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 - James Road project with the proceeds of tax exempt debt of the State of Ohio.
The aforementioned project will culminate in the reconstruction of James Road from Livingston Avenue to Main Street and various improvements to the drainage, pedestrian, and bikeway facilities through that corridor.
Ordinance 1776-2018 authorized the Director of Public Service to submit applications for Round 33 of the State Capital Improvement Program and to execute agreements for approved projects. The Ohio Public Works Commission has since offered a thirty (30) year, zero percent (0%) interest loan totaling $937,784.00 to the Department of Public Service, Division of Design and Construction, to facilitate the completion of the Arterial Street Rehabilitation - James Road 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 in the amount of $937,784.00, which represents the 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 reasonable expectation of the City of Columbus on behalf of the State of Ohio to reimburse ...
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