072-79 Ordinance
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ORDINANCE NO. 7 2..- '1 1
AUTHORIZING THE ISSUANCE OF NOTES IN THE
AMOUNT OF $970,000 IN ANTICIPATION
OF THE ISSUANCE OF BONDS AND THE LEVY AND
COLLECTION OF SPECIAL ASSESSMENTS FOR THE
PURPOSE OF IMPROVING CERTAIN STREETS IN
THE VILLAGE OF DUBLIN BY THE CONSTRUCTION
~..'.'.,. OF WATERLINES AND APPURTENANCES AND
\J DECLARING AN EMERGENCY.
WHEREAS, this council has heretofore by proper legislation
declared the necessity of making certain improvements in water-
lines, services, fire hydrants and appurtenances in the Village
of Dublin and has determined that the total estimated cost of said
improvement will be not less than $970,000; and
WHEREAS, pursuant to Ordinance No. 68-78 passed July 17,
1978, notes in the principal amount of $970,000, dated August 1,
1978, were issued for the purpose hereinafter stated, to mature
August 1, 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
I() 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 bonds being
forty (40) years and notes being eight (8) years;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE
OF DUBLIN, COUNTIES OF FRANKLIN AND DELAWARE, 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 $970,000
for the purpose of paying the property owner's portion Four
Hundred Sixty Three Thousand Nine Hundred Dollars ($463,900) in
anticipation of the collection of special assessments, and the
Village's portion Five Hundred Six Thousand One Hundred Dollars
($506,100) of the cost of constructing water lines, services,
fire hydrants and appurtenances in certain streets in the Village
of Dublin as described in Resolution No. 02-78 adopted February 20,
0........... 1978 and to pay the cost of advertising, printing, legal services
, and other costs incidental thereto.
Section 2. Said bonds shall be of the denomination of $5,000
each and shall be dated approximately July 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 twenty (20) annual installments after their issuance.
Section 3. It is necessary and this Council hereby determines
that notes shall be issued in anticipation of the issuance of
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said bonds and in anticipation of the levy and collection of
special assessments, and to retire said existing notes dated
August 1, 1978.
Section 4. Such anticipatory notes in the amount of $970,000
which sum does not exceed the amount of the bond issue, shall bear
interest at the rate of S:15' per centum (5:15"' %) per annum,
[l, payable at maturity and eight per centum (8%) per annum after
i,> maturi ty. Such notes shall be dated August 1, 1979, mature on 'Ec, J
1'1'71 AugU5 L 1, 1989, 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
Clerk-Treasurer and shall bear the seal of the Village, shall be
designated "Waterline Construction Notes" and shall be payable
as to both princi~al and interest at the hAIN office of
'61l."'<~(JJ(r., 17#(p NitTI. f,1J,J/t( and shall express upon their face the
purp se 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 in charge of the Bond Retirement Fund, said notes shall
be, and hereby are, awarded and sold to ~ANG //J/.flD pH,,, #Ar/T}~AL-
'b4/'1r) at the par value thereof and bearing the afore-
said 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
(1 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.
Section 7. Such notes shall be the full general obligation
of the said Village of Dublin, Ohio, 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, to-
gether with interest thereon, and is hereby pledged for such
purpose.
Section 8. In the event that such assessments are not
levied or bonds are not issued to provide a fund for the
payment of said notes at maturity, a general tax shall be levied
against all of the property in said Village for the payment of
said notes and the interest thereon1 provided, however, that
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 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 for the Village's
portion of said notes 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
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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 of Dublin hereby covenants that it will
restrict the use of the proceeds of such notes in such manner and to
such extent, if any, as may be necessary, after taking into account
I) reasonable expectations at the time the debt is incurred, so that
they will not constitute arbitrage bonds under Section 103(c) of the
Internal Revenue Code and the regulations prescribed under the
section. The fiscal officer or any other officer, including the
Clerk-Treasurer, having responsibility with respect to the issuance
of these notes is authorized and directed to give an appropriate
certificate on behalf of the Village of Dublin, for inclusion in
the transcript of proceedings, setting forth the facts, estimates
and circumstances and reasonable expectations pertaining to said
Section 103(c) and regulations thereunder.
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.
Section 11. It is hereby determined and recited that
all acts, conditions and things necessary to be done precedent
to and 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
0 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 notes heretofore issued are
about to mature and it is necessary to make immediate provision
for their repayment in order to preserve the credit of the
Village~ wherefore this ordinance shall take effect and be in force
from and immediately after its passage.
Presiding Officer
(J Passed )IJL y ;t 3 , 1911-. ii1t;:/ ~.
I ~esiaent Pro tempore
Attest: !1~- 4//r- ?RE.f ;';/J./~
Acf')it' _ Clerk
I herebv certifv that this is a true and exact copy.
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-3- Sherr.1an Sheldon, .~ ct i n 9 C I e r k