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67-80 Ordinance . 'f . .. . ORDINANCE NO. ''1- 10 AUTHORIZING THE ISSUANCE OF NOTES IN THE AMOUNT OF' $800,000 IN ANTICIPATION OF THE ISSUANCE OF BONDS AND THE LEVY AND COLLEC- TION OF SPECIAL ASSESSMENTS FOR THE I PURPOSE OF EXPANDING AND IMPROVING THE MUNICIPAL SANITARY SEWERAGE SYSTEM BY THE ACQUISITION OF REAL ESTATE AND THE CON- STRUCTION OF SEWER LINES AND APPURTENANCES AND DECLARING AN EMERGENCY WHEREAS, this council has heretofore by proper legislation declared the necessity of expanding and improving the municipal sanitary sewerage system by the acquisition of real estate or easements or other interest in real estate and the construction of sewer lines and appurtenances, and has determined that the total estimated cost of said improvement will be not less than $800,000; and . WHEREAS, pursuant to Ordinance No. 17-80 passed February I 5, 1980, notes in the principal amount of $800,000, dated February 25, 1980, were issued for the purpose hereinafter '-" stated, to mature October 24, 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 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 $800,000 for the purpose of paying the property owner's portion ($ U.3 'I,~.~J-- ) in anticipation of the collection of special assessments,and the V~~lage's portion ($ fl.' ~37. ,e ) of the cost or expanding and improving the'mun cipal sanitary sewerage system by the acquisition of real estate or easements or other interests in real estate and the construciton of sewer lines and appurten- ances as described in Resolution No. '11-77. adopted :J'/hlIJ/HI./ I~ 1978. Section 2. Said bonds shall be of the denomination of $5,000 each and shall be dated approximately January 15, 1981; shall bear interest at the rate of not more than ten per centum (10%) per annum, payable semiannuall) 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 in anticipation of the levy and collection of special assessments, and to retire said existing notes dated February 25, 1980. 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 ~ per centUIJ:i (:Ln..%) per annum, payable at maturity and e g tper centum (8%) per annum after maturity. Such notes shall be dated October 24, 1980, mature on January 23, 1981, 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. Section 5. Such notes shall be executed by the Village Manager and director of finance and shall bear the seal of the village, be designated "Phase II Sewer Line Improvem'ent Notes" and shall be payable as to both principal and interest at the ~q ; 11 office of BANe. ()H/~ ,/It. /lAr,,1JAL. ~~K and"s all express upon their face e purpose forwh c they are issued and that they are issued pursuant to this ordinance. Section 6. Subject to the rejection of said notes by the I officers in charge of the Bond Retirement Fund, said notejr shall be, and ~eby are, awarded and sold to . 'ANe. 011'0 D"',4 NA TlowAL" 14"1<. at the par value ther~of 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 full 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 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, and is hereby pledged for such purpose. . I Section 8. In the event that such assessments are not levied or bonds are not issued to provide a fund for the payment of said notes at maturity, a general tax shall be levied against all of the property in said Village for the ----.. payment of said notes and the interest thereon; provided, however, that during the years while such notes run there . shall be levied on all taxable property in the Village of Dublin, Ohio, in addition to all other taxes and inside 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 for the Village's portion of said notes if bonds had been issued without the prior issue of said notes. I Said tax shall be and is hereby orderedcom~uted, certified, levied and extended upon the tax duplicate and s all 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 t.8X shall be placed, before and in preference to all other items and for the full amount thereofo l"'unds derived from said levies he.reby required shall be placed in a separate and distinct fund,which, together with interest collected on the same shall be irrevocably pledged for t~e 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. Section 9. The Village of Dublin hereby covenants that it will restrict the use of the proceeds of such 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(d) 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 of Dublin, for inclusion I in the transcript of proceedings, setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said Section 103(d) 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 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 Codeo Section 11. It is hereby determined and recited 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 obligations 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 ~onstitutional, 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 Auditorsof Franklin 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 provisions 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. G~~.k11~ . Pres1. ing 0 icer - V,e e I1q/ or' I Passed ()c.T(J6cr t , 19 f'o . At tea t : J4>>r-01/1JNv J!~ 1/ Ir"-' . ,4c:1', "1 clerk,' , CERTIFICATE I, Richard D. Termeer, Clerk of Council, hereby certify that the foregoing is a true copy of Ordinance'No. duly adopted by t e council of the Village of Dublin, Ohio, on the day of ' . , 1980, and that a certified copy thereof was filed>in the office of the Franklin and Delaware, County Auditors on the day of , 1980. . I . I .