48-73 Ordinance
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ORDINANCE NO. l\ ~.:)3
TO AUTHORIZE THE ISSUANCE OF A NOTE IN THE
AMOUNT OF $100,000 FOR THE PURPOSE OF
CONSTRUCTING A MUNICIPAL SEWAGE COLLECTION
r<#.=" SYSTEM , AND TO DECLARE AN EMERGENCY
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WHEREAS, the qualified electors of the Village of Dublin, Ohio,
did, on May 7, 1968, by the requisite majority vote, authorize the
issuance of bonds outside of the limitation of Article XII, Section 2,
of the Constitution of Ohio, for the purpose hereinafter described; and
WHEREAS, the Council of the Village of Dublin, by Resolution
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No. 02-68 heretofore adopted, has declared the necessity of issuing
bonds in the sum of $376,800 for the purpose hereinafter described; and
WHEREAS, the Village Clerk has issued her certificate as to the
estimated life of the property to be acquired or constructed from the
proceeds of bonds and notes hereinafter referred to as exceeding five
(5) years, the maximum maturity of bonds as thirty-nine (39) years and
1"'" notes as five (5) years;
'- NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE OF
DUBLIN, COUNTY OF FRANKLIN, STATE OF OHIO:
Section L That it is hereby declared necessary to issue bonds
of the Village of Dublin, Ohio, in the principal sum of $100,000, said
amount being a portion of the aforementioned public voted issue, for the
purpose of paying the Village portion of the cost of constructing a
municipal sewage collection system by the acquisition of real estate or
easements or other interests in real estate, and the construction of
sewer lines and appurtenances and to pay the cost of advertising,
printing, legal services and other costs incidental thereto, such costs
being incident to the purpose of Resolution No. 02-68.
Section 2. Said bonds shall be of the denomination of $5,000
each, and shall be dated approximately September 15, 1974; shall bear
interest at the rate of not more than eight per centum (8%) per annum,
payable semiannually until the principal sum is paid and shall mature
in twenty (20) annual installments after their issuance.
Section 3. That i.t is necessary and this Council hereby deter-
".-. mines that notes shall be issued in anticipation of the issuance of said
, bonds.
~ Section 4, That such anticipatory notes in the amount of $100,000,
which sum does not exceed the amount of the bond issue, shall bear inter-
est at the rate offered by the purchaser as set forth in Section 6 below
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payable at maturity. Such notes shall be dated September 17, 1973, and
shall mature on or before September 17, 1974. Such notes shall be
executed and delivered in such number and such denominations as may be
requested by the purchaser of such notes. Coupons shall not be attached
to said notes.
Section 5. Such notes shall be executed by the Mayor and Clerk-
Treasurer and bear the seal of the corporation; shall be designated
"Sewage System Improvement Notes" and shall be payable as to both prin-
cipal and interest at The Ohio National Bank of Columbus, and shall
express upon their face the purpose for which they are issued and that
- they are issued pursuant to this ordinance.
Section 6. Subject to the rejection of said notes by the officers
of the Sinking Fund, said notes shall be, and hereby are, awarded and sold
to
Bidders Interest Rate
The Ohio National Bank of Columbus 6.125%
at the par value thereof and bearing the aforesaid rate of interest, and
the Clerk-Treasurer is hereby authorized and directed to deliver said
notes, when executed, to said purchaser upon payment of such purchase
price and accrued interest to the date of delivery. The proceeds of such
sale, except any accrued interest thereon, shall be deposited in the
Village Treasury and used for the purpose aforesaid and for no other pur-
pose. Any accrued interest shall be transferred to the Retirement Fund to
be applied to the payment of the principal and interest on said notes in
the manner provided by law.
Section 7. Said notes shall be the full general obligation of the
i~~' said Village of Dublin, Ohio, and the full faith, credit and revenue of
the said Village are hereby pledged for the prompt payment of the same.
The par value LO be received from the sale of the bonds anticipated by
said notes and any excess funds resulting from the issuance of said notes
shall, to the extent necessary, be used only for the retirement of said
notes at maturity, together with interest thereon, and is hereby pledged
for such purpose.
Section 8. During the years while such notes run there shall be
levied on all taxable property in the Village of Dublin, Ohio, in addition
to all other taxes and outside the limitations of Article XII, Section 2,
of the Constitution of Ohio, a direct tax annually not less than that
which would have been levied if bonds had been issued without the prior
issue of said notes.
Said tax shall be and is hereby ordered computed, certified, levied
and extended upon the tax duplicate and shall be collected by the same
officer 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 tpe full amount thereof. Funds derived from said levies hereby
required shall be placed in a separate and distinct fund, which, together
with the interest collected on the same shall be irrevocably pledged for
the payment, of the principal and interest on said notes or the bonds in
.",..... anticipation of which they are issued when and as the same fall due.
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Section 9, That the Clerk-Treasurer ,is hereby directed to forward
'-,eo' a certified copy of this ordinance to the Auditor of Franklin County, Ohio.
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Section 10. This ordinance is hereby declared to be an emergency
measure necessary for the preservation of ,the public peace, health and
safety of the Village and its inhabitants for the reason that the voted
authority for said notes is about to expire and the notes authorized
herein must be delivered at the earliest possible date; wherefore this
ordinance shall take effect and be in force from and immediately after
its passage.
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Passed $", . Ib , 1973
Attest: fl~ f), l~PA-
Clerk-Treasurer I
thereby eettity th~t five topies of
this 0 .JL.p '.vere posted
in a~c~rd;~~~ :;j'th" ORe: ~?;L2S ~lnd Re-
solution 03-62 of the Village of -Dublin,
Ohio.
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t lVillage Clerk
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