'i- catio!ls tor the oOBstruction ot said watenrorlci" aDd/or ~ seWer ij1item~. supern.sirig the letting of .oonstruction bids, and the supervision ottlie oonstrUotionot the waterworks and fOr sewer syswL The fee or said engineer shall be paid from . ~h8 proceeds of' rioh waterworks ud/or sewer rennue bODds as my be 1ssuedto pay the oonstruction cost, except that should we f'ail to oarry- out 8.D\r coJldltioD.s Imd. terms oontained in this agree_nt, then the preliminary eDCweriDg e%peJ1f~8 shall be our obligation and in no way ohargeable to the Village ot Dublin, ~o. Upg' oompletion of detailed plans and specifioations, letting of' OOllBtJ'\ao- tion bids, aDd upon the agineer tu.rnishi.i2gus oertitioation of'inooms to bt'" derived from the operation of' the waterworkl aDd/or sewer system beiDg &d.equaw to operate Ud maintain the system with a net operatbg income balaDoe sutficie:at to servioe principal and interest by 1.50 times, ot ~ waterworks and/or ,', . sewer revenue bonds issued, then we agree to loan to tlie Village ot Dublm, Ohio, such an amount ot money as my be necessary to oonstruct' the propsed waterwOrks and/or sewer- system, suoh loan to be evidenoed by an issued of' waterworks and/or sewer ~'''''''"'-'I~''''--~ _ revenue bonds as my be authorized by the lawI of the state ot Ohio. Such waterworks 8:JJI1!or sewer revenue bOJlds issued in aooord.a:rioe With this agree.nt shall bear'interest at the rate ot'* tor whioh bODdI we agree to pay a prioe ot .900.00 per tlOoo bond issued. ... - c: I 57 I fie bOD.ds will JILOt oonstitute a tax obl1gatiOJlot the Village "ot Dublin.,Ohio, but will bepayablelolely from the iJioo_. to be derived f'rom the operation ot thewaterworlCs" ad/or Sfter system.. S'uoh revenue bonds as -1' behsued under this agree.lit ShalLmature over a period not to eXceed f'orty.'Y8arS trom. 't1ieirdate., h, suoh &mOUnts "so that tnetOtal annual ~:ni~:l o;::On~~~~::q;;:::;;~m.s~~r bda:~{):~~::~%. eq:;_ Pl:;d 0~Ond8 payment of' the pr1noipaland iiiterest on the bonds, u.d the Trustee acting under the Indenture of' the )i)rtgage, shall be a bank agreeable to us. We shall uvea nationallyknOWu firm. otbond attorneys supervise and prepare at our expense all the legislation necessary toth.eiSst1ance ot these bonds, iD.oluding bond, ordinanoes;rate ordinanoes,' prel1minary resolutions and oertificates neoessary to authorize and issue waterworks aDd/or Sewer Revenue bonds. We shall have prepared at our expense the Indenture ot Jrortsage securing these bonds. I We will prepare at our expense a complete analysis ot projected earnings, amortization sOhedules, debt service and Si:ak1Dg 'Fu:ad *equirements. "lri' shall prepare all other statistioal data essential to issuanoe of' th~se bODd.. It is understood and agreed that this of'fer is made subjeot to all legal details incident to issuance of' said bond. and the seouritythereof being approved by our attorneys and our being able to obtain an unqualitied legal apprcwing opinion. It is further understood and agreed that i1i the event the projeoted ~ ' net 1no0mef'r01ll the proposed waterworks aDd/or seWer' system is not. suffioient to amortize'the bonds neoe88~ to f'inance the oost of' this project, then the Village, it they sO desire, nay supplement the finds they "Will obtai'i" from. the revenue bonds, with an issue ot speoial assessment'DODds, aiid:it is agreed that should any&ssesiJmeD.t bolide oe issued to supplement tne -water- .. works and/or sewer revenue tuDds, the issuance of the speoial assessment bonds Shall be' aCoomplished siDl1ltaneously with the issuance of the waterworll and/Or sewer revenue bonds. It is agreed and understoOd that in the event these bonds are not issued withiD. a period ot ninety days, tllen we reserve the fight to withdraw trom. this undertaking at any tiDe atter that period upon written notloe to the village offioials. However, in the event that we should withdraw trom. this undertakiBg, any expenses inourred by us up.to the date of our withdrawal' or by the village upon instructions from. llS, shall be an obligation ot our own end not that of the Village ot Dublin, Ohio. It is impossible in this type of financiBg to toresee everycontingenoy 'Whioh nay arise ~ VIe, therefore; volunteer oUr full oooperation iD. reoipro- oation tor a like endeavor oDYour part to briDg this UDdertakiDg to a mu.tually successful oonolusioa. B Respeetfully submitted, RICHARD G. HCMES & CO. " , ."",. BY'. Is! George 1. Grady, ,. , This 'Propo~a1 is aooepted. in its entirely em bebaltof"the Village ot Dublin, Ohio, by Resolution paued thi8 18th day ot July. 1959, at a Speoial meet1ag of' Council. " , /s/ W. Ralph Jones Jlayor , (L~ ~~ e{;t 58 RESOr.tr.rIOB II' CJ :z - s-r W1lERIASthi.s Village Council oontemplatesthe issua:aOe of 1faterworba:ad/or seWer reVenue bona." to paY' the cost ot OOD.strudt1ag a waterworks ud/or sewer system tor the Village ot DUbliD., Ohio. and WHEREAs Richard G. B:owes & Co. . ot Ci.I1ciDriati. Ohio have proposed. to purchase said bonds iD. aoOordanoe with their proposal submitted to the Village Council, now, there~ore. BE IT RESOLVED bY the Village of Dublin," Ohio, that, the proposal ot RicjlardG.Howes& Company ot Cincinnati. Ohio. be and the same is hereby'aocepted and thelayor and Clerk are nereby authorized and direoted to sign said proposal in acoeptance thereot. _. A .... . By' motion of 'Charles ThoDlLs. seconded. by Bernard Karrer, the roll was as. to~l0W8: Eger - yes Eberly - yes Karrer - yes Waoker - yes Bellows -, yes Thomas - yes Passed; at a special metiDg ot the Villag~ Cotmoil on the 18th day of July, 1959. /s/ W. Ralph Jones. layor Attest: /s/ Betty J. Sidle, Clerk I I I