53-85 Ordinance
ORDINANCE NO. 53-8~
AUTHORIZING THE ISSUANCE OF NOTES IN THE
AMOUNT OF $200,000 IN ANTICIPATION OF THE
ISSUANCE OF BONDS FOR THE PURPOSE OF
IMPROVING GLICK ROAD BY REPAVING AND
CONSTRUCTING DRAINAGE FACILITIES AND
DECLARING AN EMERGENCY
I WHEREAS, pursuant to Ordinance No. 44-84 passed
1
September 4, 1984, notes in the principal amount of $240,000
dated September 14, 1984, were issued for the purpose
hereinafter stated, to mature September 13, 1985, 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
twenty (20) years and notes being seventeen (17) 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 "Municipality") ln
the principal sum of $200,000 for the purpose of improving Glick
Road by repaving and constructing drainage facilities and paying
the costs of advertising, printing, legal services and other
costs incidental thereto (the "Bonds").
Section 2. The Bonds shall be of the denomination of
$5,000 each, shall be dated approximately September 1, 1985,
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 twenty (20) 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 September 14, 1984.
Section 4. Such anticipatory notes (the "Notes") shall
be in the amount of $200,000, which sum does not exceed the
amount of the Bonds, and shall bear interest at the rate
of 5.39 per centum ( 5.39%) per annum, payable at maturity
and fifteen per centum (15%) per annum or the maximum permitted
by law, whichever is lower, from and after maturity. The Notes
shall be dated September 13, 1985, shall mature on November 1,
1985, 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 Finance Director, shall bear the corporate seal of
the Municipality, shall be designated "Glick Road Improvement
Notes", shall be payable as to both principal and interest at
the office of BancOhio, 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 rejection by the officers in
charge of the Bond Retirement Fund, the Notes shall be, and
hereby are, awarded and sold to BancOhio, Columbus, Ohio
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 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 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 is hereby pledged for such purpose.
Section 8. During the years while the Notes are
outstanding there shall be levied on all taxable property in the
Municipality, 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
~re 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 funds from other sources are
lawfully 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 funds 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 lO3(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 lO3(c) and
regulations thereunder.
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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 acti'on, 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 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 obligations of the Municipality have happened,
been done and 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 notes heretofore issued are about to mature
and it 1S 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 August 19, 1985 Attest:
/J . ~
Effective August 19, 1985 __.J/t-a""t--e.t4 :2. /t,r./t.~~.J
Clerk of Cou cil
Approved as to form: 0( Ih b rt'f tht . fth' Od' /R It'
, L ere y ce I y a copies 0 IS r lOance eso U Ion
~ :-.f?:; , were posted in the Village of Dublin in accordance with
~/.: ,;;./' 0( ~ .:::;-'1 Section 731.2~f the Ohio Revised Code.
Legal Officer J,flO.....u.o "'7' '?(~
Clerk of Council
CERTIFICATE
I, Frances M. Urban, Clerk of Council, hereby certify
that the foregoing is a true copy of Ordinance No. 5J-?S- duly
adopted by the Council of the Village or UUDi1n, UnIO, on the
19th day of August, 1985, and that a certified copy thereof was
filed in the office of the cou,ntz AUditors~f Franklin, Union
and Delaware Counties on the r3~ day of ' ~-./A-LU 1985.
J;ta"lt.U-4 '717. 7 ~,~~....J
Clerk of Council
3877B
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TRANSCRIPT CERTIFICATE
I, Frances M. Urban , Clerk of
the Village of Dublin ,
Franklin, Delaware, Union Counties , Ohio, (the
- Issuer-) , do hereby certify that the foregoing is a true
Transcript of all proceedings had by the legislative authority of
the Issuer with reference to the following issue:
Ti t1 e: Glick Road Improvement Notes
Amoun t: $200,000
Date: September 13, 1985
I further certify (a ) that the copies of all 1 egisla tion
contained therein are correct copies and that all other statements
and certificates attached thereto are full, true and correct, (b)
that none of such legislation has been rescinded or repealed, and
( c ) that all such proceedings were held in compliance with the law.
Dated: .../.e.,~.~L-t'l./ 3, 19 ~5
1/ /} ,
-J At7.d~ >c7 77' t(/ A./l A /
Clerk
Villaqe of Dublin, Ohio
I certify that clause (C: ~:~'R~Lt~_~i_
Da t e d : 9-'1.8~
Legal Offlcer
BRICKER & ECKLER
Bond Counsel
col umbus, Ohio
Rev. 5/82 0386M