50-85 Ordinance
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ORDINANCE NO. 50-85
AUTHORIZING THE ISSUANCE OF NOTES IN THE AMOUNT
OF $110,000 IN ANTICIPATION OF THE ISSUANCE OF
BONDS AND THE LEVY AND COLLECTION OF SPECIAL
ASSESSMENTS FOR THE PURPOSE OF CONSTRUCTING A
WATER LINE AND APPURTENANCES THERETO ON
SHIER-RINGS ROAD FROM THE INTERSECTION OF
DUBLIN INDUSTRIAL LANE TO WILCOX ROAD THENCE
NORTHERLY ALONG THE EAST SIDE OF WILCOX ROAD
APPROXIMATELY SIX HUNDRED FEET IN THE VILLAGE
OF DUBLIN, OHIO AND DECLARING AN EMERGENCY.
WHEREAS, this council has heretofore by proper legislation
declared the necessity of improving Shier-Rings Road by
constructing a water line and appurtenances thereto on
Shier-Rings Road from the intersection of Dublin Industrial Lane
to Wilcox Road thence northerly along the east side of Wilcox
Road approximately six hundred feet in the Village of Dublin,
Ohio, and has determined that the total estimated cost of said
improvement will be not less than $110,000; 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 twenty (20) years;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE VILLAGE
OF DUBLIN, COUNTIES OF FRANKLIN, UNION AND DELAWARE, STATE OF
OHIO THAT:
Section 1. It is hereby declared necessary to issue bonds
of the Village of Dublin, Ohio, (the ftMunicipalityft) in the
principal sum of $110,000 (the "Bonds.) for the purpose of
paying the property owner's portion 90%
($ 99,000.00 ) in anticipation of the collection of special
assessments, and the Village portion 10%
($ 11.000.00 ) of the cost of improving Shier-Rings Road by
constructing a water line and appurtenances on Shier-Rings Road
from the intersection of Dublin Industrial Lane to Wilcox Road
thence northerly along the east side of Wilcox Road
approximately six hundred feet in the Village of Dublin. Ohio
as described in Resolution No. 11-85 adopted May 13, 1985.
Section 2. The Bonds shall be of the denomination of $5,000
each, shall be dated approximately August 1, 1986, shall bear
interest at the rate of approximately ten per centum (10%) per
annum, payable semiannually until the principal sum is paid, and
shall mature in forty (40) substantially equal annual
installments after their issuance.
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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 in anticipation of the levy and
collection of special assessments.
Section 4. Such anticipatory notes (the .Notes.) shall be in
the aggregate principal amount of $llO,OOO, which sum does not
exceed the amount of the bond issue, and shall bear interest at
the rate of 5.67% per centum ( 5.67 %) per annum, payable
at maturity and fifteen per centum (15%) per annum, or the
maximum rate permitted by law, whichever is lower, from and after
maturity. The Notes shall be dated August 14, 1985, shall mature
on August 14, 1986, 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 the Finance Director, shall bear the corporate seal of the
municipality, shall be designated .Shier-Rings Water Line Special
Assessment Notes., shall be payable as to both principal and
interest at the Main office of Huntington National, Bank
Columbus , Ohio, and shall express upon their faces the
purpose for which they are issued and that they are issued
pursuant to this ordinance.
Section 6. Subject to the rejection of the Notes by the
officer in charge of the Bond Retirement Fund, the Notes shall
be, and hereby are, awarded and sold to Huntington Natio~al Bank
Columbus, Ohio, 5.67% at the par value thereof and bearing the
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 to the date of delivery. The proceeds of such sale,
except any accrued interest thereon, shall be deposited into the
proper fund in the Treasury of the Municipality and used for the
purpose aforesaid and for no other purpose. Any premium and
accrued interest shall be deposited into 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 Municipality 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 the Notes
shall, to the extent necessary, be used only for the retirement
of the Notes at maturity, together with interest thereon, and are
hereby pledged for that purpose.
Section 8. In the event that the special assessments are not
levied or the Bonds are not issued to provide a fund for the
payment of the Notes at maturity, a general tax shall be levied
against all of the property in the Municipality for the payment
of the Notes and the interest thereon; provided, however, that
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 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 Municipality's portion
of the Notes if Bonds had been issued without the prior issuance
of the Notes.
Such 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 such years are
certified, extended and collected. The tax shall be placed
before and in preference to all other items and for the full
amount thereof. Funds derived from the tax shall be placed in a
separate and distinct fund which, together with interest
collected on the investment of the fund shall be irrevocably
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pledged for the payment of the principal and interest on the
Notes or the Bonds when and as the same fall due.
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 wil 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
of the Municipality, including the clerk of council, 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.
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 and recited 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 obligations of the Municipality have happened, have
been done and have been performed in regular and due form as
required by law; that the full faith, credit and revenue 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
certified copy of this ordinance to the Auditors of Franklin,
Union 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 Municipality and its inhabitants
for the reason that construction of the above-described
improvement must begin immediately in order to benefit from
favorable construction weather; wherefore this ordinance shall
take effect and be in force from and immediately after its
passage.
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Passed: August 5, 1985
Attest: . ~/ttl1~ ~ t(JJ~
Cle k
. ~ '. ., CERTIFICATE
I, Frances M. Urban, Clerk, hereby certify that the
foregoing is a true copy of Ordinance No. 6-0 - i' ~- duly
adopted by the Council of the Village of Dublin, Ohio, on the
5th day of August, and that a certified copy thereof was filed
in the office of the Franklin, Union and Delaware County
Auditors on the ~-~ day of August, 1985.
I herelty certify that copies of this Or~inance/Resoluti.on
were pl5te~ in the Villace of Dublin in accordance with /,1 ~
Section 731.25 of the Ohil Revised c.~e. ;;~C#O ~}, a 4~
3888B~J~k7 'nJ. Z/~> Clerk
Clerk of Council -3-