Explanation
The Franklin County Convention Facilities Authority (FCCFA) has requested the city's consent pursuant to Section 9.04 of the Lease and 9.03 of the Sub-Lease between the City and FCCFA to proceed with their issuance of Tax and Lease Revenue Anticipation Bonds in an amount not to exceed $45,000,000. These bonds will refund previously issued debt by the FCCFA, which will result in lower debt service payments. There is no direct financial impact to the City of Columbus.
Title
To consent to the issuance of Tax and Lease Revenue Anticipation Bonds by the Franklin County Convention Facilities Authority; 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"); 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 Refunding Bonds, Series 2002 (the "Series 2002 Bonds"), which are secured by a Trust Agreement dated as of June 1, 1990 (as amended and...
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