17-80 Ordinance
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~. .."i.-+ FEB 5 1980
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ORDINANCE NO. t? aO
AUTHORIZING THE ISSUANCE OF NOTES IN THE
AMOUNT OF $800,000 IN ANTICIPATION OF
THE ISSUANCE OF BONDS FOR THE PURPOSE OF
EXPANDING AND IMPROVING THE MUNICIPAL
I SANITARY SEWERAGE SYSTEM BY THE ACQUISITION
OF REAL ESTATE OR EASEMENTS OR OTHER
INTERESTS IN REAL ESTATE AND THE CONSTRUC-
TION OF SEWER LINES AND APPURTENANCES AND
DECLARING AN EMERGENCY.
WHEREAS, pursuant to Ordinance No. 64-79 passed June 18,
1979, notes in the principal amount of $800,000, dated June 25,
1979, were issued for the purpose hereinafter stated, to mature
February 25, 1980, 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
I exceeds five (5) years', the maximum maturity of bonds being
forty (40) years and notes being eight (8) years.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE
VILLAGE OF DUBLIN, COUNTIES OF FRANKLIN AND DELAWARE, STATE
OF OHIO THAT:
Section 1. It is hereby declared necessary to issue bonds
of the Village of Dublin, Ohio, in the principal sum of $800,000
for the purpose of expanding and improving the municipal sanitary
sewerage system by the acquisition of real estate or easements
or other interests in real estate and the construction of sewer
lines and appurtenances and declaring an emergency.
Section 2. Said bonds shall be of the denomination of ,
$5,000 each and shall be dated approximately October 15, 1980;
shall bear interest at the rate of not more than eight per
centum (8%) per annum, payable semiannually until the principal
sum is paid and shall mature in twenty (20) annual installments
after their issuance. ' .
I Section 3. It is necessary and this Council hereby determines
that notes shall be issued in anticipation of the issuance of said
bonds and to retire said existing notes dated June 25, 1979.
Section 4. Such anticipatory notes in the amount of $800,000
which sum does not exceed the amount of the bond issue, shall bear
interest at the rate of seven and forty-eight hundredths per centum
(7.48%) per annum, payable at maturity and ten and one-half per
centum (10.5%) per annum after maturity. Such notes shall be
dated February 25, 1980, shalJ mature on October 24, 1980, and
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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.
section 5. Such notes shall be executed by the city
manager and director of finance and shall.bear the seal of the
city manager, shall be designated "Municipal Sewer Improvement
I Notes" and shall be payable as to both principal and interest
at the main off~ce of BancOhio National Bank, in the city of
COlumbus, Ohio and shall express upon their face the purpose for
which they are issued and that they are issued pursuant to this
ordinance.
Section 6. Subject to the rejection of said notes by the
officers in charge of the Bond Retirement Fund, said notes
shall be, and hereby are, awarded and sold to BancOhio National
Bank, Columbus, Ohio at the par value thereof and bearing the'
aforesaid rate of interest and the Clerk is hereby authorized
and directed to deliver said 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 Village
Treasury 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 said notes in the manner provided by law.
Section 7. Such notes shall be the full general obligation
of the said Village of Dublin, Ohio, and the fu11 faith, credit
and revenue of the Village are hereby 'pledged for the prompt
payment of the same. The par value to be received from the sale
II of the bonds anticipated by said notes and any excess funds
resulting from the issuance of said notes shall, to the extent
necessary, be used only for the retirement of said notes at
maturity, together with interest thereon, an~ is hereby pledged
for such purpose.
Section 8. During the years while such notes run there
shall be levied on all taxable property in the Village of Dublin,
Oh io , 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
bonds had been issued without the prior issue of said 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
I preference to all other items and for the full amount thereof. .I
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I Funds derived from said levies hereby required shall be placed
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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 said notes or the bonds
in anticipation of which they are issued when and as the same
fall due, provided, however, that in each year to the extent
I that the income from the municipal sewer system is available for
the payment of such notes and bonds, and is appropriated for
, such purpose, the amount of such tax shall be reduced by the
! amount of such income so available and appropriated.
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Section 9. Th~ Village hereby covenants that it will
restrict the use of the proceeds of such notes in such manner
I 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
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under Section 103(c) of the Internal Revenue Code and the
regulations prescribed under the section. The fiscal officer
or any other officer, including the director of finance, having
responsibility with respect to the issuance of these notes is
authorized and directed to give an appropriate certificate on
behalf of the Village, for inclusion in the transcript of
proceedings, setting forth the facts, estimates and circumstances
I and reasonable expectations pertaining to said Section 103(c)
and regulations' thereunder.
Section 10. It is 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 com-
mittees 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 determined that all acts, conditions
and things necessary to be done precedent to and in the issuing of
these notes in order to make them legal, valid and binding obliga-
tions of said Village of Dublin have happened, been done and
performed in regular and due form as required by law; that the
full faith, credit and revenue of said Village 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 these notes.
Section 12. That the Clerk is hereby directed to forward
a certified copy of this ordinance to the Auditors of Franklin
I and Delaware 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 Village of Dublin 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 Village:
wherefore this ordinance shall take effect and be in force from
and immediately after its passage.
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Pres1d1ng 0 1cer
Passed 7iZl~
Attest: i
Clerk
CERTIFICATE
I, j(acrt#'tMJ fetLMt:t/'t.- , Clerk, hereby certify
that the foregoing is a true copy of Ordinance No. /7- 9 0
I duly a~ted by the Council of the Village of Dublin,Ohio, on
the. day of "~t\A.I~ ' 1980, and that a certified
copy thereof was filed in tile offices of the Franklin and Delaware
County Auditors on the ''"" day of No It) IW...... , 1980.
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