34-77 Ordinance
JUN 8 1977
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\J ORDINANCE NO. 34 77
PROVIDING FOR THE ISSUANCE AND SALE OF NOTES
IN ANTICIPATION OF THE ISSUANCE OF BONDS OF
THE VILLAGE OF DUBLIN, OHIO, IN THE PRINCIPAL
SUM OF $423,000 FOR THE PURPOSE OF ACQUIRING
AND CONSTRUCTING A MUNICIPAL BUILDING AND
DECLARING AN EMERGENCY.
O WHEREAS, the Fiscal Officer has certified to this Council
... .. the estimated life of the property and improvement to be acquired
and constructed from the proceeds of the bonds and notes hereinafter
referred to as exceeding five (5) years and the maximum maturity of
bonds as twenty-three (23) years, and notes as eight (8) years if
sold at public sale and one (1) year if sold at private sale:
NOW, THEREFORE, BE IT ORDAINED by the Council of the Village
of Dublin, Ohio:
Section 1. That it is hereby declared necessary to issue
bonds of the Village of Dublin, Ohio, in the principal sum of
$423,000 for the purpose of acquiring and constructing a municipal
building for said Village, furnishing and equipping the same; land-
scaping and site improvement, and to pay the cost of legal services,
advertising, printing and other costs incidental thereto.
Section 2. Said bonds shall be dated approximately June 1,
1978, shall bear interest at an estimated rate of six per cent (6%)
c..... .... per annum payable semi-annually un.til the principal sum is paid and
l ...1 shall mature in ten annual installments after their issuance.
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Section 3. That it is necessary to issue and this Council
hereby determines that notes in the principal amount of $423,000 shall
be issued in anticipation of said bonds for such purpose. Said notes
shall be dated June 13, 1977 and shall mature on June 13, 1978. Such
anticipatory notes shall bear interest from the date thereof until
maturity at the rate or rates per annum offered by bidders as set
forth in Section 9 below, payable at maturity, and thereafter at the
rate of eight per cent (8%) per annum until the principal sum is
paid. Such notes shall be executed and delivered in such number and
such denominations as may be requested by the purchasers of such
notes. Coupons shall not be attached to said notes.
Section 4. Said notes shall be executed by the Mayor and
the Clerk and bear the seal of the corporation: shall be designated
"Municipal Building Construction Notes"; shall be Eayable as to
both principal and interest at three & forty sevenths 0.47%0 per annu
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. Printed notes may bear the facsimile signature
of one such officer and the facsimile of the corporate seal.
O. Section 5. Said notes shall be the full general obligation of
...... the Village and the full faith, credit and revenue of said City 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 e~cess funds resulting from the issuance of said notes shall,
to the extent necessary, be used only for the retirement of said
notes at maturity, together with interest thereon, and is hereby
pledged for such purpose.
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Section 6. 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, and outside 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 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.
0 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 the interest collected on the same,
shall be irrevocably pledged for the payment of the principal and
interest of said notes or the bonds in anticipation of which they
are issued when and as the same fall due.
Section 7. It is hereby determined and recited that all
acts, conditions and things necessary to be done, precedent to and
in the issuing of said notes in order to make them legal, valid and
binding obligations of the Village of Dublin have happened, been
done and performed in regular and due form and as required by law;
and that no limitation of indebtedness or taxation, either statutory
or constitutional, will have been exceeded in the issuance of said
notes.
Section 8. The Village Clerk is hereby directed to forward
a certified copy of this ordinance to the County Auditor.
Section 9. Subject to the rejection of said notes by the
Treasurer as the officer in charge of the Bond and Note Retirement
Fund, said notes shall be, and hereby are, awarded and sold to:
BIDDERS AMOUNT RATE PREMIUM
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at the par value thereof and accrued interest and bearing interest
fram the date thereof until maturity at the rate of % per annum
and thereafter at the rate of 8% per annum until the principal sum
is paid, and the Clerk is hereby authorized and directed to deliver
said notes when executed to said purchasers upon payment of such
purchase price. The proceeds of such sale other than the premium
and accrued interest, if any, shall be credited to the proper
improvement fund. The accrued interest and premium, if any, shall be
credited to the proper retirement fund to be applied to the principal
and interest of said notes in the manner provided by law.
Section 10. This ordinance is hereby declared to be an
emergency measure necessary for the immediate preservation of the
IJ public peace, health and safety in said Village of Dublin for the
reason that the Village has heretofore received bids for the acquisition
and construction of said improvement and it is immediately necessary
to provide ~unds in order to enable the Village to accept said bids;
wherefore, this ordinance shall take effect and be in force from
and after its passage.
Passed: J.JI'lb- ~ , 1977
(!~ 2V, ~ /~1~o~
Mayor
Attest:
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dierk