49-82 Ordinance
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. \ ORDINANCE NO. 'f 1~ 82-
AUTHORIZING THE ISSUANCE OF NOTES IN THE
AMOUNT OF $320,000 IN ANTICIPATION OF THE
ISSUANCE OF BONDS FOR THE PURPOSE OF
IMPROVING GLICK ROAD BY REPAVING AND
CONSTRUCTING DRAINAGE FACILITIES AND
DECLARING AN EMERGENCY
III WHEREAS, the f~scal off~cer has cert~fied to th~s counc~l
that the estimated life of the improvement to be constructed
front the proceeds of bonds and notes hereinafter referred to
exceeds five (5) years, the maximum maturity of bonds being
twenty (20) years and notes being ten (10) years.
NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE
VILLAGE OF DUBLIN, COUNTIES OF FRANKLIN, DELAWARE AND UNION,
STATE OF OHIO THAT:
Section 1. It is hereby declared necessary to issue
bonds of the village of DUblin, Ohio, (the .Municipality.) in
the principal sum of $320,000 for the purpose of improving Glick
Road by repaving and constructing drainage facilities and paying
the costs of advertising, printing, legal services and other
costs incidental thereto (the .Bonds.).
I Section 2. The Bonds shall be of the denomination of
$5,000 each, shall be dated approximately September 1, 1983,
shall bear interest at the rate of ten per centum (10%) per
annum, payable semiannually until the principal sum is paid and
shall mature in twenty (20) annual installments after their
issuance#
Section 3. It is necessary to issue and this Council
hereby determines that notes shall be issued in anticipation of
the issuance of the Bonds.
Section 4. Such anticipatory notes (the .Notes.) in the
amount of ,. $320,000, which sum does not exceed the amount of the
bond issue, shall bear interest at the rate of /# 95" per
centum (~,9S%) per annum, payable at maturity and fifteen per
centum (~per annum or the maximum permitted by law,
whichever is lower, from and after maturity. The Notes shall be
dated September 15,1982, shall mature on September 15, 1983,
, and shall be executed and delivered in such number and sucn
denominations as shall be requested by the purchaser thereof.
Coupons shall' not be attached to the Notes.
Section 5. The Notes shall be executed by the City
Manager and the Finance Director, shall bear the corporate seal
of the Municipality, shall be designated .Glick Road Improvement
I', Notes., shall be payable as to both princiP.al and interest at
, the office of ' -
and shall expre s upon heir aces the-purpose for which they
are issued and that they are issued pursuant to this ordinance.
Section 6. SUbject to rejection by the officers in
charge of the Bond Retirement Fund, the ..Notes shall pe, a d
hereby are, awarded and sold to
at the par value thereof and bea 1ng t e oresa1 rate 0
interest and the Clerk is hereby authori edand directed to
deliver the Notes, when executed, to said purchaser upon payment
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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 Treasury of this
l-1unicipality 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 the Notes in the manner provided by law.
Section 7. The Notes shall be the full general
I obligation of the Municipality and the full faith, credit and
revenue of the Municipality are hereby pledged for the prompt
payment of the same. The par value to be received from the sale
of the Bonds and any excess funds resulting from the issuance of
the Notes shall, to the extent necessary, be used only for the
retirement of the Notes at maturity, together with interest
thereon, and is hereby pledged for such purpose.
Section 8. During the years while the Notes run there
shall be levied on all taxable property in the Municipality, in
addition to all other taxes and inside of 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
the Bonds had been issued without the prior issuance of the
Notes.
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
I for the payment of the principal and interest on the Notes or
the Bonds when and as the same fall due, provided, however, that
in each year to the extent that the income from the municipal
income tax is lawfully available for the payment of the Notes
and Bonds, and are appropriated for such purpose, the amount of
such tax/shall be reduced by the amount of such income so
available and appropriated.
To the extent necessary to meet such debt charges, the
principal of and interest on the Bonds shall be paid from
municipal income taxes lawfully available therefor under the
Constitution and laws of the State of Ohio and the Charter of
the Municipality; and the Municipality hereby covenants, subject
and pursuant to such authority, including particularly Sections
l33.03(L) and 5705.5l(A)(5) and (D), Ohio Revised Code, to
appropriate annually from such municipal income taxes such
amount as is necessary to meet such annual debt charges.
Nothing in this section in any way diminishes the irrevocable
pledge of the full faith, credit and revenues of the
Municipality to the prompt payment of the principal of and
interest on the Bonds and the Notes.
Section 9. The Municipality hereby covenants that it
will restrict the use of the proceeds of the Notes in such
manner and to such extent, if any, as may be necessary, after
I taking into account reasonable expectations at the time the debt
is incurred, so that they will not constitute arbitrage bonds
under Section 103(c) of the Internal Revenue Code and the
regulations prescribed thereunder. The fiscal officer or any
other officer, including the Clerk, having responsibility with
respect to the issuance of the Notes is authorized and directed
to give an appropriate certificate on behalf of the
Municipality, for inclusion in the transcript of proceedings,
setting forth the facts, estimates and circumstances and
reasonable expectations pertaining to said Section 103(c) and
regulations thereunder.
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section 10. It is hereby found and determined that all
formal actions of this Council concerning and reiating to the
adoption of this ordinance were adopted in an open meeting of
this Council, and that all deliberations of this Coun.cil 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 11. It is hereby found and determined that all
acts, conditions and things necessary to be done precedent to
I and in the issuing of the Notes in order to make them legal,
valid and binding obligations of the Municipality have happened,
been done and been performed in regular and due form as required
by law; that the full faith, credit and revenue of the
Municipality 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 the Notes.
Section 12. The Clerk is hereby directed to forward a
certified copy of this ordinance to the Auditor of Franklin,
Delaware, and Union 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 Municipality and its inhabitants
for the reason that construction must begin promptly in order to
take advantage of favorable weather conditions; wherefore this
ordinance shall take effect and be in force from and immediately
after its passage.
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Passed ~I:It~4. -, . 1982 Attest:
Effective .LbL::. 1982 J2--f*&J. .J47'P-4~
~- erk 0 unc11
Approved as to form:
~~--fZ;z~ ~
egal Officer
CERTIFICATE
I, , Clerk of Council, hereby
certify that the foregoing is a true copy of Ordinance No. *9-~L
duly ~pted by the Council of ~he Village of DU,blin, Ohio, on
I the ~ day of September, 19Y1, and that a certified copy
thereof, was filed in the officebf the County Auditor of
Franklin, Delaware and Union Counties on the day of
September, 1982.
Clerk of Council
I hereby certify that copies of this Ordinance/Resolution
wer~ pa:tcd!n i';"",) ref n'_'~::n i:1 2ccordance with
Section 731.2;) Gi l.!J U,:J ;;&V;~cJ Coje,
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188 8B "h- Clerk ot Council ' ,
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