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 Roadway Improvements - Front Street and Marconi Boulevard project with the proceeds of tax exempt debt of the State of Ohio.
This project will convert both Front Street and Marconi Boulevard from one-way operation to two-way operation, from Broad Street to Hickory Street. Improvements also include installing improved street lighting, replacing existing traffic signals, enhanced pedestrian crossings, and reconfiguring the intersection of Front Street and Hickory Street.
Ordinance 2223-2021 authorized the Director of Public Service to submit applications for Round 36 of the State Capital Improvement Program and to execute agreements for approved projects. The Ohio Public Works Commission has since offered a sixteen (16) year, zero percent (0%) interest loan totaling $1,111,503.00 to the Department of Public Service, Division of Design and Construction, to facilitate the completion of the Roadway Improvements - Front Street and Marconi Boulevard 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 $1,111,503.00 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.
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