Explanation
Background: This ordinance provides consent 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 any documents necessary to evidence Council's consent and to effectuate the issuance of the refunding bonds by the FCCFA and restructuring of reserve funds by the FCCFA. The FCCFA is contemplating a current refunding of a portion of its Tax and Lease Revenue Anticipation Refunding Bonds, Series 2014 and a redemption by tender of a portion of its Tax and Lease Revenue Anticipation Refunding Bonds, Series 2020 (Federally Taxable). The FCCFA currently anticipates that the transaction will result in debt service savings.
Section 9.04 of the Lease and Section 9.03 of the Sub-Lease in connection with the outstanding bonds of the FCCFA require the City and the County to consent to the issuance of “Additional Bonds” so long as the Lease and Sub-Lease are in effect.
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 take advantage of favorable market conditions, resulting in debt service savings.
Fiscal Impact: No funding is required for this legislation.
Title
To provide consent to the issuance of tax and lease revenue anticipation refunding bonds by the Franklin County Convention Facilities Authority (FCCFA); to authorize the negotiation, execution, and delivery of documents of the City relating to the issuance of tax and lease revenue anticipation refunding bonds by the FCCFA; and to declare an emergency.
Body
WHEREAS, the City Council (the “Council”) of the City of Columbus, Ohio (the “City”) has heretofore found and hereby confirms that it is in the best interest of the residents of the City, and a proper public purpose of the government of the City, to promote and publicize the City as a des...
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