Explanation
Background: This ordinance provides consent, on behalf of the city, to the issuance of refunding bonds by the Franklin County Convention Facilities Authority (FCCFA) and authorizes the Mayor, City Auditor, or Director of Finance and Management to negotiate, execute, and deliver, on behalf of the City, the Second Supplement to the Cooperative Agreement dated as of January 1, 2010 with the Franklin County Convention Facilities Authority (FCCFA) and the County of Franklin, Ohio pertaining to the issuance of refunding bonds by the FCCFA and restructuring of reserve funds by the FCCFA. The FCCFA is contemplating a current refunding of all or a portion of its Lease Revenue Anticipation Bonds, Series 2010 (County of Franklin, Ohio, Lessee) (Federally Taxable - Build America Bonds - Direct Payment).
Certain lease and sublease agreements among the FCCFA, the city, and Franklin County and certain agreements between the FCCFA and the city with respect to outstanding bonds of the FCCFA require the city and Franklin County to consent to the issuance of “Additional Bonds.”
Emergency Justification: Emergency action is requested to allow the issuance of the refunding bonds to proceed as quickly as possible to allow the FCCFA to achieve financial benefits with respect to debt restructuring in connection with the transaction.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Mayor, City Auditor, or the Director of Finance and Management to negotiate, execute, and deliver, on behalf of the City, the Second Supplement to the Cooperative Agreement dated as of January 1, 2010 with the Franklin County Convention Facilities Authority (FCCFA) and the County of Franklin, Ohio pertaining to the issuance of refunding bonds by the FCCFA and restructuring of reserve funds by the FCCFA; to provide consent, on behalf of the City, to the issuance of refunding bonds by the FCCFA; and to declare an emergency.
Body
WHEREAS, the City Council (t...
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