23A-72 Ordinance
.
'~~~._:l~
_.... ..._ .__..____..__"._~..u~_.c_.._"___.__
--~.-.-.-~._.....-...-~._-,,~_.._.
ORDINANCE NO. ;<J.-1~ VILLAGE OF DUBLIN, omo
TO PROVIDE FOR THE RENEWAL OF A NOTE IN ANTICIPATION
OF THE COLLECTION OF SPECIA L ASSESSMENTS FOR THE
IMPROVEMENT OF MONTEREY DRIVE BY THE CONSTRUCTION
OF A STORM SEWER AND DRAINAGE DITCH AND TO DECLARE
AN EMERGENCY
\iVHEREAS, by Ordinance No. 08-68 passed February 5, 1968, this
Council authorized the issuance of a note for said purpose in the amount of
$2,881. 20, dated March 1, 1968, and maturing March 1, 1969; and
WHEREAS, the final cost of said project was determined and said
note was renewed in the amount of $3,215.22 for an additional term of one
year maturing March 1, 1970; and
WHEREAS, said note was renewed in the amount of $2,023.69 for an
additional term of one year maturing March 1, 1971; and
WHEREAS, said note was renewed in the amount of $1,670.80 for an
additional term of one year maturing March 1, 1972; and
WHEREAS, it is necessary to renew said note in the amount of
I ) $1, 310. 17 for an additional term of one year; and
WHE REA S, the Council of the Vill age of Dublin, Ohio, has heretofore, I
by proper legislation, declared the necessity of improving Monterey Drive
in the Village of Dublin, Ohio, by the construction of a storm sewer and
drainage ditch; and
I WHEREA S, the Clerk of said Village has certified to this Council the
estimated life of said project as at least five (5) years, and has further
certified the maximum maturity of bonds as twenty (20) years, and notes as
five (5) years; now, therefore, ..
BE IT ORDA INED by the Council of the Village of Dublin, Franklin
County, State of Ohio:
"
I
.:r Section 1. That it is deemed necessary to issue bonds of the
Village of Dublin, State of Ohio, in the principal sum of One Thousand Three
Hundred Ten and 17/100 Dollars ($1, 310.17) for the improvement of
Monterey Drive from Bridge Street south to the end of Monterey Drive by
constructing a storm sewer from Bridge Street south approximately 200 feet
and a drainage ditch from said storm sewer to the end of Monterey Drive.
Said bonds shall be dated approximately March 1, 1973, shall bear
interest at the rate of six percent (6%) per annum, and shall be payable in
five (5) annual installments.
11 ,
"
Section 2. That for the purpose of renewing a note heretofore issued
in anticipation of the issuance of bonds in anticipation of the collection of
special assessments for the aforesaid improvements, in accordance with the
legislation heretofore passed by the Village Council with respect hereto and
to pay the property owners' share of the final cost and expense of said
improvement, notes shall be issued in the amount of One Thousand Three
Hundred Ten and 17/100 Dollars ($1,310.17) and shall be placed to the credit
of the fund for the aforesaid improvements as provided in the engineer's
final cost certificate on file in the office of the Clerk.
Provided, however, that the appropriations hereinabove made for the
aforesaid improvement is subject to the qualifications that interest at the
rate of six percent (6%) per annum for the period prior to collection of
assessments has been included in said amount, and the amount necessary to
pay said interest is hereby appropriated for the payment thereof and for no
other purpose, and the amount above set forth shall be reduced by its
proportionate amount for the payment of said interest.
Section 3. Said note shall be signed by the Mayor and Clerk and
shall bear the seal of the corporation; shall be dated March 1, 1972, and be
payable March 1, 1973. Said note shall bear interest at the rate of six per
cent (6%) per annum, payable at maturity, and shall express upon its face the
purpose for which it is issued and that it is issued pursuant to this ordinance.
Section 4. During the year or years while such note runs there
shall be levied on all the taxable property in said Village, in addition to all
other taxes, a direct tax annually not less than that which would have been
levied if bonds had been issued therefor without the prior issue of said note.
Said tax shall be and is hereby 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 said years are certified, extended and collected. Said tax shall be placed
before and in preference to all other items and for the full amount thereof;
provided, however, that in each year to the extent that the assessments
anticipated by said note and bonds are payable and are applicable to the
payment of such interest and principal and are appropriated for such purpose,
the amount of such tax shall be reduced by the amount of the assessment so
appropria te d.
,
I
Section 5. A 11 assessments collected for the improvement and
unexpended balance remaining in the fund after the cost and expense of the
improvement has been paid, shall be applied to the payment of the note and I
the interest thereon until fully provided for. ;
A certified copy of this Ordinance shall be forwarded by the Clerk to
the County A uditor as required by law.
Section 6. Said note shall be a full general obligation of the Village i
of Dublin, Ohio, and the full faith, credit and revenue of said Village are I
i
hereby pledged for the payment of both principal and interest of the note
hereinbefore assumed at maturity and in accordance with the laws and
Constitution of the State of Ohio.
Section 7. Any part of the Village portion of the cost of said
improvement not paid by the issuance of notes as provided herein shall be
paid from the appropriate fund.
Section 8. Subject to the rejection of said note by the officer in
charge of the Bond Retirement Fund for investment in such fund, said note
shall be, and hereby is, awarded and sold to the General Fund of the Village
of Dublin, Ohio, at the par value thereof and bearing the aforesaid rate of
intere st; and the Clerk is hereby authorized and directed to deliver said
note, when executed, to said purchaser upon payment of such purchase price
and accrued interest to the date of delivery. The proceeds of such sale shall
be paid into the proper fund and used for the purpose for which said note is
being issued under the provisions of this ordinance. A ny premium and
- 2 -
/
,
accrued interest shall be credited to the Bond Retirement Fund to be applied to
the payment of principal and interest of said note in the manner provided by lav{.
Section 9. This ordinance is hereby declared to be an emergency ,
meaSure necessary for the immediate preservation of the public peace, healt~
and safety of said Village for the reason that the note heretofore issued has ,
I
matured and it must be renewed at the earliest possible date, and therefore i
I
this ordinance shall be in full force and effect from and after its passage. 1
i
I
I
:
I
i
i
i
,,,/
Passed: f1A.~ /J 1972.
1 ,
A tte s t :
4~ JJl'
h)~
. Clerk
I
~ r 1 '. r ",-:-: ~ ,:::5 of
T ,-. ')..~ ,,~~ ,., r {~;. ," ~..
!i f' . d-nD. l' _,-~. ~ -. r. ~~ t eel
~ . ,11, ,
tr'l."iS . . . . . . . . . . . . ^ . ': -, C ~ _';.~:~<~-
1-'-~ ~ C cli I):~..i'~i~.-~1,
I Ohio. );," lk
I' A: !,:. : :c. '?::K;;~
I . . . . . .
. . Village 'Clerk