67-80 Ordinance
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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.
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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
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payment of said notes and the interest thereon; provided,
however, that during the years while such notes run there
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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
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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"-'
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,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.
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