Explanation
Background: This Ordinance consents to the issuance of refunding bonds by The Franklin County Convention Facilities Authority.
Fiscal Impact: No additional funding is required for this legislation.
Emergency Justification: To take advantage of favorable market conditions.
Title
To consent to the issuance of tax and lease revenue anticipation refunding bonds by The Franklin County Convention Facilities Authority; and to declare an emergency.
Body
WHEREAS, this Council has heretofore found and hereby confirms that it is in the best interest of the residents of the City of Columbus, Ohio (the “City”), and a proper public purpose of the government of the City, to promote and publicize the City as a desirable location for conventions, trade shows and similar events; and
WHEREAS, The Franklin County Convention Facilities Authority (the “FCCFA”) has been established by the Board of County Commissioners of the County of Franklin, Ohio (the “County”) pursuant to Chapter 351 of the Ohio Revised Code (the “Act”) as a body corporate and politic performing essential governmental functions, to, among other things, (a) acquire, purchase, construct, furnish, equip, lease or rent, and operate, “facilities”, as defined in the Act, within the County; and (b) issue obligations, from time to time, anticipating “revenues”, as defined in the Act, in such principal amounts as are necessary to pay any part of the “cost” of such facilities, as defined in the Act; and
WHEREAS, pursuant to Ordinance 1188-90 passed by this Council on May 7, 1990, 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 FCCFA, as lessor, to 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...
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