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051-78 Ordinance . --- - - ------ -- - ---- ~ :0-" f.,: _ JUN 1f \978 ORDINANCE NO. 51 78 TO PROVIDE 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 $ "3'8.():)O. ~ FOR THE PURPOSE OF ACQUIRING AND, CONSTRUCTING A MUNICIPAL BUILDING, I TO RENEW NOTES HERETOFORE ISSUED FOR SAID PURPOSE, I AND TO DECLARE AN EMERGENCY. I WHEREAS, the Fiscal Officer has certified to this I r-: Council the estimated life of the property and improvement I , r I , \J '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; and WHEREAS, Pursuant to Ordinance No. 34-77 of this Council notes were issued as of June 13, 1977 in anticipation of the issuance of bonds to finance the improvements hereinafter described; and WHEREAS, in lieu of issuing bonds at this time it appears (r: advisable to issue a new note or notes; and \) WHEREAS, the sum of $ SS 60c!).;~ is now available to - .1" be applied again~t the principal amount of the outstanding notes and Council desires to issue a new note or notes in the sum of $ 'j'S ~,.o2 to provide the remaining funds J' needed to retire the outstanding notes at their ~aturity; NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of Dublin, Ohio, t~ , SECTION 1. It is he::J~y declared necessary to issue bonds of the Village of Dublin, Ohio, in the principal sum of $ 3G.~~(X). 0.2. for the purpose of acquiring and constructing a municipal building for said village, furnishing and eq~ipping n the same, landscaping and site improvement, and to pay the cost of legal services, advertising, printing and other costs t incidental thereto. ' ' \.J SECTION 2. Said bonds shall be dated approximately June I, 1979, shall bear interest at an estimated rate of six percent (6%) per annum payable semi-annually until the principal sum is paid and shall mature in ten annual installments after their issuance. ____.......~.b.d::...".-.<'. -..- ~.- ...~~.. ,.."'............."...,~.!.... ......",.. .."'......-~~/.... .'.~....-...~..:~~.;.,~.....~ --- ----- -.. --- -- - - - . . , SECTION 3. It is necessary to issue and this Council hereby determines that notes in the principal amount of $ 1'8o~,oQ shall be issued in anticipation of said bonds and to r~new notes issued June 13, 1977 for such purpose. Said notes shall be dated June 13, 1978 and shall mature on June 13, 1979. Such anticipatory notes shall bear interest . I u from the date thereof until maturity at the rate of fotJI-IftJ()JiJIIIO~"~ 1tJ,,~s per centum (~qs(%) per annum, payable at maturity, and thereafter at the rate of eight percent (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 purchaser of such notes. Coupons shall not t t 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 IIMunicipal Building Construction Notes II; J,tal~ be payable as to both principal and interest at T~~~7~ , ,- AJM1tOi.J/t.i... " ' 'RNJ~' , , , . -, ; and shall express upon their faces 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. 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 excess 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. SECTION 6. During the year or years while such notes ~ run there shall be levied on all the taxable property in ~ r 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. Said tax shall be placed before and in preference to all other items and for the full amount thereof. Th~ ~unds derived from said tax levies hereby required sh~ll be~laced in a separate and distinct fund, which,togeth~r with the inte~est 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 n ingebtedness or taxation, either statutory or constitutional, I 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 -rflc /frIld7/'WG7<;sj.l AJ.A7'O~ 151#<)114- at the par value thereof and accrued interest, and the Clerk is hereby authorized and directed to deliver said notes -2- . ,. -... .'- -, ..,-,....'_.~.._........ "'~' -.t. ....... -.. .~-~. ~ ~''''~'''''''''' ...,.......... . --".,"''',~. ~.' n_._......._"'....'......._; '.........--.-.-~. .- -.. -... -. -- ....~. ......-. '..... "7'V'-'--' "'~-."""-''''''''~-'''~:.'~:,-,-_,Il!:rl l - ---- -- --- -~- . . ~ . . . when executed to said purchaser upon payment of such purchase price. The proceeds of such sale otner 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. The Village of Dublin hereby covenants that it will restrict the use of the proceeds of such notes n in such manner and to such extEnt, if any, as may be necessary, after taking into account reasonable expectations at the ( I time the deb-t is incurred, so that they will not constitute .., arbitrage bonds under Section 103(d) of the Internal Revenue Code and the regulations prescribed under the section. The fiscal officer or any other officer, including the Clerk- Treasurer, having responsibility with respect to the issuance of these notes is authorized and directed to give an appropriate cer.tificate'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(d) and regulations thereunder. SECTION 11. 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 Section 121.22 of the Ohio Revised Code. SECTION 12. This ordinance is hereby declared to be an emergency measure necessary for the immediate preservation (f) of the public peace, health and safety in said Village of Dublin for the reason that notes heretofore issued are about to mature and it is necessary to provide funds for their J immediate payment in order to protect the credit of the Village; wherefore, this ordinance shall take effect and be in force from and after its passage. Passed: ;LN~ ~ , 1978 (!)~ ~ ~~~ Mayor ' President of Council Attest: d~~J (l I I W -3- - - - --...... .. '. .-. ,-..... '.'. ,. ',- -~.... -....,-.- .. """'-i_' - - - -- - - -- - -- --- --- - - - --- - - - . - - . .. . . . ... C E R T I F I CAT E I, RICHARD D. TERMEER, Clerk of the Village of Dublin, Ohio, do hereby certify that the foregoing is a true and n exact copy of Ordinance No. of the Council of said ~ Village duly adopted by said Council on the day of June, 1978. I further certify that a certified copy of said ordinance was filed in the office of the County Auditor of Franklin County, Ohio, on the day of , 1978. Clerk village of Dublin, Ohio /) ( I '-' n '-' " .)''';::;i;