056-79 Ordinance
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MAY 2 1 1979
ORDINANCE NO. 5"'. 7 t
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$225,000 MUNICIPAL SEWER CONSTRUCTION BONDS
FOR THE PURPOSE OF EXPANDING AND IMPROVING
t"'t THE MUNICIPAL SANITARY SEWER SYSTEM
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WHEREAS, pursuant to a Resolution duly adopted by the
council of the Village of Dublin, Franklin and Delaware
Counties, Ohio, on the 6th day of July, 1976, an election was
held on the date named in said resolution, to-w it: November 2,
1976, upon the question of issuing bonds for the purpose of
expanding and improving the municipal sanitary sewerage system
by the acquisition of real estate or easements or other interests
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in real estate, and the construction of sewer lines and ap-
purtenances, in the sum of Two Hundred TWenty-five Thousand
Dollars ($225,000.00), of which election due notice was given
C according to law and at which election the requisite majority
of the electors voting on such proposition voted in favor
thereof; and
WHEREAS, it is now deemed necessary to issue and sell $225,000
of said bonds under authority of Sections 133.01 to l33.48,
inclusive, of the Revised Code; and
WHEREAS, the Fiscal Officer has certified to this Council
that the estimated life of such improvements exceeds five (5 )
years and the maximum maturity of such bonds is forty (40) years;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE
VILLAGE OF DUBLIN, FRANKLIN AND DELAWARE COUNTIES, OHIO THAT:
SECTION l. It is necessary to issue bonds of the Village
of Dublin in the principal sum of Two Hundred TWenty-five Thousand
.( Dollars ($225,000) for the purpose of improving the municipal
sanitary sewerage system by the acquisition of real estate or
easements or other interests in real estate, and the construction
of sewer lines and appurtenances, and paying the cost of
advertising, printing and legal services. Such bonds shall be
issued in one lot and notes shall not be issued in anticipation
of the bonds.
SECTION 2. Such bonds shall be in the denomination of
$5,000 each; shall be numbered from 1 to 30, both inclusive;
shall be dated July I, 1979; and shall bear interest at the
rate of six per centum (6%) per annum, payable semi-annually
on the lst days of January and July of each year beginning
January 1, 1980, until the principal sum is paid; provided,
however, that if said bonds are sold bearing a different rate
"., of interest than herein specified, such bonds shall bear such
'I rate as may be provided for in the resolution of Council
'-' approving the award thereof. The bonds shall mature as
follows, which maturities are hereby determined to be in
substantially equal annual installments:
$lO,OOO on the 1st day of July in each
of the odd-numbered years 1981 to 2009,
both inclusive, and $5,000 on the 1st
day of July in each of the even-numbered
years 1982 to 20l0, both inclusive.
SECTION 3. The bonds shall express upon their faces the
purpose for which they are issued and that they are issued
pursuant to this ordinance; shall be executed by the facsimile
signature of the Mayor and the manual signature of the Clerk;
and shall bear the corporate seal of the Village. The interest
coupons attached to the bonds shall bear the facsimile signature
of the Clerk.
SECTION 4. For the purpose of providing the necessary
funds to pay the interest on such bonds promptly as and when
the same falls due, and also to provide a fund sufficient to
discharge the principal amounts of said serial bonds at
r'i maturity, there shall be and is hereby levied on all the
,taxable property in the Village of Dublin, in addition to
. J all other taxes and outside the ten mill limitation, a direct
U tax annually during the period said bonds are to run in an
amount sufficient to provide funds to pay interest upon said
bonds as and when the same falls due and also to provide a
fund for the discharge of the principal of said serial bonds
at maturity, which tax shall not be less than the interest
and sinking fund tax required by Article XII, Section II of
the Ohio Constitution; provided, however, that in each year
to the extent that funds are available from other sources
and are lawfully appropriated for the payment of such bonds,
the amount of such tax shall be reduced by the amount of such
funds so available and appropriated.
SECTION 5. 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. The funds derived from said tax levies
hereby required shall be placed in a separate and distinct fund,
which together with all interest collected on the same, shall be
irrevocably pledged for the payment of the interest and principal
U of said bonds when and as the same fall due.
SECTION 6. Said bonds shall be first offered at par and
accrued interest to the officer in charge of the Bond Retirement
Fund for investment in said fund, and if said officer refuses to
take any or all of said bonds, the bonds not so taken shall be
advertised for public sale and sold in the manner provided by
law. The proceeds from the sale of said bonds, except the
premium and accrued interest thereon shall be used for the ..
purpose aforesaid and for no other purpose: the premium and
accrued interest received from such sale shall be transferred
to the Bond Retirement Fund to be applied to the payment of
the principal and interest of said bonds in the manner provided
by law.
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SECTION 7. The Village hereby covenants that it will
restrict the use of the rroceeds of such issue in such manner
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 l03(c) of the Internal Revenue Code and the
regulations prescribed under that section. The Fiscal Officer
or any other officer, including the Clerk of Council, having
~ responsibility with respect to the issuance of these bonds
t1 is authorized and directed to give an appropriate certificate
\.J on behalf of the Village, for inclusion in the transcript of
proceedings, setting forth the facts, estimates and circum-
stances and reasonable expectations pertaining to said Section
103(c) and regulations thereunder.
SECTION 8. It is hereby determined that all acts, conditions
and things necessary to be done precedent to and in the issuing
of these bonds in order to make them legal, valid and binding
obligations of said Village have happened, been done and performed
in regular and due form as required by law; that the faith, credit
arid 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 bonds.
SECTION 9. 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
n including Section 12l.22 of the Ohio Revised Code.
SECTION 10. This ordinance is hereby declared to be an
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emergency measure, the immediate passage of which is necessary
for the public health, welfare, and safety for the reason that
it is necessary to coordinate the issuance and sale of bonds with
the disbursement schedule for payments on the construction of the
project herein described, therefore this ordinance shall go into
full force and effect upon its passage.
SECTION ll. The Clerk is hereby directed to forward a
certified copy of this ordinance to the County Auditors of
Franklin and Delaware Counties.
Submitted: , 1979
Passed: , 1979
Effective: , 1979
e.7i,,:" ~;~
,,./' President' of Council
U Attest: _~~
Clerk of ounc1l
;B4/.~f'
ayor- reS1 1ng 0 1cer
I. ~c.AAW Y~6:fI'v . Clerk of Council of Dublin,
Ohio, hereoy certif~ that the foregoing is a true copy of
Ordinance No. $t-7 ~assed by the Council of said Village
on rn~ ~I J , 1979, and that the same is on file and of
record in the office of the Village.
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