059-86 Ordinance
.- .
ORDINANCE NO. 59-86
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE
OF S99,OOO NOTES, IN ANTICIPATION OF THE ISSUANCE
OF BONDS, FOR THE PURPOSE OF PAYING THE PROPERTY
OWNERS' PORTION, IN ANTICIPATION OF 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 previously by proper legislation declared
the neceSsity of the improvement described in Section 1 and has determined
that the total estimated cost of that improvement Will be not less than
SllO,OOO; and
WHEREAS, pursuant to Ordinance No. 50-85 passed August 5, 1985, notes
in anticipation of bonds in the amount of Sl10,OOO, dated August 14, 1985,
were issued for the purpose stated in Section I, to mature on August 14, 1986;
and
WHEREAS, this Council finds and determines it to be in the best
interest of the Village to retire at maturity the outstanding notes with the
proceeds of the notes described in Section 1 and other funds available to the
Village; and
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 forty years, and the maximum
maturity of the notes referred to in Section 3, to be issued in anticipation
of the bonds, is August 14, 2005, 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 this Village (the
Bonds) in the prinCipal amount of $99,000 for the purpose of paying the
property owners' portion, in antiCipation of the levy and collection of
special assessments, for the purpose of constructing a wa ter line and
appurtenances thereto on Shier-Rings Road from the intersection of Dublin
Industrial Lane to Wilcbx Road thence northerly along the east side Of Wilcox
Road approximately six hundred feet in the Village of Dublin, Ohio in the
manner provided in Resolution No. 11-85, adopted May 13, 1985.
Section 2. The Bonds shall be dated approximately June I, 1987,
shall bear interest at the now estimated rate of 9~ per annum, payable semi-
annually until the principal amount is paid, and shall mature in twenty
substantially equal annual installments.
Section 3. It is necessary to issue and this CounCil determines that
notes in the aggregate prinCipal amount of S99,OOO (the Notes) shall be issued
in antiCipation of the issuance of the Bonds and to reti re, together With
other funds available to the Village the outstanding notes dated August 14,
1985. The Notes shall bear interest at a rate or rates not to exceed 9~ per
annum, payable at maturity or at any date of earlier prepayment as provided
for in this ordinance. If :-equested 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
ll~ 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 b of this ordinance.
Section 4. The pri nc ipal 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 Ameri ca if so requested by the Original
purchaser. The principal of and interest on the Notes shall be payable,
.
without deduction for services of the Vi llage I s paying agent, at either (
both of, as determined by the Director of Finance, the main office of Tl
Huntington National Bank, Columbus, Ohio, or at the principal office of a bat
or trust company requested by the original purchaser of the Notes, providE
that such request shall be approved by the Director of Finance aftE
determining that the payment at that bank or trust company will adequate;
protect the funds of the Village and that proper procedures and safeguards at
available for that purpose. The Notes shall be dated August 14, 1986, aT
shall mature June 17, 1987.
Section 5. The Notes shall be Signed by the City Manager aT
Director of Finance, in the name of the Village and in their off icie
capacit ies, provided that one of those signatures may be a faCSimile, and bee
the corporate seal of the Village or a faCSimile of that seal; shall be iSSUE
in the numbers and denominations as may be requested by the original purchasE
and approved by the Director of Finance, provided that the entire principa
amount may be represented by a Single note; shall not have coupons attachec
shall be numbered as determined by the Director of Finance; and shall expres
upon their faces the purpose for which they are issued and that they ar
issued pursuant to this ordinance.
Section 6. The Notes are offered at par and accrued interest, i
any, to the Director of Finance, as officer in charge of the Bond Retiremen
Fund of the Village. Notes not purchased for the Bond Retirement Fund or fo
other funds of the Village shall be sold at private sale by the Director 0
Finance in accordance with law and the provisions of this ordinance. Th
Director of Finance shall sign the certificate of award referred to in Sectio
3 eVidencing that sale, cause the Notes to be prepared, and have the Note
Signed and delivered, together with a true transcript of proceedings wit
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 an
premium and accrued interest, s hall be pa i d into the proper fund or funds an
those proceeds are appropriated and shall be used for the purpose for whic
the Notes are being issued. Any por ti on of those proceeds representin
premium and accrued interest shall be paid into the Bond Retirement Fund to b
applied to the payment of the prinCipal of and interest on the Notes in th
manner prOVided by law.
Section 8. The par value to be received from the sale of the Bond:
or any renewal notes and any excess funds resulting from the issuance of th4
Notes shall, to the extent necessary, be used to pay the prinCipal of an(
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 iJ
the Bonds had been issued without the prior issuance of the Notes. The ta,
shall be within the ten-mill limitation imposed by law, shall be and i~
ordered computed, cert if ied, levied and extended upon the tax duplicate anc
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. All speCial assessments
collected for the improvement described in Section 1, and any unexpended
balance remaining in the improvement fund after the cost and expenses of the
improvement have been paid, shall be used for the payment of the prinCipal of
and interest on the Notes Until paid in full. 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 levy of speCial assessments for the improvement 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 10. 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, after taking into account reasonable expectations at the time ot
the delivery of and payment for the Notes, so that the Notes Will not
constitute arbitrage bonds under Section 103(c) of the Internal Revenue Code
and the applicable regulations prescribed under that Section. The Director of
. ..
Finance, as the fiscal officer, or any other officer having responsibility for
issuing the Notes, shall, alone or with any other officer or employee of or
consultant to the Village, 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 and the facts and estimates on whiCh they are based, all
as of the date of delivery of and payment for the Notes.
The Village covenants that it will take all actions that may be
required of the Village for the interest on the Notes to be and remain exempt
from federal income tax, and will not take any actions which would adversely
affect such exemption, under the provisions of federal tax laws that apply to
the Notes, and also under the provisions of H.R. 3838, as passed by the U.S.
House of Representatives on December 17, 1985, but with the effective date
stated for certain provisions thereof listed in the March 14, 1986 Joint
Statement by the chairman and ranking minority members of the House Committee
on Ways and Means and the Senate Committee on Finance at the Secretary of the
Treasury, as amended on July 17, 1986 with respect to certain arbitrage
provisions in the case of certain pooled financings, until and unless, and
except to the extent, with respect to H.R. 3838, the Village obtains a written
opinion of na ti ona lly recognized bond counsel that this covenant, as it
pertaining to H.R. 3838, need not be complied with in order for the interest
on the Notes to continue to be exempt from federal income taxation; and the
Director of Finance and other appropria te officers are hereby authorized to
take such actions and give such certifications as may be appropriate to assure
such tax exemption of the interest.
Section II. The Notes are hereby deSignated as "qualified tax-exempt
obligations" to the extent permitted by Section 802(e) of H.R. 3838, enti tled
The Tax Reform Act of 1985, as passed by the House of Representatives on
December 17, 1985 (the "Bill"). This Council finds and determines that the
reasonably anticipated amount of tax-exempt obligations (whether or not
deSignated as qualified) issued and to be issued by the Village during this
calendar year including the Notes does not, and the Council hereby covenants
that, during such year, the amount of tax-exempt obligations issued by the
Village and deSignated as "qualified tax-exempt obligations" for such purpose
will not, exceed $10,000,000. The Director of Finance and other appropriate
officers, and any of them, are authOrized to take such actions and give such
certifications on behalf of the Village with respect to the reasonably
anticipated amount of tax-exempt obligations to be issued by the Village
during this calendar year and with respect to such other matters as
appropriate under Section 802(e).
Section 12. 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 13. 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
consti tutional limitation of indebtedness or taxation will have been exceeded
in the issuance of the Notes.
Section 14. This Council finds and determines that all formal
actions of this Council concerning and reI a ting to the passage of this
ordinance were taken in an open meeting of this Council and tha t all
deliberations of this Council and of any committees that resulted in those
formal actions were in meetings open to the publi c, in compliance with all
legal requirements including Section 121.22 of the Revised Code.
Section 15. 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 issuance and
.
sale of the Notes, which is necessary to retire the outstanding notes and
therefore preserve the Village's crediti wherefore, this ordinance shall be in
full force and effect immediately upon its passage.
Presiding Officer
Attest: /J G j.-d
-;:/t/C-Fi.O/1 7), 7: t. L;-,J
'../ '
Clerk of CounCil '
Passed: August 4, 1986
Effective: August 4, 1986
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