Label
TDOT100725OPWCRESOLUTIONOFINTENT
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 the Dura Avenue project 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 improvement detailed and delineated in Section 1 is an awarded project under these Ohio Public Works Commission Programs. Resolution 482-23 authorized the Mayor to enter into an agreement with OPWC and allowed for the appropriation and expenditure of the loan for the listed project. Passage of this resolution is required by the Ohio Public Works Commission to allow the City to be reimbursed per the 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 project, 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
Dura Avenue - Matzinger to RR Tracks (CL13AB) $155,000
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 $155,000.
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 an...
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