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 ...
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