Label
TDOT100626OHIOPUBLICWORKSCOMMISSIONRESOLUTIONOFINTENT
Engineering and Construction Management
Timothy Grosjean (x1344)
Revised
Title
A resolution declaring the official intent and reasonable expectation of the City of Toledo on behalf of the State of Ohio (The Borrower) to reimburse its Capital Improvements Fund for a project with the proceeds of tax-exempt debt of the State of Ohio; and declaring an emergency.
Summary
SUMMARY & BACKGROUND:
Both the State Capital Improvement Program and Local Transportation Improvement Program, managed through the Ohio Public Works Commission (OPWC), provide financial assistance to political subdivisions for capital improvements to public infrastructure. The infrastructure improvement detailed and delineated in Section 1 is an awarded project under these Ohio Public Works Commission Programs. Ordinance 17-26 authorized the Mayor to enter into an agreement with OPWC and allowed for the appropriation and expenditure of the loan for the listed project. Passage of this legislation is required by the Ohio Public Works Commission to allow us to be reimbursed per the project agreement.
NOW THEREFORE, Be it resolved that:
SECTION 1. That this Council supports the City of Toledo’s reasonable expectation to receive a reimbursement for the following project as set forth in Appendix A of the Project Agreement with the proceeds of bonds to be issued by the State of Ohio:
PROJECT LOAN
Glendale Avenue - Detroit to Charmaine (CL19AD/CL20AD) $248,457
SECTION 2. That the maximum aggregate principal amount of bonds, other than for costs of issuance, expected to be issued by the State of Ohio for reimbursement to the local subdivision is $248,457.
SECTION 3. That the Fiscal Officer of the City of Toledo is hereby directed to file a copy of this Resolution with the City of Toledo for the inspection and examination of all persons interested therein and to deliver a copy of this Resolution to the Ohio Public Works Commission.
SECTION 4. That the City of Toledo finds and determines that all formal actions of this City concerning and relating to the adoption of this Resolution were taken in an open meeting of the City of Toledo and that all deliberations of this City and any of its committees that resulted in those formal actions were in meetings open to the public, in compliance with all legal requirements.
SECTION 5. That this Resolution is declared to be an emergency measure and shall be in force and effect from and after its passage. The reason for the emergency lies in the fact that this Resolution is necessary for the immediate preservation of the public peace, health, safety and property and for the further reason that this Resolution must be immediately effective in order to ensure compliance with the funding terms of the Ohio Public Works Commission and provide for the timely reimbursement of local funds expended on public infrastructure improvements.
Vote on emergency clause: yeas _____, nays _____.
Adopted _________________, as an emergency measure: yeas _____, nays _____.
Attest: ________________________ __________________________________
Clerk of Council President of Council
Approved: _____________________ __________________________________
Mayor
I hereby certify that the above is a true and correct copy of an Ordinance passed by Council ________________________.
Attest: ________________________
Clerk of Council