Label
TDOT081225OPWCRESOLUTIONOFINTENT
Engineering and Construction Management
Timothy Grosjean (x1344)
Revised
Title
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 Improvement Fund for two projects 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 provide financial assistance to political subdivisions for capital improvements to public infrastructure. The infrastructure improvements detailed and delineated in Section 1 are awarded projects under these Ohio Public Works Commission Programs. Ordinance 49-25 authorized the Mayor to enter into agreements with OPWC and allow for the appropriation and expenditure of the grants and loans for the listed projects. Passage of this legislation is required by the Ohio Public Works Commission to allow the city to be reimbursed per each project agreement.
NOW THEREFORE, Be it resolved by the Council of the City of Toledo on behalf of the State of Ohio:
SECTION 1. That this Council supports the City of Toledo’s reasonable expectation to receive a reimbursement for the following projects 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
Executive Parkway - Secor to Central (CL19AC/CL20AC) $136,107
Sylvania Avenue - Douglas to Upton (CL15AB/CL16AB) $313,420
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 $449,527.
SECTION 3. That the Fiscal Officer of the City of Toledo is 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 permit the timely submittal of funding applications for the above projects.
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 Resolution passed by Council ________________________.
Attest: ________________________
Clerk of Council