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 - Summit Street Phase II project with the proceeds of tax exempt debt of the State of Ohio.
This project will replace and upgrade the existing traffic signals along Summit Street from Chittenden Avenue to Hudson Street, excluding the signal at 17th Avenue. This includes the intersections of Summit Street with Chittenden Avenue, E. 12th Avenue, E. 15th Avenue, E. Lane Avenue, and E. Hudson Street.
Ordinance 1634-2022 authorized the Director of Public Service to submit applications for Round 37 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 $455,926.00 to the Department of Public Service, Division of Design and Construction, to facilitate the completion of the Signals - Summit Street Phase II 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 $455,926.00 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 for the benefit of the design and const...
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