020-78 Ordinance
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. MAR 2 0' 1978
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ORDINANCE NO. 19 78
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$652,095.47 OF BONDS OF THE VILLAGE OF DUBLIN,
OHIO, IN ANTICIPATION OF THE COLLECTION OF
SPECIAL ASSESSHENTS HERETOFORE LEVIED FOR THE
PURPOSE OF PAYING A PORTION OF THE COST OF
CONSTRUCTING A MUNICIPAL SEWERAGE SYSTEM AND
DECLARING AN EMERGENCY.
U WHEREAS, the qualified electors of the Village of Dublin,
,
Ohio, did on May 7, 1974, by the requisite majority vote authorize
the issuance of bonds in the sum of $2,250,000 in anticipation of the
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collection of special assessments and the levying of taxe&~putside
the ten-mill limitation to pay the principal and interest of such
bonds for the purpose hereinafter described; and
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WHEREAS, this Council has duly enacted the appropriate
legislation and Village officials pursuant to such legislation have
completed proceedings as required by Chapter 727 of the Revised Code
of Ohio, for the levying of special assessments for the improvement
hereinafter described and said assessments have been duly levied; and
G WHEREAS, the Fiscal Officer has certified to this Council
that the estimated life of the property and improvement hereinafter
mentioned is at least five years and that the maximum maturity of
bonds to be issued to pay the cost of making such improvement is
th~ars; and
WHEREAS, pursuant to Ordinance No. 28-77 passed April 18,
1977, notes were issued in anticipation of the levy and collection of
special assessments and in anticipation of the issuance of bonds for
the purpose of paying the cost of the improvement hereinafter described
and such notes are now about to mature; and
WHEREAS, this Council has determined to issue and sell
bonds in the amount and bearing the terms hereinafter provided in
order to retire said notes at maturity;
U NOW, THEREFORE, BE IT ORDAINED by the Council of the Village
of Dublin, Franklin and Delaware Counties, Ohio:
Section 1. That it is necessary to issue bonds of the
Village of Dublin in the principal sum of $652,095.47 in anticipation
of the collection of special assessments heretofore levied for the
purpose of paying a portion of the cost of constructing a municipal
sewerage collection system including trunk lines, local
in public streets, rights-of-way and easements, to retire notes
heretofore issued for said purpose and to pay the costs of legal
services, advertising, printing and other costs incidental thereto.
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Section 2. That said bonds shall be in the denomination
of $5,000 each, except bond number one in the denomination of
$7,095.47, shall be numbered from 1 to 130, both inclusive, shall
be dated April 15, 1978, and bear interest at the rate of 6% per
annum, payable semi-annually on the 15th days of October and April
of each year beginning October 15, 1978 until the principal sum is
paid, provided that if such bonds are sold at a lower or different
rate of interest than herein provided, such bonds shall bear
such rate as may be provided for in resolution of Council approving
the award thereof. Said bonds shall mature as follows: $37,095.47 on
U October 15, 1979; $30,000 on October 15 in each of the even-numbered
years 1980 to 1998, inclusive; and $35,000 on October 15 in each of
the odd-numbered years 1981 to 1997, inclusive; which maturities
are hereby determined to be in substantially equal annual installments.
The principal and interest of said bonds shall be payable at the
main office of The Huntington National Bank of Columbus, Columbus,
Ohio.
Section 3. That said bonds shall express upon their face
the purpose for which they are issued and that they are issued pursuant
to this ordinance and shall be signed by the Mayor and the Clerk-
Treasurer and shall bear the corporate seal of said Village. The
interest coupons attached to said bonds shall bear the facsimile
signature of the Clerk-Treasurer.
Section 4. 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 fall due, and also to provide a fund sufficient
to discharge the said serial bonds at maturity, 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 interest upon said bonds as and when the same falls
due and also to provide a fund for the discharge of the principal
U of said serial bonds at maturity, which tax shall not be less than
the interest and sinking fund tax required by Article XII, ~ll of
the Constitution of Ohio and shall be outside the limitation of Section
2 of said Article, provided, however, that in each year to the extent
that the assessments anticipated by said bonds are available for the
payment of such bonds and are appropriated for such purpose, the
amount of such tax shall be reduced by the; amount of the assessments
so appropriated.
Section 5. 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.
Section 6. That said bonds shall be first offered at par
and accrued interest to the officer in charge of the Bond Retirement
Fund for investment in said fund, and if said officer refuses to take
any or all of said bonds,the bonds not so taken shall be advertised
for public sale and sold in the manner provided by law. The proceeds
~ from the sale of said bonds, except the premium and accrued interest
thereon shall be used for the purpose aforesaid and for no other
purpose; the premium and accrued interest received from such sale
shall be transferred to the Bond Retirement Fund to be applied to
the payment of the principal and interest of said bonds in the manner
provided by law.
Section 7. The Village of Dublin hereby covenants that it
will restrict the use of the proceeds of the bonds in such manner and
to such extent, if any, as may be necessary, after taking into account
reasonable expectations at the time the debt is incurred, so that
they will not constitute arbitrage bonds under section 103{c) of the
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Internal Revenue Code and the regulations prescribed under that
section. The Fiscal Officer or any other officer, including the
Clerk, having responsibility with respect to the issuance of these
bonds is authorized and directed to give an appropriate certificate
on behalf of the Village, for inclusion in the transcript of proceedings,
setting forth the facts, estimates and circumstances and reasonable
expectations pertaining to said Section 103(c) and regulations
thereunder.
Section 8. It is hereby determined that all acts, conditions
E 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 principal and interest thereof at maturity; and that
no limitation of indebtedness or taxation, either statutory or
constitutional, has been exceeded in issuing these bonds.
Section 9. It is found and determined that all formal
actions of this Council concerning and relating to the adoption of
this ordinance were adopted in an open meeting of this Council, and
that all deliberations of this Council and of any of its committees
that resulted in such formal action, were in meetings open to the
public, in compliance with all legal requirements including Revised
Code Section 121.22.
Section 10. The Village Clerk is hereby directed to forward
a certified copy of this ordinance to the County Auditors of Franklin
and Delaware Counties, Ohio.
Section 11. That this ordinance is hereby declared to be
an emergency measure necessary for the immediate preservation of the
public peace, health and safety and for the further reason that the
U notes of this Village heretofore issued for this improvement are
about to mature and must be retired with the proceeds of the bonds
authorized herein in order to protect the credit of this Village;
1 wherefore, this ordinance shall go into effect immediately upon its
passage.
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I Passed th i s bO..... day of (fJMc;r 1978
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President ro Tempore
~r~';';::':-.~""'-~"-''''' ''f4l'\~ \.~~
Mayor-Presiding Officer
ATTEST:
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Clerk-Treasurer
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t " MAR 2 0, 1978
,
ORDINANCE NO. 20 78
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF
$653,083.68 OF BONDS OF THE VILLAGE OF DUBLIN,
OHIO, IN ANTICIPATION OF THE COLLECTION OF
SPECIAL ASSESSMENTS, AND TO PAY THE VILLAGE
PORTION OF THE COST OF CONSTRUCTING A WATER
LINE IN SR 161 FROM SAWMILL ROAD TO POST ROAD, .'
IN POST ROAD FROM SR 161 TO COFFMAN ROAD,
IN COFFMAN ROAD FROM POST ROAD NORTH TO THE
U HIGH SCHOOL, AND IN MONTEREY DRIVE FROM SR 161
- j SOUTH TO THE DEADEND, AND DECLARING AN
I
j EMERGENCY.
WHEREAS, the Fiscal Officer has certified to this Council
that the estimated life of the property and improvement hereinafter
mentioned is at least five years and that the maximum maturity of the
bonds to be issued to pay the cost of making such improvement is
forty years; and
WHEREAS, this Council by Ordinance No. 27-77 adopted
April 18, 1977, has heretofore authorized the issuance and sale of
notes in anticipation of said bonds, which said anticipatory notes
are about to mature; and
WHEREAS, this Council desires to issue and sell bonds in
U the amount and bearing the terms hereinafter provided in order to
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discharge such notes at maturity;
NOW, THEREFORE, BE IT ORDAINED by the Council of the Village
of Dublin, Counties of Franklin and Delaware, Ohio:
Section 1. That it is declared necessary to issue bonds
of the Village of Dublin in the principal sum of $653,083.68 for the
purpose of paying the property owners' portion ($142,978.98) in
anticipation of the collection of special assessments heretofore
duly levied, and the Village's portion ($510,104.70) of the cost of
constructing a water line in SR 161 from Sawmill Road to Post Road,
in Post Road from SR 161 to Coffman Road, in Coffman Road from Post
Road north to the High School and in Monterey Drive from SR 161 south
to the deadend, and appurtenances, and to retire notes heretofore
issued for said purpose, and to pay the cost of legal services,
advertising, printing and other costs incidental thereto.
Section 2. That said bonds shall be in the denomination of
$5,000 each, except bond number one which is of the denomination of
$8,083.68, shall be numbered from 1 to 130, inclusive, shall be dated
the 15th day of April, 1978, and shall bear interest at the rate of
U 6% per annum payable semi-annually on the 15th days of Apr~l and October
of each year beginning October 15, 1978 until the principal sum is
paid; provided, however, that if said bonds are sold bearing a
different rate of interest than heretofore specified, such bonds
shall bear such rate as may be provided for in the resolution of
Council approving the award thereof. Said bonds shall mature as
follows: $38,083.68 on the 15th day of October, 1979; $30,000 on
the 15th day of October in each of the even-numbered years 1980 to
1998, both inclusive; and $35,000 on the 15th day of October in each
of the odd-numbered years 1981 to 1997, both inclusive; which
maturities are hereby determined to be substantially equal annual
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installments. The principal and interest of said bonds shall be
payable at the main office of The City National Bank and Trust
Company, Columbus, Ohio.
Section 3. That said bonds shall express upon their face
the purpose for which they are issued and that they are issued in
pursuance of this ordinance~ shall be signed by the Mayor and Clerk-
Treasurer and shall bear the corporate seal of said Village. The
interest coupons attached to said bonds shall bear the facsimile
signature of said Clerk.
U.. , Section 4. That for the purpose of providing the necessary
J funds to pay the interest on the foregoing issue of bonds promptly
r} when and as the same falls'due, and also to provide a fund sufficient
to discharge the said serial bonds at maturity, there shall be and
is hereby levied on all the taxable property in the 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 interest upon said bonds as and when the same falls due and also
to provide a fund for the discharge of the principal of the bonds at
maturity, which tax shall not be less than the interest and sinking
fund tax required by Article XII, Sll of the Constitution of Ohio~
provided, however, that in each year to the extent that the assessments
anticipated by said bonds are available for the payment of such bonds
and are appropriated for such purpose, the amount of such tax shall
be reduced by the amount of the assessments so appropriated.
Section 5. 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
U........ 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 to the extent that
municipal income taxes are lawfully available for the payment of
such bonds and are appropriated for such purpose in compliance with
the covenant hereinafter set forth, the amount of such tax shall
be reduced by the amount of such municipal income taxes so appropriated.
All assessments collected for the improvement shall be
applied to the payment of the bonds and the interest thereon. To
the extent necessary to meet such debt charges not provided for by
the collection of said assessments, the principal and interest on
said bonds shall be paid from municipal income taxes lawfully
available therefore under the Constitution and laws of the State of
Ohio, 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 demonstrates
the irrevocable pledge of the full faith, credit and revenues of
the Village to the prompt payment of the principal of and interest
on such bonds when and as the same fall due.
Section 6. That said bonds shall be first offered at par
and accrued interest to the officer in charge of the Bond Retirement
t Fund for investment in said fund, and if said officer refuses to
.... > take any or all of said bonds, the bonds not so taken shall be
r' advertised for public sale and sold in the manner provided by law.
The proceeds from the sale of the bonds, except the premium and
accrued interest thereon, shall be used for the purpose aforesaid
and for no other purpose; the premium and accrued interest received
from such sale shall be transferred to the Bond Retirement Fund
to be applied to the payment of the principal and interest of said
bonds in the manner provided by law.
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Section 7. The village of Dublin hereby covenants that
it will restrict the use of the proceeds of the bonds in such manner
and to such extent, if any, as may be necessary, after taking into
account reasonable expectations at the time the debt is incurred,
so that they will not constitute arbitrage bonds under Section 103(c)
of the Internal Revenue Code and the regulations prescribed under
that section. The Fiscal Officer or any other officer, including
the Clerk, having responsibility with respect to the issuance of
these bonds is authorized and directed to give an appropriate certificate
on behalf of the Village, for inclusion in the transcript of proceedings,
U setting forth the facts, estimates and circumstances and reasonable
expectations pertaining to said Section 103(c) and regulations
thereunder.
Section 8. It is hereby determined that all acts, conditions
and things necessary to be done precedent to and in the issuance of
these bonds 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 as required by law; that the full faith, credit
and revenue of said Village are hereby pledged for the prompt payment
of the principal and interest thereof at maturity; and that no
limitation of indebtedness or taxation, either statutory or consti-
tutional, has been exceeded in issuing these bonds.
Section 9. It is found and determined that all formal
actions of this Council concerning and relating to the adoption of
this ordinance were adopted in an open meeting of this Council and
that all deliberations of this Council and of any of its committees
that resulted in such action were in meetings open to the public in
compli~ce with Section 121.22, Ohio Revised Code.
Section 10. The Village Clerk is hereby directed to
forward a certified copy of this ordinance to the County Auditors
of Franklin and Delaware Counties, Ohio.
e Section 11. That this ordinance is hereby declared to be
"",:" an emergency measure necessary for the immediate preservation of the
public peace, health and safety and for the further reason that the
notes of this Village heretofore issued for this improvement are
about to mature and must be retired with the proceeds of the bonds
authorized herein in order to protect the credit of this Village;
wherefore, this ordinance shall go into effect immediately upon
its passage.
Passed this ~ day of ~~ , 1978
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President Pro Tempore
Mayor-Presiding Officer
ATTEST: .
~ ~
~ Clerk-Treasurer