09-69 Ordinance
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ORD INANCE NO (. ,
TO PROVIDE FOR THE RENEWAL OF A NOTE IN ANTICIPATION OF
THE COLLECTION OF SPECIAL ASSESSMENTS FOR THE IMPROVEMENT
OF MONTEREY DRIVE BY THE CONSTRUCTION OF A STORM SEWER
AND DRAINAGE DITCH AND TO DECLARE AN EMERGENCY
WHEREAS, by Ordinance No. 08-68 passed February 5, 1968 this Council
authorized the issuance of a note for said purpose in the amount of $2,881.20,
dated March 1, 1968, and maturing March 1, 1969 ; and
WHEREAS, the final cost of said project has been determined and it
is necessary to renew said note in the amount of $ 3;( /:.,;, ~ 7/ for an additional
term of one year; and
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 Clerk of said Village has certified to this Council the
estimated life of said project as at least five (5) years, and has further
certified the maximum maturity of bonds as twenty (20) years, and 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 T:.; l' ", / l'~""~./~" A_ fi f... -/ li './ I-/?').'./ ;"
t I- l . , ~^-- I. I,. J.: j.. Ii ,. ; " (";'I/r:'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, 1970, 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 renewing a note heretofore issued
in anticipation of the issuance of bonds in anticipation of the collection of
special assessments for the aforesaid improvements, in accordance with the legis-
lation heretofore passed by the Village Council with respect thereto and to pay
the property owners' share of the final cost and expense of said improvement, notes
shall be issued in the amount of
and shall be placed to the credit of the fund for the aforesaid improvement as
provided in the engineer's final cost certificate 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 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 note shall be signed by the Mayor and Clerk and shall
bear the seal of the corporation; shall be dated March 1, 1969, and be payable
March 1, 1970. Said note shall bear interest at the rate of five per cent (5%)
per annum, payable at maturity, and shall express upon its face the purpose for
which it is issued and that it is issued pursuant to this ordinance. Principal
and interest shall be payable at the office of -~'I ,> I ':)"-{. '-' .
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Section 4. During the year or years while such note runs there shall be
levied on all the taxable property in said Village, in addition to all other
taxes, a direct tax annually nut less than that which would have been levied if
bonds had been issued therefor without the prior issue of said note. 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; provided, however, that in each year
to the extent that the assessments anticipated by said note and bonds are payable
and are applicable to the payment of such interest and principal and are appropriated
for such purpose, the amount of such tax shall be reduced by the amount of the
assessment so appropriated.
Section 5. All assessments collected for the improvement and unexpended
balance remaining in the fund after the cost and expense of the improvement has
been paid, shall be applied to the payment of the note and the interest thereon
until fully provided for.
A certified copy of this Ordinance shall be forwarded by the Clerk to
the County Auditor as required by law.
Section 6. Said note 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 note hereinbefore
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 note by the officer in
charge of the Bond Retirement Fund for investment in such fund, said note shall
be and hereby is awarded and sold to FH C r/ /:':, S/A/c I /I. ).) k
at the par value thereof and bearing the aforesaid rate of
interest; and the Clerk is hereby authorized and directed to deliver said note,
when executed, to said purchaser upon payment of such purchase 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 note is 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 note in the manner provided by law.
Section 9. It is hereby determined and recited that all acts, cond i-
tions and things necessary to be done, precedent to and in the issuing of said
note in order to make it 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 note.
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 the note heretofore issued has matured
and it must be renewed at the earliest possible date, and therefore this ordinance
shall be in full force and effect from and after its passage.
Passed: / '.. >... ~ ." 1969 -d )'J - JL
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Attest: ..(; .<f)j /i ~ .>(/ ' \.... Mayor
Clerk
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CERTIFICATE
I, J IL: ~~ /; J... J; '-> r.' L.J) 0/ , Clerk of the Village of Dublin,
Ohio, hereby certify that the foregoing is a true and exact copy of Ordinance
No. 09 - f:... '1 passed by the Council of said Village on the -L2...day of Ifj,:.! ,
1969.
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Clerk
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