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A RESOLUTION DECLARING THE OFFICIAL INTENT AND REASONABLE EXPECTATION OF THE CITY OF GROVEPORT ON BEHALF OF THE STATE OF OHIO (THE BORROWER) FOR THE CITY'S CAPITAL IMPROVEMENT FUND TO BE REIMBURSED FOR THE CC01AB/CC02AB, PORT ROAD PHASE II PROJECT WITH THE PROCEEDS OF TAX EXEMPT DEBT OF THE STATE OF OHIO.
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WHEREAS, the City has deemed it necessary to be reimbursed the stated funds for the Port Road Phase II Project with the proceeds of the tax exempt debt of the State of Ohio.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GROVEPORT, FRANKLIN COUNTY, OHIO, A MAJORITY OF ITS MEMBERS CONCURRING:
Section 1: That the City of Groveport reasonably expects to receive a reimbursement for the project named Port Road Phase II as set forth in Appendix A of the Project Agreement 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 City of Groveport is $1,713,471.00.
Section 3: That the Clerk of the City of Groveport is hereby directed to file a copy of this Resolution with the City of Groveport 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 Groveport finds and determines that all formal actions of this City concerning and relating to the adoption of this Resolution were taken in an open meeting of the City of Groveport and that all deliberations of this City and any of its committees that resulted in those formal actions were in meetings open to the public, in compliance with all legal requirements.
Section 5: That this Resolution shall be in full force and effect after passage by Council and signature of the Mayor.
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Lance Westcamp, Mayor
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Mindy Kay, Clerk of Council
Approved as to form:
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Kevin C. Shannon, Law Director
Sponsor: Council Member Hilbert
This Resolution was referred to the Committee of the Whole
This Resolution was read by title
The Committee of the Whole recommended approval