2000 031 Ordinance - Laserfiche WebLink

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OHIO PUBLIC WORKS COMMISSION INSTRUCTIONS FOR DECLARING OFFICIAL INTENT (Applicable to Loans only) (January 1, 1997) The attached resolution will allow the OPWC and local subdivision to comply with regulations passed by the Internal Revenue Service. These regulations apply to the proceeds of tax exempt debt, which is the funding source for your loan. The "Offidal Intent" simply means that at the time the local subdivision makes a payment for construction related project costs from its own funds, the local subdivision intends to seek reimbursement for those costs from the OPWC. Before passing the resolution, please keep in mind the following: 1). A Declaration of Official Intent is required only if the Local subdivision is planning to seek reimbursement from the OPWC for project costs already incurred and paid by the local subdivision. Payments by the OPWC for in-kind and force account work is considered a reimbursement. To avoid this procedure, we encourage the local subdivision to request that payments be made directly to the firm performing the work, or to have in-kind and force account work credited towards the local share. If the local subdivision plans to have the OPWC pay contractors directly, no action is required. 2). A Declaration of Official Intent must be adopted not later than 60 days after the date of construction related project costs for which the local subdivision will seek reimbursement from the OPWC. 3). Preliminary Expenditures including engineering, survey, soil testing and similar expenditures are not subject to the offidal intent requirement and can be reimbursed without necessity for any declaration of offidal intent. 4). The reimbursement by the OPWC must occur within 18 months after the later of (A) the date the project costs are paid by the local subdivision; or (B) the date the project is placed in service or abandoned, but in no event more than 3 years after the project costs are paid by the local subdivision. 5). If these procedures are not followed, the OPWC may be prevented from disbursing any funds for your project. 61. Please complete the sections that are either bolded or underlined. A few comments on some of the sections are provided. Section 1 For this section, enter the name of the local government i.e. City of Dayton. Enter the name of the fund that will be reimbursed by the OPWC. Describe the project that is being funded. Section 3 Estimate the maximum amount you expect to receive from the OPWC in the form of a reimbursement. For example, if you have a loan for 5100,000 and you expect the entire loan balance to be paid directly to the - _ local subdivision as a reimbursement, use $100,000 for this section. If only a part of the loan will be a reimbursement, for example, if the local subdivision plans to seek reimbursement for In-Kind/Force Account, estimate the amount and use it for this section.