096-87 Ordinance
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ORDINANCE NO. 96-87
A ORDINANCE PROVIDING FOR THE AWARD'OF AN ISSUE OF
$95,623 SHIER-RINGS WATERLINE IMPROVEMENT BONDS, AND
DECLARING AN EMERGENCY.
WHEREAS, after notice published as required by law, bids have been
timely received for the purchase of $95,623 Shier-Rings Waterline Improvement
Bonds of this Village (the Bonds), as authorized by ,this Council~
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. This Council determines that tqe bid of William S.
Magnus of Merit Financial Corporation (the Purchaser) for the
Bonds, With a premium of $158.73 and at an intere~t rate of Seven and three
eighths percent ( 7 3/8 %) per annum, is in accordance
with the Bond Sale Notice and Bond Sale Specificattons and is the highest bid
for the Bonds based upon the lowest rate of interest. That interest rate is
determined by this Council to be the maximum interest rate per annum for the
Bonds. The Bonds, having the terms and maturities as provided in Ordinance
No. 77-87, passed July 6, 1987, as amended by Ordinance No. 82-87, passed July
20, 1987, and bearing interest at the rate stated above, are awarded and sold
to the Purchaser at a purchase price of par and accrued interest and any
premium as stated above.
Section 2. The Director of Finance shall have the Bonds signed,
authenticated by the Bond Registrar and, together with a true transcript of
the proceedings authorizing the Bonds, delivered to the Purchaser upon payment
of the par value thereof plus any premium and accrued interest to the date of
delivery.
Section 3. 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 4. This Council finds and determines that all formal actions
of this Council concerning and relating to the passage of this ordinance taken
in an open meeting of this Council and that all deliberations of this Council
and of any of its committees that resulted in thQse formal actions were in
meetings open to the publiC, in compliance with all legal reqUirements.
Section 5. 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 the ordinance is required in ord~r to effect the issuance,
sale and delivery of the Bonds, which is necessary to enable the Village to
retire its outstanding notes issued in anticipation of the issuance of the
Bonds and thereby preserve its credit; wherefore, this ordinance shall be in
full force and effect from and immediately upon its passage.
,
Signed:
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PreSiding Officer
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At tes t: (danL..t',o '7?J. {,-1'../r...V.-~
Clerk of Council
Passed: August 17, 1987
I hereby ce~tify that copies of this OrdinanCe/Res(1f""~n
Effective: August 17,1987 were posted In the Village of Dublin in accc;danc~ .h
Section 731.25 of the Ohio Revised Code.
'~~A7~7. ~~
Clerk of Council ....=...
~ CERTIFICATE
, France~.:M. Urban . Clerk of Council. herpf,,: r~'" ,c , q-.,:
frlre20ing is a true copy of Ordinance r:" 9f)-87 duly adoptr.d by the COU;ICI, iii ',iI. ....,,c .r
D'tJblin Ohio. 0;1 th~ ____J..lt.h--_ O"j uf Al1gl1st, 1987
, /J
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Cltlh of Council. Dublll\. OhiO
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M E M 0
TO: ALL COUNCILMEMBERS
FROM: NAN PRUSHING, FINANCE DIRECTOR
SUBJECT: TABULATION AND AWARD OF BID FOR $95,623 SHIER-RI~GS WATERLINE BONDS
Four bids were received for the above-referenced bond issu~ at 1:00 P.M.,
Monday, August l7th. These bids are tabulated as follows: I
Company Interest Rate Premium
Merit Financial Corporation 7 3/8% $158.73
Sweney, Cartwright & Co, 7 5/8% $143.59
Seasongood & Mayer 7 5/8% $ 20.00
McDonald & Co. 7.875% $ 69.00
I recommend that the bid of William S. Magnus of Merit Financial Corporation
at an interest rate of 7 3/8% with a premium of $158.73 be accepted, This
information needs to be inserted in the appropriate blanks in Section 1 of
Ordinance #96-87.
Respectfully submitted,
~(\~,~~~
Nanette J. Prushing
Finance Director