19-81 Ordinance
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C'r
ORDINANCE NO. ~
AUTHOIUZING THE ISSUANCE OF NOTES IN THE
AMOUNT OF $371,000 IN ANTICIPATION OF
THE ISSUANCE OF BONDS FOR THE PURPOSE OF
PAYING THE COST OF ACQUIRING REAL ESTATE
OR INTERESTS IN REAL ESTATE FOR MUNICIPAL
OPERATIONS AND DECLARING AN EMERGENCY
I 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) year s , the maximum maturity of bonds being
thirty ~30) 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, (the "Municipality") in
the principal sum of $371,000 for the purpose of paying the
costs of acquiring real estate or interests in real estate for
municipal operations (the "Bonds").
I Section 2. The Bonds shall be of the denomination of
$5,000 each, shall be dated approximately April 1, 1982, shall
bear interest at the rate of eight per centum (8%) per annum,
payable semiannually until the principal sum is paid and shall
mature in thirty (30) 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") in the
amount of $371,000, which sum does not exceed th?Jamount of the
bond iss~hall bear interest at the rate of . ,/8 per
centum ( '. %) per annum, payable at maturity and ten and
one-half per centum (10-1/2%) per annum after maturity. The
Notes shall be dated May 1, 1981, shall mature on April 30, ~
1982, 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. The Notes shall be executed by the City
Manager and Director of Finance, shall bear the corporate seal
of the Municipality, shall be designated "Municipal Land
Acquisition Notes", shall be payable as to both principal and
I interest at the office of Bank OJ? e-. and
Shall express upon their faces the purpose for which they are
issued and that they are issued pursuant to this ordinance.
Sect ion 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 ~c.. q~ p at the
par value thereof and bearing the a oresa1 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_
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The proceeds of such sale, except any accrued interest thereon,
shall be deposited in th~ Treasury of this 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
obligat.ion of the Municipalitl'andthefull faith, credit and
I revenue of the Municipality are hereby pledged for the prompt
payment of the same. " The par value to be received from the sale
of the Bonds and anycexceS's funds resultingfroJll 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. The
Municipality hereby covenants to appropriate annually from
lawfully available municipal income taxes amounts necessary to
meet the annual debt changes on the Notes and the Bonds.
Section 8. During the years while the Notes run there
shall be levied on all taxable property in the Municipali.ty, 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 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
I 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 the revenues from the municipal
income tax are 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 revenues so available and
appropriated.
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 103(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 103(c) and
regulations thereunder.
I 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 determined that all 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
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binding obligations of the Municipality have happened, b~en done
and been performed in regular and due form as required bylaw:
that the full faith, credit andrevenu.e.,.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
I certified'copy of this ordinance to the Auditors of Franklin and
Detaware 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 the lands to be acquired are urgently needed
for development of municipal projects: wherefore this ordinance
shall take effect and be in force from and immediately after its
passage.
Signed:
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. . e" '. A -. " -'
Pres1d1ng Officer
Passed /lpr/ I ;Ie) , 191L Attest:
Effective /J pf' J'I ;) 0 , 19.i1 ~ JtlJ.~LJJ
Cler kof -ouncil
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to form:
CERTIFICATE
I, . , Clerk of Council, hereby
certify that the f egoing isa true copy of Ordinance No. /9-fl
duly ado~ted by t Council of the Village of Dublin, Ohio, on
the ~~ day of ~J"/I , 1981, and that a certified copy
thereo . was filed 1n he offices of the Franklin and Delaware
County Auditors on the <)XI"""- day of ~~'-' , 1981.
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C er 0 ounC1
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0330B
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