28-77 Ordinance
. APR 1 8 1977
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ORDINANCE NO. 28 77
TO PROVIDE FOR THE ISSUANCE OF NOTES BY THE
VILLAGE OF DUBLIN IN THE PRINCIPAL SUM OF
$814,000 IN ANTICIPATION OF THE LEVY AND
COLLECTION OF SPECIAL ASSESSMENTS FOR THE
( CONSTRUCTION OF A MUNICIPAL SEWAGE COLLECTION
SYSTEM AND TO DECLARE AN EMERGENCY.
v..1HEREAS, the qualified electors of the Village of Dublin
did on May 7, 1974, by the requisite majority vote, authorize the
issuance of bonds outside the limitation of Article XII, Section 2
of the Ohio Constitution and in anticipation of the collection of
special assessments for the purpose hereinafter described; and
WHEREAS, the Council of the Village of Dublin, by Resolution
No. 02-74 duly adopted January 15, 1974, declared the necessity of
submitting to the electors the question of issuing bonds in the sum
of Two Million Two Hundred Fifty Thousand Dollars ($2,250,000) for
the purpose hereinafter described; and
WHEREAS, this Council has duly enacted the appropriate
C legislation and Village officials, pursuant to such legislation, have
completed preliminary proceedings as required by Chapter 727 of the
Revised Code of Ohio for the levying of special assessments for the
improvement hereinafter described; and
WHEREAS, the Fiscal Officer of said Village has certified
to this Council the estimated life of said improvement to be at least
five (5) years, and has further certified the maximum maturity of
bonds as thirty (30) years, and notes as eight (8) years; and
WHEREAS, this Council by Ordinance No. 86-76 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; and
0 WHEREAS, this Council now desires to renew said anticipatory
notes at maturity;
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 an install-
ment of bonds of the Village of Dublin, State of Ohio, in the principal
sum of Eight Hundred Fourteen Thousand Dollars ($814,000) in antici-
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pation of the collection of special assessments to be levied for the
purpose of constructing a Municipal Sewage Collection System including
trunk sewers, local sewers and appurtenances in public streets,
rights-of-way and easements as fully described in Resolution No. 16-74,
declaring the necessity of constructing said system and as provided
in said Resolution No. 02-74 referred to above.
Said bonds shall be dated approximately April 15, 1978;
shall bear interest at the rate of six and one-half percent (6-1/2%)
per annum; and shall be payable in thirty (30) annual installments.
C' Section 2. That for the purpose of raising money in
( 1 anticipation 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 improvement, 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 improvement in the sum of Eight Hundred Fourteen Thousand
Dollars ($814,000), and for the purpose of renewing notes of said
Village heretofore issued for such purpose and in anticipation of
the issuance of said bonds by retiring said notes at their maturity,
notes shall be issued in the amount of $814,000.
Section 3. Said renewal notes shall be signed by the Mayor
and the Clerk-Treasurer and shall bear the seal of the corporation;
shall be dated April 29, 1977, and mature April 28, 1978. Said
notes shall bear interest at the rate of THo" of- Tw~'?.,- ~ Hvw..."",:;.
per cent (1.~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 renewal notes shall be
executed and delivered in such numbers and in such denominations as
may be requested by the purchasers of said notes and shall be
designated "Sewage System Improvement Renewal Notes, Series 3".
Principal and interest shall be payable at the main office of
~, Section 4. After said improvement is 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 improvement and heretofore adopted by the Council, the entire
cost and expense thereof, except the portion to be paid by the Village
of Dublin in accordance with Resolution No. 16-74 of this Council.
The proceeds from the sale of bonds and any unexpended balance in
the improvement fund remaining after the completion of said improve-
ment 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 improvement
and unexpended balance remaining in the fund after the cost and
expense of the improvement 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 issued to provide a fund for the payment of said notes at
maturity, a general tax outside the limitation of Article XII,
Section 2 shall be levied against all the property in said Village
for the payment of such notes and interest thereon.
A certified copy of this Ordinance shall be forwarded by
the Clerk-Treasurer to the County Auditor as required by law.
0" Section 6. Said notes shall be a full general obligation
,1 of the Village of Dublin, State of Ohio, 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. Subject to the rejection of said notes by the
Clerk-Treasurer as the officer in charge of the Bond and Note Retire-
ment Fund, said notes shall be and hereby are awarded to
e.,~ AlA',..,,,,,,,,, ;;a~ at the p~r value thereof and bearing
the aforesaid rate of interest, and the Clerk-Treasurer is hereby
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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 the sale of said renewal
notes and accrued interest shall be credited to the proper retire-
ment fund to be applied to the payment of principal and interest of
the notes issued in anticipation of the issuance of said bonds in
the manner provided by law.
Section 8. This ordinance is hereby declared to be an
emergency measure necessary for the immediate preservation of the
C public peace, health and safety of said Village of Dublin for the
reason that the sanitary sewage improvement notes heretofore issued
in anticipation of the issuance 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: /JPIt-, -- I)' , 1977
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Signed:
~ ~ p~o~o~
Mayor
Attest:
U.J ~ ~
Treasurer
~ CERTIFICATE
t;
I, Richard Termeer, Clerk-Treasurer of the Village of Dublin,
Ohio, do hereby certify that the foregoing is a true and exact copy
of Ordinance No. ~'~17 of the Council of the said Village duly
adopted by said Council on the If" day of ~^'~ ,
1977.
ZLo tJS~Q'V
Clerk-Treasurer
Village of Dublin, Ohio
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