22-83 Ordinance
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ORDINANCE NO.
AUTHORIZING THE ISSUANCE OF NOTES IN THE
AMOUNT OF $271,000 IN ANTICIPATION OF THE
ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING
I THE COSTS OF ACQUIRING REAL ESTATE OR
INTERESTS IN REAL ESTATE FOR MUNICIPAL
OPERATIONS AND DECLARING AN EMERGENCY
WHEREAS, pursuant to Ordinance No. 23-82 passed April 19,
1982, notes in the principal amount of $321,000 dated April 30,
1982, were issued for the purpose hereinafter stated, to mature
April 29, 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
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 thirty (30) 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 $271,000 for the purpose of paying the
costs of acquiring real estate or interests in real estate for
municipal operations 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 April 1, 1984, 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 thirty (30) 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 April 30, 1982.
Section 4. Such anticipatory notes (the "Notes") shall
be in the amount of $271,000, which sum does not exceed the
amount ~ the Bonds, and shall bear interest at the rate
of',,, 'i . ~ per centum ( 5:7~ %) 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 April 29, 1983, shall mature on April
27, 1984, 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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I Section 5. The Notes shall be executed by the Village
Manager and the Director of Finance, shall bear the corporate
seal of the Municipality, shall be designated wMunicipal Land
Acquisition NotesW, shall be payable as to both'sinciPal and
interest at the office of _ 1J._-e_..J.JtA.t'\.+I"-~~__ Ak k_
I and shall express upon their faces~he pu ose 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 be, and
hereby are, awarded and sold to ~e 1f~~~i~~~~
at the par value thereof and bearing thewafore aid rate of
interest and the Clerk is hereby authorized and 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 i. 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 are .
outstanding there shall be levied on all taxable property in the
I 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 funds 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
]J 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
133.03(L) and 5705.51(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.
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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
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.
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
in meetings open to the public, in compliance with all legal
requirements in~luding 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
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.
I 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
and immediately after its passage.
Sig~
Pres. lng Of l~
Passed April 18, 1983 Attest:
J Effective April 18, 1983 ~R, S~
Aotr"'rC1 of Council
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Approved as to form:
I, .. =_'x--'5~ER~~~~~~._~ctetr~ Council, her,,>:; certify that
Legal Officer f'J'C6Uin il true copy or Ordii:Jr:2e No. ~;J.,~dUlY adopted by the ceu;:c:! of tile Villal
Dublin, Ohio, on th~ I P -ft-... day of r-: I J ) Cf /{ J
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1 hereby certify that copies of this Ordinance/Resolution
were posted in the Village of Dublin in accordance with
Section 731.25 of the Ohio Revised Code.
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Ik-l.- ") of Council
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CERTIFICATE
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I, ];)Qret!1s\y n. JCJUUUs, tclerk of Council, hereby certify
that the foregoing is a true copy of Ordinance No. ~ ~- 33
duly adopted by the Council of the Village of Dublin, Ohio, on
the 18th day of April, 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 April, 1983.
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Ac..-+'-7 C k of Council
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2371B
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