Explanation
1. BACKGROUND
This resolution declares the official intent and reasonable expectation of the City of Columbus, on behalf of the State of Ohio (the Borrower), to reimburse the State Issue II Street Projects Fund for the Signals – N. 4th Street Phase I project with the proceeds of tax exempt debt of the State of Ohio.
The aforementioned project will replace existing traffic signals at five intersections along 4th Street, including new poles and equipment to meet current design and technology standards. New fiber optic cable will also be installed within the limits of each intersection to connect the signals to the existing Columbus Traffic Signal System (CTSS) network.
Ordinance 2018-2024 authorized the Director of Public Service to submit applications for Round 39 of the State Capital Improvement Program and to execute agreements for approved projects. The Ohio Public Works Commission has since offered a fourteen (14) year, zero percent (0%) interest loan totaling $572,590.00 to the Department of Public Service, Division of Design and Construction, to facilitate the completion of the Signals – N. 4th Street Phase I project. In order to comply with Internal Revenue Service regulations regarding this loan, it is necessary to adopt a resolution declaring the official intent and reasonable expectation of the City of Columbus on behalf of the State of Ohio (the Borrower) to reimburse its State Issue II Street Projects Fund for the aforementioned project with the proceeds of tax exempt debt of the State of Ohio.
2. FISCAL IMPACT
This resolution will allow the Department of Public Service to accept monies from the Ohio Public Works Commission for the $572,590.00 zero percent interest loan awarded under the State Capital Improvement Program.
3. EMERGENCY JUSTIFICATION
Emergency action is requested to expedite the receipt of the loan proceeds such that these funds can be utilized as soon as possible.
Title
To declare the official intent and reasona...
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