37-83 Ordinance
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ORDINANCE NO. 37 -83
AUTHORIZING THE ISSUANCE OF NOTES IN THE
AMOUNT OF $ 655,000.00 IN
ANTICIPATION OF THE ISSUANCE OF BONDS FOR
THE PURPOSE OF IMPROVING FRANTZ ROAD FROM
RINGS ROAD TO BRIDGE STREET (STATE ROUTE
161) BY PAVING, REPAVING AND WIDENING THE
I SAME, AND CONSTRUCTING CURBS, GUTTERS AND
RELATED IMPROVEMENTS AND DECLARING AN
EMERGENCY
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
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 $ 655.000.00 for the purpose of improving
Frantz Road from Rings Road to Bridge Street (State Route 161)
I by paving, repaving and widening the same, and constructing
curbs, gutters and related improvements 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 July 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 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") shall
be in the amount of $ 655.000.00 , which sum does not exceed the
amount of the Bonds, and shall bear interest at the rate
of 6.36 per centum ( 6.36 %) 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 August 1, 1983, shall mature on August
1, 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.
I Section 5. The Notes shall be executed by the finance
director and village manager, shall bear the corporate seal of
the Municipality, shall be designated .Frantz Road Improvement
Notes., shall be payable as to both principal and interest at
the office of The Huntinqton National Bank
and shall express upon their faces 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 be, and
hereby are, awarded and sold to The Ohio Comoany
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at the par value thereof and bearing the aforesaid 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
I 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 f-1unicipality 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
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 gen~ral 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
I 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 the municipal income
tax or 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
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.
I 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 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
reasonable expectations pertaining to said Section I03(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 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 including Section 121.22 of the Ohio Revised Code.
Section 11. It is hereby found and determined that all
I 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 it is necessary to enter into construction
contracts immediately in order to take advantage of favorable
weather conditions and to eliminate an unsafe roadway condition
in the Municipality; wherefore this ordinance shall take effect
and be in force from and immediately after its passage.
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Passed July 13, 1983 Attest:
Effective July IX. 1983 ~ ]2:. St-...-/ ~
Ac.-+;....a- C k of Council
Approved as ~o form:
Legal Officer
CERTIFICATE
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I, 6l", I +v kPV , Clerk f Council, hereby
certify that the foregoing is a true copy of Ordinance No. '37-13
, duly adopted by the Council of the Village of Dublin, Ohio, on
the ~ day of July, 1983, and that a certified copy thereof
was fi ed in the office of the County Auditors of Franklin,. .
Delaware, and Union Counties on the day of July, 1983.
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Ac.t-,...)": rk of Councll
I hereby certify that copies of this Ordinance/Resolution
wer~ posted in the Village of Dublin in accordance willI
Section 7 5 of the 6hio Revised e.
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CERTIFICATE OF ESTIMATED LIFE AND MAXIMUM MATURITY
TO the Vi11aqe Council of the
Vi11age of Dublin , Ohio:
t 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 Frantz Road from Rings Road to. Bridge
Street (State Route 161) by paving, repaving
and widening the same, and constructing curbs,
gutters and related improvements
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 1.0
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 (1) year if sold at
I private sale.
Dated: July l~ , 19 83
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Ti tIe Finance Di1;ector
Village of Dublin , Ohio
BRICKER & ECKLER
Bond Counsel
Columbus, Ohio
Rev. 6/82 0389M