Explanation
Background: To provide consent to The Franklin County Convention Facilities Authority (CFA) to issue Tax and Lease Revenue Anticipation Refunding Bonds presently estimated not to exceed $55,000,000. The CFA wants to refund bonds that were issued in 1997 in order to achieve interest cost savings. According to Section 9.04 of the Lease and Section 9.03 of the Sub-Lease between the City of Columbus and the CFA, it is necessary for the City of Columbus to "consent" to this transaction.
Fiscal Impact: There will be no fiscal impact to the City of Columbus, but will result in lower interest costs to the CFA.
Title
To consent to the issuance of refunding bonds by The Franklin County Convention Facilities Authority; and declaring 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"); and
WHEREAS, pursuant to Ordinance 1189-90 passed by this Council on May 7, 1990, the City has entered into a Sub-Lease Agreement dated as of June 1, 1990 (as the same has been amended and supplemented from time to time,, the "Sub-Lease") from the City and the County, as lessors, to the FCCFA, as lessee, with respect to the Facility, providing for rental payments from the FCCFA which are to be used as a source for the City's "Lessees Rent" payments under the Lease; and
WHEREAS, the Facility was financed and refinanced in part with the proceeds of tax and lease revenue anticipation bonds of the FCCFA, including Tax and Lease Revenue Anticipation 2007 Bonds,...
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