Explanation
The Franklin County Convention Facilities Authority (FCCFA) has requested the City’s consent pursuant to Section 9.04 of the 1990 Lease and Section 9.03 of the 1990 Sub-Lease between the City and the FCCFA to proceed with the issue of Tax and Lease Revenue Anticipation and Refunding Bonds, Series 2014. The series 2014 bonds, presently estimated not to exceed $307,750,000, will be issued to finance the renovation and expansion of the Greater Columbus Convention Center and to refund some or all of the FCCFA’s outstanding prior bonds in order to achieve interest savings. Principal and interest due on these bonds will be payable from hotel/motel tax revenue as collected by the FCCFA.
The City’s consent will also extend the term of the 1990 Lease and 1990 Sub-lease between the City and the FCCFA through December 31, 2044.
To facilitate the issue of this debt and to extend the terms of the lease agreements, the FCCFA must receive the City’s consent for this bond issuance.
This ordinance is submitted as an emergency to allow the FCCFA the opportunity to take advantage of favorable market conditions.
Title
To consent to the issuance of Tax and Lease Revenue Anticipation Bonds by the Franklin County Convention Facilities Authority and to enter into a Supplemental Lease Agreement and Supplemental Sub-Lease Agreement with the Franklin County Convention Facilities Authority, as required; and to declare an emergency.
Body
WHEREAS, pursuant to Ordinance 1188-90 passed by this Council on May 7, 1990, the City of Columbus, Ohio (the “City”) has entered into a Lease Agreement dated as of June 1, 1990 (as the same has been amended and supplemented from time to time, the “Lease”) from The Franklin County Convention Facilities Authority (the “FCCFA”), as lessor, to the County of Franklin, Ohio (the “County”) and the City, as lessees and tenants in common, with respect to the convention facility known as “The Greater Columbus Convention Center” (the “Facility”...
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