100-78 Ordinance
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ORDINANCE NO. JfJ().. 78
AUTHORIZING THE ISSUANCE OF NOTES IN THE
AMOUNT OF $450,000 IN ANTICIPATION OF THE
ISSUANCE OF BONDS AND THE LEVY AND COLLECTION
OF SPECIAL ASSESSMENTS FOR THE PURPOSE OF
CONSTRUCTING PHASE II OF THE MUNICIPAL I
SEWAGE, COLLECTION SYSTEM AND DECLARING I
G AN EMERGENCY I
WHEREAS, this council has heretofore by proper legislation
declared the necessity of constructing a Municipal Sewage
Collection System, Phase II by the construction of trunk
sewers, subtrunk sewers, local sewers and appurtenances in
the public streets and rights-of-way and easements, as more
fully set forth in Resolution No. 49-77 of this Council,
declaring the necessity of such improvements, and has determined
that the total estimated cost of said improvement will be
not less than $ ; and
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE
VILLAGE OF DUBLIN, COUNTIES OF FRANKLIN AND DELAWARE, STATE I
0 OF OHIO THAT:
Section 1. It is hereby declared necessary to issue
bonds of the Village of Dublin, Ohio, in the principal sum
of $450,000 for the purpose of paying the property owner's
portion of the cost of constructing a Municipal Sewage
Collection System, Phase II by the construction of trunk
sewers, subtrunk sewers, local sewers and appurtenances in
the public streets and rights-of-way and easements, and to
pay the cost of advertising, printing, and legal services in
connection therewith as described in Resolution No. 49-77
adopted January 16, 1978.
Section 2. Said bonds shall be of the demomination of
$5,000 each and shall be dated approximately December 1,
1979; shall bear interest at the rate of not more than eight
per centum (8%) per annum, payable semiannually until the
principal sum is paid and shall mature in forty (40) annual
installments after their issuance.
Section 3. It is necessary and this Council hereby
determines that notes shall be issued in anticipation of the
issuance of said bonds and in anticipation of the levy and
collection of special assessments.
C Section 4. Such anticipatory notes in the amount of
$450,000 which sum does not exceed the amount ~the bond
issue, shall bear interest at the rate of ,........, ~er centum
( '..'10 %) per annum, payable at maturity and eight per centum
(8%) per annum after maturity. Such notes shall be dated
December 15, 1978, mature on December 1', 1979, and shall be
executed and delivered in such number and such denominations
as shall be requested by the purchaser thereof. Coupons
shall not be attached to the notes.
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Section 5. Such notes shall be executed by the Mayor
and Clerk-Treasurer and shall bear the seal of the Village, I
shall be designated "Municipal Sewage System Phase II Notes" I
and shall be.payable as to both principa and interest at I
the _fif) t>.(:{,c. e. office of ~ 0#'0 6>#1e J/A71(),.JiIf- Nt:.
and shall express upon their face the urpose for which they
are issued and that they are issued pursuant to this ordinance.
Section 6. Subject to the rejection of said notes by I
0 the officers in charge of the Bond Retirement Fund, said
notes shall be, and hereby are, awarded and sold to
Jtq/f/C /jf#tG / fJNle. Al41~ i&<w It,. a t the par
value thereof and bearing the aforesaid rate of interest,
and the Clerk is hereby authorized and directed to deliver
said notes, when executed, to said purchaser upon payment of
such purchase price and accrued interest to the date of
delivery. The proceeds of such sale, except any accrued
interest thereon, shall be deposited in the Village Treasury
and used for the purpose aforesaid and for no other purpose.
Any accrued interest shall be transferred to the Bond Retirement
Fund to be applied to the payment of the principal and
interest on said notes in the manner provided by law.
Section 7. Such notes shall be the full general obligation
of the said Village of Dublin, Ohio, and the full faith,
credit and revenue of the Village 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.
D Section B. In the event that such assessments are not
levied or bonds are not issued to provide a fund for the
payment of said notes at maturity, a general tax shall be
levied against all of the property in said Village for the
payment of said notes and the interest thereon.
Said tax shall be and is hereby ordered computed,
certified, levied and extended upon the tax duplicate and
shall be collected by the same officer 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. Funds derived
from said levies hereby required shall be placed in a separate
and distinct fund, which, together with interest collected
on the same shall be irrevocably pledged for the payment of
the principal and interest on said notes or the bonds in
anticipation of which they are issued when and as the same
fall due.
Section 9. The Village hereby covenants that it will
restrict the use of the proceeds of such notes 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
n arbitrage bonds under Section I03(d) of the Internal Revenue
l I 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
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 I03(d) and regulations thereunder.
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Section 10. 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 I
with all legal requirements including Section 121.22 of the
Ohio Revised Code.
n Section 11. It is hereby determined and recited that
V all acts, conditions and things necessary to be done precedent
to and in the issuing of these notes in order to make them
legal, valid and binding obligations of said 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 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 notes.
Section 12. That the Clerk is hereby directed to
forward a certified copy of this ordinance to the Auditors
of Franklin and Delaware Counties, Ohio.
Section 13. This ordinance is hereby declared to be an
emergency measure necessary for the preservation of the
public peace, health and safety of the Village of Dublin and
its inhabitants for the reason that the immediate construction
of said improvement is necessary to provide adequate sanitary
sewerage in areas to be assessed and eliminate health hazards;
wherefore this ordinance shall take effect and be in force
from and immediately after its passage.
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preSl~ng 0 fleer
Pas sed -;PEl.bvJPJO\.. 4 ~V;t-tAo ~~
1978 I
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Attest: ~ ~
Clerk
CERTIFICATE
I, t( I C.I~~ -r EIl..MEf:r1.. , Clerk, hereby
certify that the foregoing is a true copy of Ordinance No. 100-18
duly adopted by the Council of the Village of
Dublin, Ohio, on the 4'* day of 1>l.tt.Nl~~ , 1978,
and that a certified copy thereof was filed in the office of
the Franklin and Delaware County Auditors on the "Itn- day
of ~ (., t1'V\ PJ ~ , 1978.
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