58-77 Ordinance
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ORDINANCE NO. 58 77
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF BONDS
BY THE VILLAGE OF DUBLIN, OHIO, IN ANTICIPATION
OF THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE
IMPROVEMENT OF CERTAIN STREETS IN RIVER FOREST
SUBDIVISION BY CONSTRUCTION OF WATER LINES AND
C APPURTENANCES; AND DECLARING AN EMERGENCY
WHEREAS, the Council of the Village of Dublin, Franklin
and Delaware Counties, Ohio has heretofore by proper legislation
declared the necessity of the improvement of certain streets in
River Forest Subdivision by construction of water lines and
appurtenances; and
WHEREAS, Council has heretofore authorized, issued and
sold a note of the Village in anticipation of the levy of special
assessments for said improvement; and
WHEREAS, the Clerk of the Village has certified the
estimated life of said improvements as exceeding five years, and
has further certified the maximum maturity of bonds as twenty
0 years;
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 hereby declared necessary to
issue and there is hereby authorized the issuance of bonds of
the Village of Dublin in the aggregate principal amount of One
Hundred Eighty One Thousand Nine Hundred Fifty and 24/100
Dollars ($181,950.24) in anticipation of the collection of
special assessments heretofore levied in said amount for the
purpose of improving Dublin-Bellpoint Road, Ashford Road, River
Forest Road, Indian Hill Road and Bennett Court, in River Forest
Subdivision between the termini provided for in Resolution No.
35-76, adopted July 6, 1976, by the construction of water lines
and appurtenances, and to pay the cost of legal services,
advertising, printing and other incidental expenses, and to
retire a note, heretofore issued for said improvements.
Section 2. 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 facsimile
U signature of the Mayor and signed by the Village Clerk and
bear the seal of the corporation. Said bonds shall be dated
October 15, 1977, and shall be due and payable as follows:
$11,950.24 on the fifteenth day of October, 1979;
$10,000 on the fifteenth day of October in each of
the years 1980 to 1991, both inclusive, and on the
fifteenth day of October in each of the odd numbered
years from 1993 to 1997, both inclusive; and $5,000 on
the fifteenth day of October in each of the even
numbered years from 1992 to 1998, both inclusive.
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Said bonds shall be of the deno~ination of Five Thousand
Dollars ($5,000) each, except Bond No. 1 which shall be in
the denomination of Six Thousand Nine Hundred Fifty and 24/100
Dollars ($6,950.24) , shall be numbered from 1 upward, shall
bear interest at a rate of six per cent (6%) per annum, pay-
able semiannually on the fifteenth day of April and October of
each year, commencing April 15, 1978, for which purpose interest
coupons, bearing a facsimile of the signature of the Village
Clerk shall be attached to and made a part of said bonds; provided,
0 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. Principal and interest shall
be payable at the main office of the Ohio National Bank of
Columbus, Columbus, Ohio. Said bonds shall first be offered to
the officer in charge of the bond retirement fund of the Village
at par and accrued interest and if not purchased by said officer
shall be offered for sale by the Village Clerk in the manner
provided by law.
Section 3. That for the purpose of providing the necessary
funds to pay the interest on the foregoing issue of bonds promptly
when and as the same falls due, and also to provide a fund suf-
ficient to discharge the principal amounts of said serial bonds
at maturity, there shall be and is hereby levied on all taxable
property in the Village of Dublin, in addition to all other taxes,
a direct tax annually within limitations during the period said
bonds are to run in an amount sufficient to provide funds to pay
interest upon said bonds as and when the same shall fall due, and
also to provide a fund for the discharge of such principal amounts
of said serial bonds at maturity, which tax shall not be less
than the interest and sinking fund tax required by Section 11 of
Article XII of the Ohio Constitution, provided, however, that in
D each year that the assessments to the extent anticipated by said
bonds are payable and are applicable to the payment of such
interest and principal and are appropriated for such purpose,
the amount of such tax shall be reduced by the amount of the
assessment so appropriated.
Said tax shall be and is hereby ordered computed, certified,
levied and extended upon the tax duplicate and collected by the
same officers, and 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 hereby levied 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 principal and interest of said bonds when and as the
same fall due.
Section 4. That the Village Clerk is hereby authorized and
directed to certify a copy of this ordinance to the Auditors of
Franklin and Delaware Counties, Ohio, according to law.
Section 5. That all installments of said assessments and all
portions thereof, together with interest thereon, shall be
U applied to the payment of said bonds and interest as the same
shall become due and to no other purpose whatsoever.
Section 6. The Village Clerk is hereby directed to have
said bonds and coupons properly prepared and executed and to sell
the same as provided by law.
Section 7. That this ordinance is hereby declared to be
an emergency measure, the immediate passage of which is necessary
for the public health, welfare, and safety for the reason that the
note issued in anticipation of said bonds is about to mature and
said ordinance shall go into full force and effect upon its
passage.
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Passed SEP 6 1977 , 1977
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U Attest: ~ Dj~
Clerk-Treasurer
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I, Richard D. Termeer, Clerk of the village of Dublin, Ohio,
hereby certify that the foregoing is a true copy of Ordinance
No. Si.11 passed by the Council of the Village of Dublin
on S ~, ,=-. .. , 1977, and that the same is on file and of
record 1n the office of the Village.
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Village Clerk
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