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 ADA Curb Ramps - Citywide Curb Ramps project with the proceeds of tax exempt debt of the State of Ohio.
This project will design and construct curb ramps and appurtenances at specific locations not otherwise associated with the Department of Public Service’s Capital Improvement Program, or with private development projects, or where existing ramps do not meet current ADA requirements. The locations will come from a variety of sources including 311 requests, un-matched ramp situations at crosswalks, and maintenance issues. This will help to provide pedestrian accessible routes within the public right-of-way.
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 twenty five (25) year, zero percent (0%) interest loan totaling $304,877.00 to the Department of Public Service to facilitate the completion of the ADA Curb Ramps - Citywide Curb Ramps 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 $304,877.00 zero percent interest loan awarded under the State Capital Improvement Program.
3. EMERGENCY JUSTIFICATION
Emergency action is requested to expedite the receipt of ...
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