Explanation
1. Background
The Director of Public Service was authorized to submit applications for Round 30 of the State Capital Improvements Program and to execute project agreement forms for approved projects pursuant to Ordinance 1604-2015 passed by City Council on July 13, 2015. In Round 30, a twenty-year, zero percent (0%) interest loan totaling $882,000.00 was made available to the Division of Design and Construction for the Joyce Avenue Phase 3 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 Transportation Grants 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 $882,000.00 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.
Title
To declare the official intent and reasonable expectation of the City of Columbus on behalf of the State of Ohio to reimburse its Transportation Grants Fund for the Joyce Avenue Phase 3 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 $882,000.00 for its Joyce Avenue Phase 3 (CC04T/CC05T) project, in Round 30 of the State Capital Improvement Program at zero percent (0%) interest with a twenty year repayment period; and
WHEREAS, it has been determined that it is in the best interest of the city to borrow said funds; and
WHEREAS, a Resolution of Of...
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