070-87 Ordinance
ORDINANCE NO. 70-87
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
OF $2,200,000 NOTES, IN ANTICIPATION OF THE
ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING
COSTS OF IMPROVING THE MUNICIPAL WATER SYSTEM BY
CONSTRUCTING AN ELEVATED WATER STORAGE TANK AND
RELATED FACILITIES, TOGETHER WITH ALL NECESSARY
APPURTENANCES THERETO, AND DECLARING AN
EMERGENCY.
WHEREAS, the Director of Finance as fiscal officer of this Village
has certified to this Council that the estimated life or usefulness of the
improvement described in Section 1 is at least five years, the maximum
maturity of the bonds referred to in Section 1 is 40 years, and the maximum
maturity of the notes referred to in Section 3, to be issued in anticipation
of the bonds, is 20 years, or one year if sold at private sale;
NOW, THEREFORE, BE IT ORDAINED by the Council of the Village of
Dublin, Counties of Franklin, Union and Delaware, State of OhiO, that:
Section l. It is necessary to issue bonds of thi s Village (the
Bonds) in the principal amount of $2,200,000 for the purpose of paying costs
of improving the municipal water system by constructing an elevated water
storage tank and related facilities, together with all necessary appurtenances
thereto.
Section 2. The Bonds shall be dated approximately July 1, 1988,
shall bear interest at the now estimated rate of 8~ per annum, payable semi-
annually until the prinCipal amount is paid, and shall mature in thirty
substantially equal annual installments.
Section 3. It is necessary to issue and this Council determines that
notes in the aggregate prinCipal amount of $2,200,000 (the Notes) shall be
issued in antiCipation of the issuance of the Bonds. The Notes shall bear
interest at a rate or rates not to exceed 10~ per annum, payable at maturity.
If requested by the original purchaser the Notes may provide that, in the
event the Village does not make provision for payment at maturity of the
prinCipal of and interest on the Notes, the prinCipal amount of the Notes
shall bear interest at a different rate or rates not to exceed 10~ per annum
from the maturity date until the Village makes provision to pay that prinCipal
amount. The rate or rates of interest on the Notes shall be determined by the
Director of Finance in the certificate awarding the Notes in accordance with
Section 6 of this ordinance.
Section 4. The prinCipal of and interest on the Notes shall be
payable in lawful money of the United States of America, or in Federal Reserve
"..' funds of the United States of America if so requested by the original
... purchaser. The prinCipal of and interest the Notes shall be payable,
on
without deduction for services of the Village's paying agent, at either or
. both of, as determined by the Director of Finance, the main office of The
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t1 Huntington National Bank, Columbus, Ohio, or at the prinCipal office of a bank
or trust company requested by the Original purchaser of the Notes, provided
that such request shall be approved by the Director of Finance after
determining that the payment at that bank or trust company will adequately
protect the funds of the Village and that proper procedures and safeguards are
available for that purpose. The Notes shall be dated the date of issuance,
and shall mature one year from the date of issuance.
Section 5. The Notes shall be signed by the Director of Finance, as
Director of Finance and Acting City Manager, and by the Clerk of CounCil, in
the name of the Village and in their official capacities, provided that one of
those signatures may be a facsimile, and bear the corporate seal of the
Village or a facsimile of that seal; shall be issued in the numbers and
denominations as may be requested by the original purchaser and approved by
the Director of Finance, provided that the entire prinCipal amount may be
represented by a Single note; shall not have Coupons attached; shall be
numbered as determined by the Director of Finance; and shall express upon
their faces the purpose for which they are issued and that they are issued
pursuant to this ordinance.
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Section 6. The Notes are offered at par and accrued interest, if
any, to the Director of Finance, as officer in charge of the Bond Retirement
Fund of the Village. Notes not purchased for the Bond Retirement Fund or for
other funds of the Village shall be sold at private sale by the Director of
Finance in accordance with law and the provisions of this ordinance. The
Director of Finance shall sign the certificate of award referred to in Section
3 eVidencing that sale, cause the Notes to be prepared, and have the Notes
signed and delivered, together with a true transcript of proceedings with
reference to the issuance of the Notes if requested by the original purchaser,
to the original purchaser upon payment of the purchase price.
Section 7. The proceeds from the sale of the Notes, except any
premium and accrued interest, shall be paid into the proper fund or funds and
those proceeds are appropriated and shall be used for the purpose for which
the Notes are being issued. Any portion of those proceeds representing
premium and accrued interest shall be paid into the Bond Retirement Fund to be
applied to the payment of the principal of and interest on the Notes in the
manner provided by law.
Section 8. The par value to be received from the sale of the Bonds
or any renewal notes and any excess funds resulting from the issuance of the
Notes shall, to the extent necessary, be used to pay the principal of and
interest on the Notes at maturity and are pledged for that purpose.
Section 9. During the year or years in which the Notes are
outstanding, there shall be levied on all the taxable property in the Village,
in addition to all other taxes, the same tax that would have been levied if
the Bonds had been issued without the prior issuance of the Notes. The tax
shall be within the ten-mill limitation imposed by law, shall be and is
ordered computed, certified, levied and extended upon the tax duplicate and
collected by the same officers, in the same manner, and at the same time that
taxes for general purposes for each of those years are certified, levied,
extended and collected, and shall be placed before and in preference to all
other items and for the full amount thereof. The proceeds of the tax levy
shall be placed in the Bond Retirement Fund, whiCh is irrevocably pledged for
the payment of the principal of and interest on the Notes or the Bonds when
and as the same fall due. However, in each year to the extent the income from
the Village's water system is available for the payment of the principal of
and interest on the Notes and Bonds and is appropriated for that purpose, the
amount of the tax shall be reduced by the amount of the income so available
and appropriated.
Section lO. The Village 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 so that the Notes will not constitute arbitrage bonds under Section
l48 of the Internal Revenue Code of 1986, as amended (the Code). The Director
of Finance, as the fiscal officer, or any other officer of the Village having
responsibility for the issuance of the Notes shall give an appropriate
..",..' certificate of the Village, for inclusion in the transcript of proceedings for
... the Notes, setting forth the reasonable expectations of the Village regarding
the amount and use of all the proceeds of the Notes, the facts, c i r.cums tances
. and estimates on which they are based, and other facts and circumstances
.
relevant to the tax treatment of interest on the Notes.
~
The Village covenants that it (a) will take or cause to be taken such
actions WhiCh may be required of it for the interest on the Notes to be and
remain excluded from gross income for federal income tax purposes, and (b)
will not take or permit to be taken any actions which would adversely affect
that exclusion, and that it, or persons acting for it, will, among other acts
of compliance, (i) apply the proceeds of the Notes to the governmental purpose
of the borrowing, (11 ) restrict the yield on investment property acquired with
those proceeds, (iii) make timely rebate payments to the federal government,
(iv) maintain books and records and make calculations and reports, (v) refrain
from certain uses of proceeds, all in such manner and to the extent necessary
to assure such exclusion of that interest under the Code. The Director of
Finance and other appropriate officers are hereby authorized and directed to
take any and all actions, make calculations and rebate payments, and make or
give reports and certifications, as may be appropriate to assure such
excluSion of that interest.
The Notes are hereby deSignated as "qual if ied tax-exempt obligations"
for purposes Of Section 265(b)(3) of the Code. In that connection, the
Village hereby covenants that the Village (it having no "Subordinate entitles"
,
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with authority to issue obligations within the meaning of that Section of the
Code) , in or during the calendar year in whiCh the Notes are issued, (1) will
not designate as "qualified tax-exempt obligations" for purposes of Section
265(b)(3) of the Code tax-exempt obligations, including the Notes, in an
aggregate prinCipal amount in excess of $10,000,000, and (ii) Will not issue
tax-exempt obligations within the meaning of Section 265(b)(4) of the Code,
including the Notes and any qualified 50l(c)(3) bonds as defined in Section
l45 of the Code (but excluding obligations, other than qualified 50l(c)(3)
bonds, that are private activity bonds as defined in Section 141 of the Code),
in an aggregate principal amount exceeding $10,000,000, unless the Village
receives an opinion of nationally recognized bond counsel that such
designation or issuance, as applicable, will not cause the Notes to cease to
be "qualified tax-exempt obligations".
Section 11. The ClerK. of Council is directed to deliver a certified
copy of this ordinance to the County Auditors of Franklin, Union and Delaware
Counties.
Section 12. This Council determines that all acts and conditions
necessary to be done or performed by the Village or to have been met precedent
to and in the issuing of the Notes in order to make them legal, valid and
binding general obligations of the Village have been performed and have been
met, or will at the time of delivery of the Notes have been performed and have
been met, in regular and due form as required by law; that the full faith,
credit and revenues of the Village are pledged for the timely payment of the
principal of and interest on the Notes; and that no statutory or
constitutional limitation of indebtedness or taxation will have been exceeded
in the issuance of the Notes.
Section l3. This Council finds and determines that all formal
actions of this Council concerning and relating to the passage of this
ordinance were taken in an open meeting of this Council and that all
deliberations of this Council and of any committees that resulted in those
formal actions were in meetings open to the publiC, in compliance with all
legal requirements.
Section 14. ThiS ordinance is declared to be an emergency measure
necessary for the immediate preservation of the publiC peace, health, safety
or welfare of the Village, and for the further reason that the immediate
ef~ectiveness of this ordinance is required in order to effect issuance and
sale of the Notes necessary to provide funds for the immediate construction of
a water storage tank and appurtenant items to provide an adequate water supply
to the Village; wherefore, this ordinance shall be in full force and effect
immediately upon its passage.
..",..' S1gned'~
... Presiding Officer
.
..- Attest: - /f~/-<J ~' t(~
~
Clerk 0 Council
Passed: June l5, 1987
Effective: June l5, 1987
1 hereby certify that co . .
;::~ PO;~ed in the Villa::e~f o~~~;~ O,rdinanceIRe~'".;^"
on 1.25 of the Ohio R' tn tn aeeDIC"'
~ "/Sed COde.
CERTIfICATE Clerk of Council. hereby cer~\y V ~~ QA Council ~. Z{~
, b th COl' ]<'1\ 01 \ e I -
1 Frances M. 1h.veR 7u H7 duly adopted y e ' -
, \ OIl~1\.ce No, .- J 1987 -
tflregoing is a true copy 0 day 01 --Yllfi' J
Dublin, Ohio, on th'l -- -
Clerk of Council, Dutllin, Ohio
,
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VILLAGE OF DUBLIN, OHIO
NOTICE OF ASSESSING ORDINANCE
Notice is given that the Council of the Village passed on June 15,
1987, Ordinance No. 1[J -87 levying special assessments for the improvement of
Shier-Rings Road by constructing a twelve (l2) inch waterline from the
intersection of Dublin Industrial Lane to Wilcox Road thence northerly along
the east side of Wilcox Road approXimately 600 feet. The special assessment
against each lot or parcel of land may be paid in cash within 30 days from the
date of passage of that ordinance. If not paid in cash, the special
assessments will be certified to the County Auditor for collection with taxes
in twenty (20) annual installments with interest thereon at the same rate as
borne by the bonds issued in anticipation of their collection. The special
assessments are on file at and may be inspected in the office of the Clerk of
Council.
By order of the Council of the Village of Dublin.
/l v(~Lfl7t/
Y)u:t~ "-tJ-,
, I
Clerk of coun6il
Village of Dublin, Ohio
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INSTRUCTIONS FOR NEWSPAPER PUBLICATION:
PUblish once in a newspaper of general circulation in the Village,
within the meaning of Section 7.12 of the Revised Code. That publication
should occur as soon as possible following the passage of the assessing
ordinance.
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W1THlNT\tEV\i..UGE OF DlI8t.';~
_. ... Ol!l<l 1\01OI... eoa ~ J., J
corporations. to designate areas as communttY,-eIn
.areas; and ..,., . . .... '. ' ,~
WHEREAS. it is. in the best interests of the cltltens of ~in
to. des=te an area knoW~sPostRbad.COmmUtlIty
,Reinves nt area., and. .fully ~ In' the
. document entitled "Boundaries of Comm~nity' Investment
J . Area" which is attached hereto and incorporat.-therein, as
Exhibit-ItA" ,as a community reinvestment area; and
WHEREAS. the above-referenced area inCludes housing
facilities, or structures of historical si~niflcance and' new
__ ..~.~ ..,_ ~m.. m __ ~~
~ WHEREAS, Council has prevlous~ caused to be cond I
' various surveys of this and 0 er areas of the Villa
'" Including but not limited to traffic and master planni
t'-. studies;. "
... NOW, THEREFORE. BE IT RESOLVED .11 the Council of the
'" Village qf~.. S_ of O,,",Iil;)' ~ Of i . elected members
'" concurring '611';";' ." ' " ' ,,' ! '" ' '
Section .1. ,: ...' ;'fty ~m[[f. above referenced
area as a Community' inve, ment Area. .
I Section 2. Village Manager or designee is hereby designated
to serve as the "Housing Officer" as required by law.
Passed this 1st day of June, 1987.
~ t-~-:r.--J
Mayor - Presiding Officer Ord anee esoIutIon we
~ ted in the ~uaU Dublin In
Attest accordance with 'n 731.25
of the Ohio Revised Code.
_ flfMAM WJ ~ JA~"bJ, 't{A/~
Clerk of, Coucil
Clerk of Council
Publish: 6/10, 6/17. 1987
Information Information
BRIDALOOWNS EELSI(IN
Cleaned & preserved. $54.95. En- Handbags. Shoes. Attaches, etc,
trust your gown to the professionals Private Sale PriCes,
DUBUN CLEANERS 451-6178
6845 Caine Rd, 764-9934
1320 Bethel Rd. 459-6600 . "IT'S SO EASY" .
21n W. Dub. Granville 436-9934 Are you having a garage sale. ba-
Cherriel - Sweet It Tart zear. flea market, or a fund-raising
"(ou pick. already, picked. Bring your drive? Nolnveatment . CaU Fenner
own ladder. ~ orders n.oW' for Fund-Raising, anytime - 488-6738.
I ras~rries &_ plUecl cherries. -"You can only make money" "j
BUCKINGHAM ORCHARDS LI'L RED SCHOOL HOUSE' J.
8103 ~ RNd, SunbUry Free " reading check up a.
Dally 10:110-8;00 Sun. Noon-8:OG St. Brendan'a SChool ~
.....2427 Wed. June 17811d Tuea. June 2~
HALL. FOR RENT II a.m. to 3 p.m., For ,Info', ~
1-800-332-44'1,01 878-5343
,Elegal)t but Jnexpenslve, Wedding MASTERCMD-VISA j
receptions. /:l8imlt%vahs. corporate
meetings. Ri$ervatiOns stili being No, CredilNeeded
taken for spring & summer parties, Apply Now. For Imo, Call 24 Hrs, ,',
-Me .. Gill ....-WiI~ , .... --- ........... - '