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;