Label
TDOT112024OPWCRESOLUTIONOFINTENT
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 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. Resolutions 499-21 and 449-22 authorize 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 resolution is required by the Ohio Public Works Commission to allow us to be reimbursed per each 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 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
Water Street - Olive to Cherry (CL01AB, CL02AB) $243,984
Laskey Road - Secor to Douglas (CL15AB/CL16AB) $177,866
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 $421,850.
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 P...
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