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 Signal Installation - Hocking Street and Hanover Street project with the proceeds of tax exempt debt of the State of Ohio.
The aforementioned project consists of improvements at the intersections of Hocking Street at US33 and Hanover Street at US33. At Hocking Street, the eastbound left turn on Long Street will be widened to a double left turn lane. The intersection of Hocking Street at Spring Street will be signalized. At Hanover Street, both Hanover Street at Long Street and Hanover Street at Spring Street will be signalized. The eastbound left turn on Long Street will be removed and the section of Hanover Street between Long Street and Spring Street will be converted to one-way southbound. Hocking Street and Hanover Street will be restriped between Spring Street and Nationwide Boulevard.
Ordinance 1985-2020 authorized the Director of Public Service to submit applications for Round 35 of the State Capital Improvement Program and to execute agreements for approved projects. The Ohio Public Works Commission has since offered a twenty one (21) year, zero percent (0%) interest loan totaling $751,000.00 to the Department of Public Service to facilitate the completion of the Signal Installation - Hocking Street and Hanover Street 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 ...
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