054-79 Ordinance
.
MAY 2 1 1979
ORDINANCE NO. 9\-1.1-
AUTHORIZING THE ISSUANCE OF NOTES IN THE
AMOUNT OF $300,000 IN ANTICIPATION OF
THE ISSUANCE OF BONDS FOR THE PURPOSE OF
ACQUIRING AND CONSTRUCTING A MUNICIPAL
U. BUILDING AND TO RENEW NOTES HERETOFORE
:.......:. ...~.... ISSUED FOR SAID PURPOSE, AND DECLARING
; AN EMERGENCY.
WHEREAS, pursuant to Ordinance No. 51-78 passed June 5,
1978, notes in the the principal amount of $368,000, dated
June 13, 1978, were issued for the purpose hereinafter stated,
to mature June 13, 1979, and it appears advisable in lieu of
issuing bonds at this time to issue new notes in anticipation
of the issuance of such bonds: and
WHEREAS, the fiscal officer has certified to this
council that the estimated life of the improvement to be
constructed from the proceeds of bonds and notes hereinafter
referred to exceeds five (5) years, the maximum maturity of
r-l....:. i.. bonds being twenty-three (23) years and notes being eight (8)
U years;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE
VILLAGE OF DUBLIN, COUNTIES OF DELAWARE AND FRANKLIN, STATE OF
OHIO THAT:
Section 1. It is hereby declared necessary to issue bonds
of the Village of Dublin, Ohio, in the principal sum of $300,000
for the purpose of acquiring and constructing a municipal
building for said Village, furnishing and equipping the same,
landscaping and site improvement, and to pay the cost of
legal services, advertising, printing and other costs
incidental thereto.
Section 2. Said bonds shall be of the denomination of $5,000
each and shall be dated approximately June 1, 1980; 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 ten annual installments after their issuance.
Section 3. It is necessary and this Council hereby determines
U that notes shall be issued in anticipation of the issuance of
t. .~. said bonds and to retire said existing notes dated June 13, 1978.
Section 4. Such anticipatory notes in the amount of $ S~CItab.fa
which sum does not exceed the amou~ of the bond issue, shall bear
interest at the rate of ~,--~,..,... per centum ('.1.'1-%) per annum,
payable at maturity and eight per centum (8%) per annum after
maturity. Such notes shall be dated June 13, 1979, shall mature
on June 13, 1980, and shall be executed and delivered in such
number and such denominations as shall be requested by the
purchaser thereof. Coupons shall not be attached to the notes.
,
.
Section 5. Such notes shall be executed by the Mayor
and Village Clerk and shall bear the seal of the corporation,
shall be designated "Municipal Building Construction Renewal
Notes" and shall be payable as to both pri~iPal and interest "
at the 14/1/J office of 'JJNTlN. TfJ,iJ IJI/l.T/OI1fI~
1&A~ and shall express upon their face the
purpose for which they are issued and that they are issued
E pursuant to this ordinance.
Section 6. Subject to the rejection of said notes by the
officers in charge of the Bond Retirement ~a~notes shall
be, and hereby are, awarded and sold to ~ AJ&7ftJ/AJK--
.~~ at the par value thereof and bearing the
aforesaid rate of interest, and the Clerk 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 purpose. Any accrued interest shall be transferred
to the Bond Retirement Fund to be applied to the payment of
the principal and interest on said notes in the manner
provided by law.
'II'> Section 7. Such notes shall be the full general obliga-
tion of the said Village of Dublin, Oh io , and the full faith,
credit and revenue of the Village are hereby pledged for the
prompt payment of the same. The par value to 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
ri her~by pledged for such purpose.
U 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 inside of 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 the full amount thereof.
Funds derived from said levies hereby required shall be placed
in a separate and distinct fund, which, together with 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.
Section 9. The Village hereby covenants that it will
restrict the us~ of the proceeds of such notes in such manner
e and to such extent, if any, as may be necessary, after taking
into account reasonable expectations at the time the debt is
incurred, so that they will not constitute arbitrage bonds
under Section lO3(c) of the Internal Revenue Code and the
regulations prescribed under the section. The fiscal officer
or any other officer, including the Village Clerk, having
responsibility with respect to the issuance of these
notes is authorized and directed to give an appropriate
certificate on behalf of the Village Clerk, for inclusion
in the transcript of proceedings, setting forth the facts,
estimates and circumstances and reasonable expectations
pertaining to said Section lO3(c) and regulations thereunder.
2
,
,
.
.
Section 10. It is found and determined that all formal
actions of this Council concerning and relating to the adoption
of this ordinance were adopted in an open meeting of this
Council, and that all deliberations of this Council and of any
of its committees that resulted in such formal action, were in
meetings open to the public, in compliance with all legal
requirements including Section 121.22 of the Ohio Revised Code.
n Section 11. It is hereby determined that all acts,
',' . conditions and things necessary to be done precedent to and
V in the issuing of these notes in order to make them legal,
valid and binding obligations of said Village of Dublin
have happened, been done and performed in regular and due form
as required by law; that the full faith, credit and revenue
of said Village are hereby irrevocably pledged for
the prompt payment of the principal and interest thereof at
maturity; and that no limitation of indebtedness or taxation,
either statutory or constitutional, has been exceeded in
issuing these notes.
Section 12. That the Clerk is hereby directed to forward
a certified copy of this ordinance to the Auditors of Franklin
and Delaware Counties, Ohio.
Section 13. This ordinance is hereby declared to be an
emergency measure necessary for the preservation of the public
peace, health and safety of the Village of Dublin and its
inhabitants for the reason that outstanding notes are about
to mature and it is necessary to make immediate provision
for their payment in order to preserve the credit of the
Village; wherefore this ordinance shall take effect and be
n in force from and immediately after its passage.
U ~J!MM-
Presiding Officer
Passed ;fJ IrI. ~ I , 1979.
Attest: ~ ~
Clerk
CERTIFICATE
I, Richard D. Termeer, Clerk, hereby certify that the
foregoing is a true copy of Ordinance No. ~~.7f duly
adopted by the Council of the Village of Dublin, Ohio, on
the ~j1 day Of~, 1979, and that a certified copy
thereof was filed in the office of the Franklin and Delaware
e County Auditors on the 1 ;1.1\10 day of roM ,
19.11..
~~
Village Clerk
3