03-83 Ordinance
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ORDINANCE NO. 03- 83
AUTHORIZING THE ISSUANCE OF NOTES IN THE
AMOUNT OF $859,000 IN ANTICIPATION OF THE
ISSUANCE OF BONDS FOR THE PURPOSE OF
IMPROVING THE MUNICIPAL WATER DISTRIBUTION
SYSTEM BY CONSTRUCTING AN ELEVATED WATER
I STORAGE TANK AND ACQUIRING RELATED
EQUIPMENT AND APPURTENANCES AND DECLARING
AN EMERGENCY
~fflEREAS, pursuant to Ordinance No. 03-82 passed
January 18, 1982, notes in the principal amount of $859,000
dated January 25, 1982, were issued for the purpose hereinafter
--.. stated, to mature January 25, 1983, and it appears advisable in
lieu of issuing bonds at this time to issue new notes in
anticipation of the issuance of such bonds: and
WHEREAS, the fiscal officer has certified to this council
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that the estimated life of the improvement to be constructed
from the proceeds of bonds and notes hereinafter referred to
exceeds five (5) years, the maximum maturity of bonds being
I forty (40) years and notes being nine (9) 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 $859,000 for the purpose of improving the
municipal water distribution system by constructing an elevated
water storage tank and acquiring related equipment and
appurtenances and paying the costs of advertising, printing,
legal services and other costs incidental thereto (the .Bonds.).
Section 2. The Bonds shall be of the denomination of
$5,000 each, shall be dated approximately May 1, 1983, shall
bear interest at the rate of twelve per centum (12%) 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 and to retire the outstanding notes
I dated January 25, 1982.
Section 4. Such anticipatory notes (the "Notes") in the
amount of~859~OOO, which sum does not exceed the amount of the
bond issue, shall bear interest at the rate of 5.47 per
centum (_5.47 %) per annum, payable at maturity and fifteen per
centum (15%) per annum or the maximum permitted by law,
whichever is lower, from and after maturity. The Notes shall be
dated January 25, 1983, shall mature on May 25, 1983, and shall
he 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. The Notes shall be executed by the village
manager-and finance director, shall bear the corporate seal of
the Municipality, shall be designated .Water Storage Tank
Construction Notes., shall be payable as to both principal and
interest at the office of Ohio State Bank, Dublin Branch
and shall express upon their faces the
purpose for which they are issued and that they are issued
pursuant to this ordinance.
I Section 6. Subject to rejection by the officers in
charge of the Bond Retirement Fund, the Notes shall be, and
hereby are, awarded and sold to The Ohio Co~
at the par value thereof and bearing the aforesaid rate of
interest and the Clerk is hereby authorized ana directed to
deliver the 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 Treasury of this
Municipality 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
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
I 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
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 funds from other sources are
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.
Section 9. The Municipality hereby covenants that it
I will restrict the use of the proceeds of the 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 arbitrage bonds
under Section I03(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
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reasonable expectations pertaining to said Section 103(c) and
regulations thereunder.
Section 10. It is hereby 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
I in meetings open to the pUblic, in compliance with all legal
requirements including Section 121.22 of the Ohio Revised Code.
~~~tion-11. It is hereby found and determined that all
acts, conditions and things necessary to be done precedent to
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 Auditors 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 notes heretofore issued are about to mature
and it is necessary to make immediate provision for their
repayment in order to preserve the credit of the Municipality;
wherefore this ordinance shall take effect and be in force from
III and immediately after its passage.
Passed January ~Z, 1983 Attest:
Effective January ll, 1983 ~ ~, .~,
...... ,."Cler k Council
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CERTIFICATE
III T, Dorothy M. Semons, Clerk of Council, hereby certify
that the foregoing is a true copy of Ordinance No. 03~
duly ad~ed by the Council of the Village of Dublin, Ohio, on
the _J~~ day of January, 1983, and that a certified copy
thereof was filed in the office of the County Auditors of
Franklin, Delaware and Union Counties on the _____ day of
January, 1983.
· i'hen,by certify lI1.t copies of this Ordinance/lit",,,,",, ~ /7/. ~
were posted in the Vi1l3:::':l cf [',Y., i:l zcsmdalica witllC1er k 0 ounci 1
Section 731.25 of Ull) O:iiJ r;~"'::cj '::CJ.
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2181 B "" Clerk of Council
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CERTIFICATE OF ESTIMATED LIFE AND MAXIMUM MATURITY
To the Village Council of the
Village of Dublin , Ohio:
I I, the undersigned, as Fiscal Officer of the Village
of Dublin hereby certify that:
1. The estimated life of the following improvement, to-wit:
improving the municipal water distribution system by constructing
an elevated water storage tank and acquiring related equipment
and appurtenances
is at least five (5) years.
2. The maximum maturity of the bonds proposed to be issued
to finance such improvement, calculated in accordance with the
provisions of Section 133.20, Revised Code of Ohio, is forty (40 )
years, and, if notes are issued in anticipation of the issuance
of said bonds, the maximum maturity of such notes is ten (10)
, years, if sold at public sale, and one (l} year if sold at
I private sale.
Dated: January 11 , 19 83
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Title Finance Director
Village of Dublin , Ohio
BRICKER & ECKLER
Bond Counsel
Columbus, Ohio
Rev. 6/82 0389M
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