51-75 Ordinance
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ORDINANCE NO. S/-7~
TO AUTHORIZE THE ISSUANCE OF BONDS OF THE VILLAGE
OF DUBLIN IN THE AMOUNT OF $200,000 FOR THE PURPOSE
OF CONSTRUCTING A MUNICIPAL SEWAGE COLLECTION SYSTEM
AND TO DECLARE AN EMERGENCY
^ WHEREAS, a note for the purpose hereinafter described in the principal
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~ sum of $200,000 in anticipation of the issuance of bonds has been authorized
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~I and issued and the Village now desires to issue bonds in the principal sum of
$200,000 to retire said note; and
WHEREAS, the Clerk-Treasurer has certified the estimated life of improve- ,
ments and maximum maturity of the bonds to be issued for such purpose;
NOW, THEREFORE, BE IT ORDAINED BY THE Council of the Village of Dublin,
in the Counties of Franklin and Delaware, State of Ohio:
SECTION 1. That it is hereby declared necessary to issue and there is
hereby authorized the issuance of bonds of the Village of Dublin, Ohio, for
the purpose of paying a portion of the cost of constructing a municipal sewage
collection system by the acquisition of real estate or easements or other in-
terests in real estate, and the construction of sewer lines and appurtenances,
to retire notes previously issued, and to pay the costs of advertising, printing,
legal services and other costs incidental thereto, in the principal sum of
$200,000, which bonds shall be designated "Sewage System Improvement Bonds,
Series 2."
(' SECTION 2. That said bonds shall be in the denomination of $5,000 each,
l I numbered 1 to 40, both inclusive; shall be dated November 1, 1975, shall bear
~ I interest at the rate of seven per centum (7%) per annum, payable semiannually
V on the first days of May and November of each year commencing May 1, 1976, until
the principal sum is paid; provided, however, that if said bonds are sold
bearing a different rate of interest than hereinbefore specified, such bonds
shall bear such rate of interest as may be provided for in the resolution of
Council approving the award thereof. Said bonds shall mature as follows:
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$10,000 on the first day of November in each of the odd numbered
,years, 1977 to 1995, both inclusive, and $5,000 on the first day
of November in each of the even numbered years, 1978 to 1994, both
inclusive, and in each of the years 1996 to 2006, both inclusive,
which maturities are hereby determined to be in substantially equal annual in-
stallments. The principal sum and interest of all said bonds shall be payable
at the main office of The Ohio National Bank of Columbus in the City of Columbus,
Ohio.
SECTION 3. That said bonds shall express upon their face the purpose
for which they are issued; that they are issued pursuant to this ordinance,
and shall be signed by the Clerk-Treasurer, and bear the facsimile signature
of the Mayor. The interest coupons attached to said bonds shall bear the
facsimile signature of the Clerk-Treasurer. The corporate seal of the Village
shall be affixed to said bonds.
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I I SECTION 4. That for the purpose of providing the necessary funds to
t pay the interest on the foregoing issue of bonds promptly when and as the same
V falls due, and also to provide a fund sufficient to discharge said bonds at
mat uri ty , there shall be and is hereby levied on all the taxable property in
said Village of Dublin, in addition to all other taxes, a direct tax annually
during the period said bonds are to run, in an amount sufficient to provide
funds to pay the 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 bonds at
maturity, which tax shall not be less than the interest and sinking fund tax .
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required by Article XII, Section 11, of the Constitution of the State of Ohio.
Said tax shall be levied inside the ten mill limitation.
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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
r same, shall be irrevocably pledged for the payment of the interest and principal
of said bonds when and as the same falls due.
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\..t SECTION 5. 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
full faith, credit and revenue of said village are hereby irrevocably pledged
for the prompt payment of the interest and principal thereof at maturity; and
that no limitation of indebtedness or taxation, either statutory or constitu-
tional, has been exceeded in issuing these bonds.
SECTION 6. That the Clerk-Treasurer is hereby authorized and directed to
certify a copy of this ordinance to the Auditors of Franklin and Delaware
Counties, Ohio, as provided by law.
SECTION 7. That the Clerk-Treasurer is hereby directed to have said
bonds and coupons properly prepared and executed, to sell the same by first
offering said bonds to the Village Officer in charge of the bond retirement
fund and, if rejected by said Officer, to sell said bonds according to law
and to deposit the proceeds therefrom, including any premiums and accrued
interest, in the Village Treasury for the purposes hereinabove provided.
SECTION 8. This ordinance is hereby declared to be an emergency measure
the immediate passage of which is necessary for the public health, welfare and
n safety for the reason that the note issued in anticipation of said bonds is
about to mature and it is necessary to provide funds without delay for retire-
ment of said note; this ordinance, therefore, shall take effect and be in
\..; force from and after its passage and approval by the Mayor.
Approved: - /MY 0/-'...-
Passed: 5677 8 , 1975 Attest:
CERTIFICATE
The undersigned Clerk-Treasurer of the Village of Dublin, Ohio, hereby
certifies that the foregoing is a true copy of Ordinance No. 'S/.7S;-
passed , 1975, and that certified copies thereof were filed
with the County Auditors of Franklin and Delaware Counties, Ohio on the Fe:;..
day of 'S~P1 , 1975.
IZL CJ ~
Clerk-Treasurer
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