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 Traffic Signal Installation - Neil Avenue Signals project with the proceeds of tax exempt debt of the State of Ohio.
The aforementioned project will install fiber optic cable on Neil Avenue from Goodale Boulevard to 11th Avenue. It will also replace and upgrade existing traffic signal equipment at eight signalized intersections on Neil Avenue from Buttles Avenue to 11th Avenue.
Ordinance 1795-2019 authorized the Director of Public Service to submit applications for Round 34 of the State Capital Improvement Program and to execute agreements for approved projects. The Ohio Public Works Commission has since offered a fourteen year, zero percent interest loan totaling $251,000.00 to the Department of Public Service to facilitate the completion of the Traffic Signal Installation - Neil Avenue Signals 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 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 $251,000.00 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 State Issue II Street Project...
Click here for full text