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 Arterial Street Rehabilitation - Hudson St - I71 to Cleveland Ave project with the proceeds of tax exempt debt of the State of Ohio.
The aforementioned project will reconstruct Hudson Street from the eastern terminus of full depth pavement installed near Interstate 71 (I-71) to the Cleveland Avenue intersection. The project work will include installing new curb, reconstruction and modification to the existing median on each leg of the I-71 at Hudson intersection, sidewalk on the north side, an urban greenway on the south side, street trees, new traffic signals, new ADA curb ramps, and a new 24” water main.
Ordinance 1795-2019 authorized the Director of Public Service to submit applications for Round 34 of the State Capital Improvement Program and to execute agreements for approved projects. The Ohio Public Works Commission has since offered a thirty-year, zero percent interest loan totaling $502,000.00 to the Department of Public Service to facilitate the completion of the Arterial Street Rehabilitation - Hudson St - I71 to Cleveland Ave 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 $502,000.00 zero percent interest loan awarded under the State Capital Improvement Program.
3. EMERGENCY JUSTIFICATION
Emergency action is requested to expedite ...
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