Label
TDOT121923OPWCRESOLUTIONOFINTENT
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 eight projects with the proceeds of tax-exempt debt of the State of Ohio; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Both the State Capital Improvement Program and the 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 41-23 authorizes the mayor to enter into agreements with OPWC and allows 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 of Toledo to be reimbursed per each project agreement.
Summary
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 to reasonably expect to receive a reimbursement for the following projects as set forth in Appendix A of the Project Agreements with the proceeds of bonds to be issued by the State of Ohio:
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 $3,164,554.
SECTION 3. That the Clerk of Council of the City of Toledo is hereby directed to maintain a copy of this Resolution 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...
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