23-82 Ordinance
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OROINANCS NO. t 1... 8..z.:.
AUTHORIZING THE ISSUANCE OF NOTES IN THE
MWUNT OF $321,000 IN ANTICIPATION OF THE
ISSUANCE OF BOUDS FOR. THE PURPOSE OF PAYING
THE COSTS OF ACQUIRING REAL ESTATE OR
INTERES'l'S IN REAL ESTATE FOR l-IUNICIPAL
I OPERATIONS AND DECLARING AN EMERGENCY
UHEREAS, pursuant to Ordinance No. 19-81 passed April 20,
1981, notes in the principal amoUnt of $371,000 dated May 1,
1981, were issued for the purpose hereinafter stated, to mature
April 30, 1982, and it appears advisable in lieu of issuing
bonds at this time to issue new notes in anticipation o~ 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
thrity (30) years and notes being eight (8) years.
I Nml THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE
VILLAGE OF OUBLIN, COUNTIES OF FRANKLIN, DELAWARE, AND UNION,
STATE OF OHIO THAT:
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Section 1. It is hereby declared necessary to issue
bonds of the Village of Dublin, Ohio, (the -Municipality-) in
the principal sum of $321,000 for the purpose of paying the
costs of acquiring real estate or interests in real estate for
municipal operations (the -Bonds.).
Section 2. The Bonds shall be of the denomination of
$5,000 each, shall be dated apprOXimately April 1, 1983, shall
bear interest at the rate of ten per centum (10%) 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 and to retire the outstanding notes
dated May 1, 1981.
I Section 4. Such anticipatory notes (the -Notes.) in the
amount of $321,000, which sum does not exceed the amount of the
bond issue, shall bear interest a,t the rate o.f 'l,.:J.3 per
centum (q,~~%) per annum, payable at maturity and fifteen per
centum (15%) per annum or the maximum permitted by la\V' ,
whichever is lower, from and after maturity. The Notes shall be
dated April 30, '198..2, shall mature on April 29, 1983, and shall
be executed and delivered in such number and such denominations
as shall be requested by the purchaser thereof. Coupons shall
not be attached to the Notes.
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Section 5. The Notes shall be executed by the Village
t-1anager and the Director of Finance, shall bear the corporate
seal of the t'1unicipality,. shall be designated -r1unicipal Land
Acquisition Notes", shall be payableadkoboth ~nciPal and
interest at the office of 8(}/)1'- Ohio f'/IJJ'101 . . fd1JK:
and shall express upon "their faces the purpose for wh1ch they
are issued and that they are issued pursuant to this ordinance.
sectipn 6. Subject to rejection by the officers in
I charge of the Bond Retirement Fund, the Notes shall be, and
hereby are, awarded and sold to fi4lJI' ~4/o I!lt$fi()rJt1lfl~(/K
at the par value thereof and bea 1ng t e aforesaid 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 ~o the date of
delivery. The proceeds of such sale, except any accrued
interest thereon, shall be deposited in the 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
obligation of the Hunicipality and the full faith, credit and
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 any excess funds reSUlting from the issuance of
theN()tesshall, .tothe extent necessary, be used only for the
retirement of the Notes at maturity, together with interest
thereon, and is hereby pledged for such purpose.
Section 8. During the years while the Notes run there
shall be levied on all taxable property in the Municipality, in
addition to all other taxes and inside of the limitations of
I 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 ~ax 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 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 income from the municipal
income tax is available for the payment of the 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.
TO the extent necessary to meet such debt charges, the
principal of and interest on the Bonds shall be paid from
municipal income taxes lawfully available therefor under the
I Constitution and laws of the State of Ohio and the Charter of
the Municipality; and the Municipality hereby covenants, subject
and pursuant to such authority, including particularly Sections
133.03(L) and 5705.51(A)(5) and (D), Ohio Revised Code, to
appropriate annually from such municipal income taxes such
amount as is necessary to meet such annual debt charges.
Nothing in this section in any way diminishes the irrevocable
pledge of the full faith, credit and revenues of the
Municipality to the prompt payment of the principal of and
interest on the Bonds and the Notes.
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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
I to give an appropriate certificate on behalf of the
r.tuniclpali ty, 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.
Section 10. It is hereby found and deterrained 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 tbat all deliberations of tbis Council and of
any of its committees that resulted in such formal action, were
in meeting s open to' th'e public, incompliance with all legal
requirements including Section 121.22 of the Ohio Revised Code.
Section 11. It is hereby found and 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 binding obli.gations of the Municipality have happened,
be~n done. and been performed in regUlar and due form as required
by la\f; . that the full faith, credit and revenue of the
Municipality are hereb~ 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.
I Section 12. The Clerk is hereby directed to forward a
certified copy of this ordinance to the Auditors of Franklin,
Delaware and Union Counties, Ohio.
Section 13. This ordinance is hereby decla'red 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 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 Municipality;
wherefore this ordinance shall take effect and be in force from
and immediately after its passage.
Passed ./0r,' / /1 , 1982 Attest:
Effective /Jon'! IC( , 1982 j~~JQ.~
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Clerk 0 Council
Approved as to form:
Legal Officer
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CERTIFICATE
I, Dorothy M. Semons, Clerk of Council, hereby certify
that the foregoing is a true copy of Ordinance No. ~g-32..
duly ad.oPted by the1Council. of the Vi llage of Dliblin, Ohio, on
the 1tj11r day of Llri I .' 1982, and that a certified copy
thereof was filed in the office of the County Auditors of
Franklin, Delaware and Union Counties on the day
of , 1982.
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