082-87 Ordinance
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ORDINANCE NO. ~2__ -87
AN ORDINANCE AMENDING ORDINANCE NO. 77-87, PASSED
JULY 6, 1987, WHICH PROVIDED FOR THE ISSUANCE OF
SHIER-RINGS WATERLINE BONDS IN THE AMOUNT OF
$113,323, TO REVISE THE PRINCIPAL AMOUNT AUTHORIZED
THEREBY AND THE MATURITY SCHEDULE, AND TO PROVIDE
FOR EXECUTION OF THE BONDS BY THE CITY MANAGER AND
THE DIRECTOR OF FINANCE; APPOINTING BOND REGISTRAR;
AND DECLARING AN EMERGENCY.
WHEREAS, this Council has, by Ordinance No. 71-87 passed June 15,
1987, levied special assessments amounting in the aggregate to $113,323.17
for the cost and expense of the improvement described in Section 1 hereof;
and
WHEREAS, on July 6, 1987, this Council passed Ordinance No. 77-87
authorizing the issuance and sale of $113,323 bonds (the Bonds) in
anticipation of the special assessments hereinabove described, Section 3 of
which provides that said bonds shall be Signed by the Director of Finance,
as Director of Finance and Acting City Manager, and by the Clerk of
Council; and
WHEREAS, since the date of passage of Ordinance No. 71-87 the
Village has received $17,701.07 in cash payments for credit against the
special assessments hereinabove described; and
WHEREAS, by reason of the receipt of those cash payments, this
Council finds and determines it to be necessary to amend Sections 1 and 2
of Ordinance No. 77-87, so as to reduce the amount of the bonds authorized.
thereby and to change certain of the terms and provisions of said bonds;
and
WHEREAS, on July 8, 1987 this Council appointed a new City Manager
pursuant to Section 5.01 of the Charter of the Village and the Director of
Finance is no longer serving as Acting City Manager; and
WHEREAS, Section 4 of Ordinance No. 77-87 provided for a bond
registrar for the Bonds and the Director of Finance has recommended the
appointment of The Huntington National Bank, Columbus, OhiO, as Bond
Registrar;
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. Section 1 of Ordinance No. 77-87 is amended to read in
its entirety as follows:
"Section 1. It is necessary to issue bonds of this
Village (the Bonds) in the aggregate principal amount of
$95,623 for the purpose of paying the property owners'
portion, in anticipation of the collection of special
assessments heretofore levied, 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 600 feet in the
Village of Dublin, Ohio."
Section 2. Section 2 of Ordinance No. 77-87 is amended to read in
its entirety as follows:
"Section 2. The Bonds shall be issued in one lot and
only as fully registered Bonds registered as to both
principal and interest, in the denominations of $1,000 or
any integral mult iple thereof but not exceeding the
principal amount of Bonds maturing on anyone date and
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except that one Bond, but only one Bond, bearing a
December 1, 1988 maturity, shall be issued in the
denomi na tion of $623 or be a denomination equal to the
heretofore authorized denominations plus $623: and shall
be dated as of September 1, 1987.
The Bonds shall bear interest at the rate of 8% per
annum, payable on June 1 and December 1 of each year (the
Interest Payment Da tes ) , commencing June 1, 1988, until
the principal amount has been paid or provided for.
However, if the Bonds are sold bearing a different rate of
interest than stated above, the Bonds shall bear that rate
of interest as specif ied in the ordinance of Council
providing for the award of the Bonds. The Bonds shall
bear interest from the most recent date to which interest
has been paid or provided for or, if no interest has been
paid or provided for, from September 1, 1987.
The Bonds shall mature as follows: $3,623 on
December 1 in the year 1988, $4,000 on December 1 in each
of the years from 1989 through 1991, and $5,000 on
December 1 in each of the years from 1992 through 2007,
which maturities are determined to be in substantially
equal annual installments. The Bonds shall express on
their faces the purpose for which they are issued and that
they are issued pursuant to this ordinance."
Secti on 3. Section 3 of Ordinance No. n-87 is amended to read in
its entirety as follows:
"Section 3. The Bonds shall be signed by the City
Manager, and by the Director of Finance, in their official
capacities (either or both of those signatures may be a
facsimile), and shall bear the corporate seal of the
Village or a facsimile of that seal. No Bond shall be
valid or obligatory for any purpose or shall be entitled
to any security or benefit under this ordinance unless and
un ti 1 the certificate of authentication printed on the
Bond is signed by the Bond Registrar (as defined in
Section 4 below) as authenticating agent. Authentication
by the Bond Registrar shall be conclusive evidence that
the Bond so authenticated has been duly issued, signed and
delivered under this ordinance and is enti tled to the
security and benefit of this ordinance. The certif ica te
of authentication may be signed by any authorized officer
or employee of the Bond Registrar or by any other person
acting as an agent of the Bond Registrar and approved by
the Director of Finance on be half of the Vi llage. The
same person need not sign the certificate of
authentication on all of the Bonds."
Section 4. Sections 1, 2 and 3 of Ordinance No. 77-87 as passed
by this Council on July 6, 1987 are hereby repealed.
Section 5. Pursuant to Section 4 of Ordinance No. 77-87, The
Huntington National Bank, Columbus, OhiO, is hereby appointed authenti-
cating agent, bond registrar, transfer agent and paying agent for the
Bonds.
Section 6. 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 7. 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 effectiveness of this ordinance is required in order to effect
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issuance and sale of the Bonds which is necessary to enable the Village to
retire the outstanding note and thereby preserve its credit; wherefore,
this ordinance shall be in full force and effect immediately upon its
passage.
Presiding Officer
Attest: ~~U~l ~
Passed: July 20, 1987
Effective: July 20, 1987
I hereby certify t.hat the fore!~ojm~ I hereby certify that copies of this Ordinance/Resoluti('[
were posted in the Village of Dublin in accordance with
is a true and exact copy of , Or.dinance . Section 731.25 of the Ohio Revised Code,
N.o82-81 Village of Dublin, Ohio ~ /&fhuo Wj, ~Ab~
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~Y!J.-.~ Clerk of Council
Village Clerk
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6665 Coffman Road
Dublin, Ohio 43017
DUBLIN VILLAGE COUNCIL MEETING
,7::30 P.M.
The regularly scheduled meeting of the Dublin Village Council was called to order
by Mayor Michael L. Close on Monday, July 20, 1987 at 7:30 P.M.
Members of Council present were: Mr. Amorose, Mayor Close, Mr. Jankowski, Ms.
Maurer, Mr. Rozanski, Mr. Sutphen, and Mr. Thornton.
Ordinance No. 82-87 - Amending Ordinance No. 71-81 - Issuance of Shier-Rings Road
Waterline Bonds
First Reading
Mr. Amorose introduced the Ordinance.
,
Mr. Sutphen moved to do away with the three time reading rule and treat as an
emergency.
Mr. Thornton seconded the motion.
ThE' vote was as follows:
Mr. Amorose, yes
Mr. Thornton, yes
Mayor Close, yes
Mr. Sutphen, yes
Mr. Jankowski. yes
Ms. Maurer, yes
Mr. Rozanski, yes
The vote on the Ordinance was as follows:
Mr. Rozanski, yes
Mr. Jankowski, YE'S
Ms. Maurer, yes
Mr. Sutphen, yes
Mayor Close, yes
Mr. Thornton, yes
Mr. Amorose, yes
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