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File #: 0141X-2021    Version: 1
Type: Resolution Status: Passed
File created: 9/2/2021 In control: Public Service & Transportation Committee
On agenda: 9/27/2021 Final action: 9/29/2021
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 Projects Fund for the Bridge Rehabilitation - Harrison Road over Dry Run East of Hague Avenue project with the proceeds of tax exempt debt of the State of Ohio; and to declare an emergency. ($0.00)
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 Bridge Rehabilitation - Harrison Road over Dry Run East of Hague Avenue project with the proceeds of tax exempt debt of the State of Ohio.

The aforementioned project will replace the bridge on Harrison Road over Dry Run. The new bridge will be widened to provide room for a sidewalk to be constructed in the future on the north side.

Ordinance 1985-2020 authorized the Director of Public Service to submit applications for Round 35 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 $464,585.00 to the Department of Public Service to facilitate the completion of the Bridge Rehabilitation - Harrison Road over Dry Run East of Hague Avenue 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 $464,585.00 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 Projects Fun...

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