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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. 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