A RESOLUTION DECLARING THE OFFICIAL INTENT AND REASONABLE EXPECTATION OF THE CITY OF ST. CLAIRSVILLE ON BEHALF OF THE STATE OF OHIO (THE BORROWER) TO REIMBURSE ITS CAPITAL PROJECTS FUND FOR THE NEW RESERVOIR IMPROVEMENT PROJECT (WATER TANK), OPWC PORJECT NUMBER CR24V WITH THE PROCEEDS OF TAX-EXEMPT DEBT OF THE STATE OF OHIO.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ST. CLAIRSVILLE, ON BEHALF OF THE STATE OF OHIO THAT:
SECTION 1. The City of St. Clairsville reasonably expects to receive a reimbursement for the New Reservoir Improvement Project as set forth in Appendix A of the Project Agreement with proceeds of bonds to be issued by the State of Ohio.
SECTION 2. The maximum aggregate principle 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 $400,000.00 (Loan Amount).
SECTION 3. The Finance Director of the City of St. Clairsville is hereby directed to file a copy of this Resolution with this City 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. The City of St. Clairsville 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 this City 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. This Resolution shall be in full force and effect from and immediately upon its adoption.
Resolution adopted: August 20, 2018