Explanation
This ordinance authorizes and directs the Director of Public Service to execute a loan agreement with the Ohio Department of Transportation and authorizes the issuance of a limited tax general obligation promissory note in an amount not to exceed $8,375,000.00 for the purpose of constructing and reconstructing Hamilton Road near the State Route 161 interchange ($8,375,000.00).
Title
To authorize and direct the Director of Public Service to execute a loan agreement with the Ohio Department of Transportation and authorize the issuance of a limited tax general obligation promissory note in an amount not to exceed $8,375,000.00 for the purpose of constructing and reconstructing Hamilton Road near the State Route 161 interchange ($8,375,000.00).
Section 44-1(b) of the City Charter.
Body
WHEREAS, by Ordinances No. 1800-2015, passed by this City Council (“Council”) on July 13, 2015 and Ordinance No. 0428-2016, passed by this Council on February 29, 2016 (collectively, the “Application Ordinances”), this Council has authorized the City of Columbus (the “Municipality”) to apply for a State Infrastructure Bank Loan (the “Loan”) for the purpose of financing a portion of the costs of the acquisition, construction, equipping and installation of the public street improvements, including constructing an “S” curve on Hamilton Road, relocating a portion of State Route 161, reconfiguring the exit ramp at State Route 161, and improving the entry ramp at State Route 161 (the “Project”); and
WHEREAS, such application has been approved, and the Municipality has determined to proceed with the Project and to finance a portion of such Project using the Loan, which involves entering into a loan agreement (the “Loan Agreement”) with the Director of Transportation of the State of Ohio (the “State”) and executing and delivering to the State a promissory note (the “Note”) in an amount not to exceed $8,375,000; and
WHEREAS, the City Auditor (the “City Auditor”) of the Mun...
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