Label
Amend Toledo Recovery Plan
Finance
M. Campbell (x1252)
Title
Amending the Toledo Recovery Plan in the amount of $185,055,783; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The city's Toledo Recovery Plan (TRP) was approved by Toledo City Council in December 2021. It outlines the City's comprehensive spending strategy for its $180,948,591 in American Recue Plan Act (ARPA) funds. Since its approval, over $144 million has been appropriated and authorized for expenditure to complete projects with in the TRP. This Ordinance amends the TRP to reallocate within projects and include interest earnings to support projects in the TRP. The attached schedule A outlines these changes.
The TRP does but does not authorize the appropriation or expenditure of any funds. Subsequent legislation will continue to be submitted by project for appropriation and expenditure authority.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Section 1 of Ordinance 530-21, which reads as follows
SECTION 1. That the Toledo Recovery Plan in the amount of $180,948,591 outlined in the attached schedule A is approved.
is repealed.
SECTION 2. That a new Section 1 of Ordinance 530-21 adopting a revised schedule A is enacted to read as follows
SECTION 1. Toledo Recovery Plan in the amount of $185,055,783 outlined in the attached revised schedule A is approved.
SECTION 3. That this Ordinance 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 same is necessary for the immediate preservation of the public peace, health, safety, and property, and for the further reason that this Ordinance must be immediately effective in order to begin the process to administer, obligate and expend the City's American Rescue Plan Act funds timely in accordance with U.S. Department of Treasury regulations....
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