08-68 Ordinance
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ORDINANCE NO cC: '(.f:~
TO PROVIDE FOR THE ISSUANCE OF NOTES BY THE VILLAGE OF
DUBLIN, COUNTY OF FRANKLIN, STATE OF OHIO, IN ANTICIPA-
TION OF THE LEVY OF SPECIAL ASSESSMENTS AND IN ANTICI-
PATION OF THE ISSUANCE OF BONDS IN ANTICIPATION OF THE
COLLECTION OF SPECIAL ASSESSMENTS FOR THE IMPROVEMENT
OF MONTEREY DRIVE BY THE CONSTRUCTION OF A STORM SEWER
AND DRAINAGE DITCH
WHEREAS, the Council of the Village of Dublin, Ohio, has heretofore,
by proper legislation, declared the necessity of improving Monterey Drive
in the Village of Dublin, Ohio, by the construction of a storm sewer and
drainage ditch; and
WHEREAS, the Council of the Village of Dublin, Ohio, has requested
the Clerk to issue his certificate as to the estimated life of the improve-
ments to be constructed from the proceeds of the bonds hereinafter referred
to and the notes to be issued in anticipation of the issuance of said bonds,
and as to the maximum maturity of such bonds and notes, and the Clerk of
said Village has certified to this Council such estimated life as at least
five (5) years, and has further certified the maximum maturity of such
bonds as twenty (20) years, and said notes as five (5) years; now, therefore:
BE IT ORDAINED by the Council of the Village of Dublin, Franklin
County, State of Ohio:
Section 1. That it is deemed necessary to issue bonds of the Village
of Dublin, State of Ohio, in the principal sum of Two Thousand Eight Hundred
Eighty-One Dollars and Twenty Cents ($2,881. 20) for the improvement of Monterey
Drive from Bridge Street south to the end of Monterey Drive by constructing
a storm sewer from Bridge Street south approximately 200 feet and a drainage
ditch from said storm sewer to the end of Monterey Drive.
Said bonds shall be dated approximately March 1, 1969, shall bear
interest at the rate of five per cent (5%) per annum, and shall be payable
in five (5) annual installments.
Section 2. That for the purpose of raising money in anticipation
of the levying of special assessments and in anticipation of the issuance of
bonds in anticipation of the collection of special assessments for the aforesaid
improvements, in accordance with the legislation heretofore passed by the
Village Council with respect thereto, to pay the property owners' share of the
cost and expense of said improvements, notes shall be issued in the amount
of Two Thousand Eight Hundred Eighty-One Dollars and Twenty Cents ($2,881.20)
and shall be placed to th~ credit of the fund for the aforesaid improvement as
provided in the engineer's estimate on file in the office of the Clerk.
Provided, however, that the appropriations hereinabove made for the
aforesaid improvement is subject to the qualifications that interest at the
rate of five per cent (5%) per annum for the period prior to collection of
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assessments has been included in said amount, and the amount necessary to
pay said interest is hereby appropriated for the payment thereof and for
no other purpose, and the amount above set forth shall be reduced by its
proportionate amount for the payment of said interest.
Section 3. Said notes shall be signed by the Mayor and Clerk and
shall bear the seal of the corporation; shall be dated March 1, 1968, and
be payable March 1, 1969. Said notes shall bear interest at the rate of
five per cent (5%) per annum, payable at maturity, and shall express upon
their face the purpose for which they are issued and that they are issued
pursuant to this ordinance. Said notes shall be executed and delivered in
such number and such denominations as may be requested by the purchaser
of such notes. Principal and interest shall be payable at the office of
The Worthington Savings Bank, Worthington, Ohio, or at the Dublin Branch
thereof.
Section 4. After said improvement is completed and the cost thereof
ascertained, Council shall by ordinance, assess upon the benefitted property
in the manner provided in the legislation referring to said improvement
and heretofore adopted by this Council, the entire cost and expense thereof,
except the portion to be paid by the Village of Dublin in accordance with
the provisions of the Revised Code of Ohio. The proceeds from the sale of
such bonds and any unexpended balance in the improvement fund remaining after
the completion of said improvement shall be used for the payment of the notes
authorized by this ordinance and for no other purpose.
Section 5. All assessments collected for the improvement and un-
expended balance remaining in the fund after the cost and expense of the im-
provement has been paid, shall be applied to the payment of the notes and the
interest thereon until fully provided for. 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 such notes and the interest thereon.
A certified copy of this Ordinance shall be forwarded by the Clerk
to the County Auditor as required by law.
Section 6. Said notes shall be a full general obligation of the Village
of Dublin, Ohio, and the full faith, credit and revenue of said Village are
hereby pledged for the payment of both principal and interest of the notes here-
inbefore assumed at maturity and in accordance with the laws and Constitution
of the State of Ohio.
Section 7. Any part of the Village portion of the cost of said improve-
ment not paid by the issuance of notes as provided herein shall be paid from
the appropriate fund.
Section 8. Subject to the rejection of said notes by the officer in
charge of the Bond Retirement Fund for investment in such fund, said notes
shall be and hereby are awarded and sold to The Worthington Savings Bank at 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 p~rchase price and accrued interest to the
date of delivery. The proceeds of such sale shall be paid into the proper
fund and used for the purpose for which said notes are being issued under the
provisions of this ordinance. Any premium and accrued interest shall be
credited to the Bond Retirement Fund to be applied to the payment of principal
and interest of said notes in the manner provided by law.
Section 9. It is hereby determined and recited that all acts, condi-
tions and things necessary to be done, precedent to and in the issuing of said
notes in order to make them a legal, valid and binding obligation 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 indebtedness or taxation,
either statutory or constitutional, will have been exceeded in the issuance of
said notes.
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Section 10. This ordinance is hereby declared to be an emergency
measure necessary for the immediate preservation of the public peace, health
and safety of said Village for the reason that said improvement is immediately
necessary to provide storm drainage for the benefitted property in the Village
of Dublin by constructing a storm sewer and drainage ditch, and therefore
this ordinance shall be in full force and effect from and after its passage.
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Passed: h3'3 e [, 11f2 'I 1968.
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(, Mayor
Attest: /
Clerk -3-