27-77 Ordinance
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ORDINANCE NO. 27 77 APR 1 8 1977
TO PROVIDE FOR THE ISSUANCE OF NOTES BY THE VILLAGE
OF DUBLIN IN ANTICIPATION OF THE LEVY OF SPECIAL
ASSESSMENTS, AND TO PAY THE VILLAGE PORTION OF THE
COST OF CONSTRUCTING A WATER LINE IN S.R. 161 FROM
SAWMILL ROAD TO POST ROAD, IN POST ROAD FROM S. R.
161 TO COFFMAN ROAD, AND IN COFFMAN ROAD FROM POST
ROAD NORTH TO THE HIGH SCHOOL AND IN MONTEREY DRIVE
0 FROM S. R. 161 SOUTH TO THE DEAD END AND DECLARING
AN EMERGENCY.
WHEREAS, the Council of the Village of Dublin, Ohio, has
heretofore, by proper legislation, declared the necessity of the
improvement hereinafter described; and
WHEREAS, the Council of the Village of Dublin, Ohio, has
requested the Fiscal Officer to issue his certificate as to the
estimated life of the improvement to be constructed from the proceeds
of the bonds hereinafter referred to and the notes to be issued in
anticipation of the issuance of said bonds, and as to the maximum
maturity of such bonds and notes, and the Fiscal Officer of said
Village has certified to this Council such estimated life as at least
(" five (5) years, and has further certified the maximum maturity of
. such bonds as forty (40) years, and said notes as eight (8 ) ye ar s ; and
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WHEREAS, this Council by Ordinance No. 31-76 has heretofore
authorized the issuance and sale of notes in anticipation of the
issuance of said bonds, which said anticipatory notes are about to
mature;
NOW, THEREFORE, BE IT ORDAINED by the Council of the Village
of Dublin, Counties of Franklin and Delaware, State of Ohio:
Section 1. That it is deemed necessary to issue bonds of
the Village of Dublin in the principal sum of Six Hundred Eighty
Thousand Dollars ($680,000) in order to provide funds to construct
a water line in S.R. 161 from Sawmill Road to Post Road, in Post
Road from S. R. 161 to Coffman Road, in Coffman Road from Post Road
north to the High School and in Monterey Drive from S. R. 161 south
to the dead end, and appurtenances.
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Said bonds shall be dated approximately April 1, 1978; shall
C bear interest at the rate of six per cent (6%) per annum, and shall
be payable in twenty (20) annual installments.
Section 2. That for the purpose of raising money in antici-
pation of the levying of special assessments and in anticipation of
the issuance of bonds in anticipation of the collection of special
assessments for the aforesaid improvements, in accordance with the
legislation heretofore passed by the Village Council with respect
thereto, to pay the property owners' share of the cost and expense of
said improvements in the sum of Two Hundred Thirty-seven Thousand Two
Hundred Four Dollars ($237,204) and to pay the Village of Dublin's
share of the cost and expense of said ,improvement in the sum of
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Four Hundred Forty-two Thousand Seven Hundred Ninety-six Dollars
($442,796) , and for the purpose of renewing notes of said Village
previously issued for such purpose and in anticipation of the
issuance of said bonds by retiring said notes at maturity, notes
shall be issued in the amount of Six Hundred Eighty Thousand Dollars
($680,000) .
Section 3. Said notes shall be signed by the Mayor and Clerk
and shall bear the seal of the coproration; shall be dated April 29,
0 1977, and be payable April 28,1978. Said notes shall bear interest
at the rate of 7H4C& + ToA.Jl.Iv.,., F-~ /-4w.J.......,,.,. per cent (3."'1 %)
per annum, payable at maturity, and shall express upon their face
the purpose for which they are issued and that they are issued pursuant
to this ordinance. Said notes shall be executed and delivered in
such number and such denominations as may be requested by the
purchaser of such notes. Principal and interest shall be payable
at the office of
Section 4. After said improvements are completed and the cost
thereof ascertained, Council shall by ordinance, assess upon the
benefited property in the manner provided in the legislation referring
to said improvements and heretofore adopted by this Council, the entire
cost and expense thereof, except the portion to be paid by the Village
in accordance with the provisions of the Revised Code of Ohio. The
proceeds from the sale of such bonds and any unexpended balance in
the improvement fund remaining after the completion of said improvements
shall be used for the payment of the notes authorized by this ordinance
and for no other purpose.
Section 5. All assessments collected for the improvements and
unexpended balance remaining in the fund after the cost and expense
of the improvements has been paid, shall be applied to the payment
of the notes and the interest thereon until fully provided for. In
the event that such assessments are not levied or bonds are not
C 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 such notes and the interest thereon.
Provided, however, that during the year or years while such
notes run there shall be levied on all the taxable property in said
Village, in addition to all other taxes, a direct tax annually not
less than that which would have been levied for the Village's portion
of said cost, if bonds had been issued therefor 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 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 of said bonds when and as the same fall due, provided,
however, that in each year the amount of such tax shall be reduced
by the amount of lawfully available municipal income taxes appropriated
and to.be applied to the debt charges on such bonds in compliance with
C the covenant hereinafter set forth.
To the extent necessary to meet such debt charges, the principal
of and interest on said bonds shall be paid from municipal income
taxes lawfully available therefor under the Constitution and laws of
the State of Ohio and the Charter of the municipality; and the Village
hereby covenants, subject and pursuant to such authority, including
particularly Sections 133.03(L) and 5705.51(A) (5) and (D) , Ohio
Revised Code, to appropriate annually from such municipal income
taxes such amount as is necessary to meet such annual debt charges.
Nothing in this section in any way diminishes the irrevocable pledge
of the full faith and credit and revenues of the Village to the prompt
payment of the principal of and interest on such bonds.
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Section 6. Said notes shall be a full general obligation
of the Village of Dublin, and the full faith, credit and revenue of
said Village are hereby pledged for the payment of both principal
and interest of the notes at maturity and in accordance with the
laws and Constitution of the State of Ohio.
Section 7. A certified copy of this ordinance shall be
forwarded by the Clerk to the County Auditor as required by law.
(1 Section 8. Subject to the rejection of said notes by the
..1 Treasurer as the officer in charge of the bonds and note retirement
. .I fund, said notes shall be and hereby are awarded and sold to
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at the par value thereof and bearing the aforesaid rate of interest,
and the Clerk is hereby authorized 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 and
accrued interest shall be credited to the proper retirement fund to
be applied to the payment of principal and interest of the notes
previously issued in anticipation of the issuance of said bonds in
the manner provided by law.
Section 9. This ordinance is hereby declared to be an
emergency measure necessary for the immediate preservation of the
public peace, health and safety of said Village of Dublin for the
reason that the notes heretofore issued in anticipation of said
bonds are about to mature and in order to preserve and protect the
credit of said Village, it is necessary to make provision immediately
for the renewal of said anticipatory notes at maturity.
Passed: /lP41C_ /S , 1977 (P~A~ ~
Attest: ~ C) :1~ Pres 1ng
1:J lerk
CERTIFICATE
I, ~ (:)~, Clerk of the Village of Dublin,
Ohio, do hereby certify that the foregoing is a true and exact copy
of an Ordinance of the Council of the said Village duly adopted by
said Council on the J r day of IJ,.,,- , 1977.
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Village of Dublin, Ohio
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