City of Columbus - File #: 0186X-2007

• File #: 0186X-2007
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 10/31/2007
• In control: Public Service & Transportation Committee
• On agenda: 12/10/2007
• Final action: 12/13/2007
• Title: To declare 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 Project Fund for the Morse Road Phase 2 Improvement project and the North High Street Reconstruction project with the proceeds of of the Special Income Tax Fund for the Transportation Division; and to declare an emergency. ($-0-)

Date	Ver.	Action By	Action	Result
12/13/2007	1	ACTING CITY CLERK	Attest
12/12/2007	1	MAYOR	Signed
12/10/2007	1	Columbus City Council	Adopted	Pass
12/10/2007	1	COUNCIL PRESIDENT	Signed
11/28/2007	1	SERVICE DIRECTOR	Reviewed and Approved
11/28/2007	1	Auditor Reviewer	Reviewed and Approved
11/28/2007	1	CITY AUDITOR	Reviewed and Approved
11/28/2007	1	Service Reviewer	Sent to Clerk's Office for Council
11/27/2007	1	Finance Reviewer	Reviewed and Approved
11/27/2007	1	Finance Reviewer	Reviewed and Approved
11/27/2007	1	FINANCE DIRECTOR	Reviewed and Approved
11/26/2007	1	SERVICE DIRECTOR	Reviewed and Approved
11/6/2007	1	Service Reviewer	Reviewed and Approved
11/1/2007	1	Service Drafter	Sent for Approval

Explanation

The Public Service Director was authorized to submit applications for Round 21 of the State Capital Improvement Program and to execute project agreement forms for approved projects by Ordinance 0988-2007 passed by City Council on July 25, 2007. In Round 21 of the State Capital Improvement Program, twenty-year, zero percent (0%) interest loans totaling $1,426,000.00 of which $1,175,000.00 is for the Morse Road Phase 2 project (CC01K/CC02K) and $251,000.00 is for the High Street from Flint Road to the County line Reconstruction project (CC09K/CC10K) were made available to the Transportation Division. Ohio Public Works Commission grants total $4,241,361.00 for the Morse Road Phase 2 Improvement project ($3,492,361.00) and the High Street reconstruction project ($749,000.00). The total estimated construction costs of the projects are $8,600,980 for the Morse Road project and $5,200,000 for the High Street project. In order to fully comply with Internal Revenue Service regulations regarding the loans 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 Project Fund (Fund 764) for the projects mentioned above with the proceeds of the Special Income Tax Fund, Fund 430.

Fiscal Impact: This resolution will allow the Transportation Division to accept loans from the Ohio Public Works Commission for the $1,426,000.00 zero percent interest loans awarded under the State Capital Improvement Program. Repayment of the loans have been accounted for in the Special Income Tax Fund (SIT) analysis. The Special Income Tax Fund (SIT) is responsible for the loan payments.

Emergency action is requested to expedite the receipt of these loan proceeds such that these funds can be used as soon as possible.

Title

To declare the official intent and reasonable expectation of the City of Columbus on behalf of the State ...