Explanation
1. Background
City Council passed Ordinance 1828-2014 on September 19, 2014 and authorized the Director of Public Service to submit applications for Round 29 of the State Capital Improvements Program and to execute project agreement forms for approved projects. In Round 29, the Division of Design and Construction is eligible to receive a sixteen year, zero percent (0%) interest loan totaling $244,800.00 for the Parsons Avenue from Livingston Avenue to Hosack 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 Works Commission for the $244,800.00 zero percent interest loan awarded under the State Capital Improvement Program.
3. Emergency Justification
The department requests emergency designation so as to expedite the receipt of the loan proceeds and to utilize the funds 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 its State Issue II Street Projects Fund for the Parsons Avenue from Livingston Avenue to Hosack Street (OPWC CC03S/CC04S) project, with the proceeds of tax exempt debt of the State of Ohio; and to declare an emergency.
Body
WHEREAS, the Department of Public Service, Division of Design and Construction was offered the opportunity to borrow a total of $244,800 for its Parsons Avenue from Livingston Avenue to Hosack Street (OPWC CC03S/CC04S) project, in Round 29 of the State Capital Improvement Program at zero percent (0%) interest with a sixteen y...
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