7066-95 Funds for Water System Improvement Projects

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RESOLUTION NO. 7066-95 BY: Boscia, Flannery, George, Gibbons, Roth, Seelie, Smith A RESOLUTION authorizing the City, to apply for State Issue Two Infrastructure Bond Program funds for debt support for the Lakewood 1995 Water Systems Improvements Project. WHEREAS, pursuant to Article VIII of the Ohio Constitution, the State is authorized to issue bonds and other obligations of the State of Ohio for the purpose of financing public infrastructure capital improvements of political subdivisions as designated by law, and WHEREAS, pursuant to Section 164.05 of the Ohio Revised Code, the Director of the Ohio Public Works Commission is authorized to accept, evaluate, and recommend applications for state financing of capital infrastructure improvement projects of political subdivisions in Cuyahoga County, and WHEREAS, pursuant to Section 164.05 of the Ohio Revised Code, the Director of the Ohio Public Works Commission is authorized to accept and approve applications for state financing of capital infrastructure improvement projects of political subdivisions in Cuyhoga County, and WHEREAS, the City of Lakewood has conducted a capital inventory and needs assessment and has determined that it is necessary and desirable to apply for State Issue Two Infrastructure Bond Program funds to assist in payment of debt service for Water System Improvements, and WHEREAS, said Water System Improvements are necessary for the safety and security of the surrounding residential neighborhood to maintain the proper operation and maintenance of the Water System and its infrastructure; now, therefore, BE IT RESOLVED BY THE CITY OF LAKEWOOD, STATE OF OHIO SECTION 1. The Finance Director, for and on behalf of the City, is hereby authorized to .apply to the District One Public Works Integrating Committee and the Director of the Ohio Public Works Commission for Issue Two infrastructure Bond Program funds to assist in debt support for the Water System Improvements and his filing of said application is hereby ratified: SECTION 2. The Mayor, for and on behalf of the City, is further authorized to enter into any agreements as may be necessary and appropriate for obtaining such funds, said agreements to contain such terms and conditions to be in such form as the Director of Law deems necessary to protect the public interest. SECTION 3. It is found and determined that all formal actions of this Council cOncerning and relating to the passage of this resolution were adopted in an open meeting of this Council, and that all such