01-81 Ordinance
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ORDINANCE NO.
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AUTHORIZING THE ISSUANCE OF NOTES IN THE
AMOUNT OF $400,000 IN ANTICIPATION
OF THE ISSUANCE OF BONDS AND THE LEVY AND
COLLECTION OF SPECIAL ASSESSMENTS FOR THE
PURPOSE OF EXPANDING AND IMPROVING THE
MUNICIPAL SANITARY SEWERAGE SYSTEM BY THE
ACQUISITION OF REAL ESTATE OR EASEMENTS OR
I OTHER INTERESTS IN REAL ESTATE AND THE
CONSTRUCTION OF SEWER LINES AND APPURTENANCES,
AND DECLARING AN EMERGENCY
WHEREAS, this council' has heretofore by proper'.legisla tion
declared the necessity of 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 :'h;i.s:detp.rr:lio.l'.:if) that. the
total estimated cost' of~sai(]' irnprQvernent ,\~iJ.l;'bE: not let{s
than $800,000; and
WHEREAS, pursuant to Ordinance No. 67-80 passed October 6,
.1980, notes in the principal amount of $800,000, dated
;October 24, 1980, were issued for. the purpose hereinafter
I stated, to'mature January 23,1981, 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:
I Section I. It is hereby declared necessary to issue
bonds of the Village of Dublin, Ohio, in the principal sum
of $400,000 for the purpose of paying a portion of the cost
of 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 as described in Resolution No. 49-77 adopted
January 16, 1978.
J . Section 2. Said bon~all be of the denomina~ion of
$5,000 each and shall be dated approximately July 1, 1981;
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 forty (40) annual installments
after their issuance.
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Section 3. It i~ 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 October 24, 1980.
I Section 4. Such anticipatory notes in the amount of
$400,000 which sum does not exceed the amount of the bond
issue, shall bear interest at the rate of 1.83 ' per
centum (~) per annum, payable at maturity and ten and one-
half per centum (10-1/2%) per annum after maturity. Such
notes shall be dated January 23, 1981,mature on July 23,
'1981~ and shall be executed'and. delivered' in suc~ number and
such denominations as shall be requeste~ by the purchaser
. . thereof. . Couponsr shall not .be attached.. to. the notes.
Section 5.'. Such notes shall be e~ecuted by the City
'. Manager .and: the Director .0fFinance and~shall bear the seal
.' . ;":1'.:': ; Qf::~he ~,l;LJ.l^g(n Sh6,~L bl:-"'d~~signa'ted.~ "Phase II Sewer Line
; ":: ' ....~:. "'\f'[mpJSTOv.~;.nlt::'ll tJ~o ~>:::! :-:~t.. i;\!'(} ~;.jaJ::1 UH,~,< pay.:'l'i::>l-:! a~:. to both pr inc ipal
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'l..t. anc ).rlt.€.'l.e'':>.~~.f:l_., ~~.Jf:,"r......._..;;~:~:'.".-'-':~. f.,... },(.,. 0 . 1Jt' . ~D
'.;' ",. "an.d .shalL,express upon their face
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.., the' purpose for wh1.ch 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 /3d~e OJ, i D
at the par value thereof,and bearing the
"t :, aforesaid rate of. interest, and the Clerk is hereby..authorized
," anddir~cted to deliver said notes, when executed, to said
I' 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.
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.
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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
I collected on the same shall be irrevocably pledged for the t
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.
I ' Section 9. The Village 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 l03(d) of, the Internal Revenue
Code and the regulations prescribed under,the section. The
I fiscal officer. or" any other Qfficer.,' incJ~L1(Hngr t.h,.' 1):1 r.ector
of Finance" having responsi.bil i ty,with,'t:espectt;o;~'~ tH~ issuance
I of these notes is:,aut.horized' and directed 'to g;.ve:':ail,appropriate
I certificate on'behalf,of the Village; for'inclusion in the
transcript of proceedings, setting forth the factsjiestimates
and circumstances and reasonable expectations pertaining to
.1 ' said Section 103 (d) and regulations thereunder.
I ,Section IO. It is found and determined that all f01='mal
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:1 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
I 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 II. 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 constitutional, has been exceeded in
issuing these notes.
Section 12. That the Clerk is hereby directed, to forward
a certitied copy of this ordinance to the Auditors of 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
I about to mature and it is necessary to make immediate provi-
sion 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.
~~$rt~LA~~ '" /t~~r ,
Presiding Officer --
Passed \. If/KJllQJ" y S , 1981.
Attest, JJ~rt>> .~~
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CER'I'IFICATE
It . D".,./)II1" S'f"DAS.. , Clerk of Council,
hereby certify that/the oregoing is a true copy of Ordinance
No.. O/-~I . duly adopted by the council of the Village
of Dublin, Ohio, on the ~~ . day of January, 1981, and
that a certified copy thereof was filed in the offices of
I the Franklin and Delaware County Auditors on the ,~ day
of January, 1981.
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