Explanation
The Public Service Director was authorized to submit applications for Round 18 of the State Capital Improvement Program and to execute project agreement forms for approved projects by Ordinance 1651-2003 passed by City Council July 14, 2003. In Round 18 of the State Capital Improvement Program, twenty-year, zero percent (0%) interest loans totaling $2,461,000.00 were made available to the Transportation Division for two projects, the McKinley Avenue - Central Avenue to Souder Avenue Improvement project ($1,106,800.00) and Morse Road Phase I Improvement project ($1,354,200.00). In order to fully 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 Project Fund (Fund 764) for the two projects mentioned above with the proceeds of tax exempt debt of the State of Ohio.
Fiscal Impact: This resolution will allow the Transportation Division to accept two loans from the Ohio Public Works Commission for the $2,461,000.00, zero percent interest loans awarded under the State Capital Improvement Program.
Emergency action is requested to expedite the receipt of these loan proceeds such that these funds can be used as soon as possible.
Title
To declare the official intent and reasonable expectation of the City of Columbus on behalf of the State of Ohio (the borrower) to reimburse the State Issue II Project Fund for the McKinley Avenue - Central Avenue to Souder Avenue and Morse Road - Phase I Improvement projects with the proceeds of the tax exempt debt of the State of Ohio for the Transportation Division and to declare an emergency. ($-0-)
Body
WHEREAS, the Transportation Division was offered an opportunity to borrow a total of $2,461,000.00 its McKinley Avenue - Central Avenue to Souder Avenue ($1,106,800.00) and Morse Road -...
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