Explanation
Background: This Ordinance consents to the issuance of refunding bonds by The Franklin County Convention Facilities Authority and authorizes the Mayor or Director of Finance and Management to enter into supplements to the existing lease and sublease with The Franklin County Convention Facilities Authority in connection with the issuance of the bonds.
Emergency Justification: This ordinance is submitted as an emergency to allow the FCCFA the opportunity to take advantage of favorable market conditions.
Fiscal Impact: No additional funding is required for this legislation.
Title
To consent to, and authorize the execution and delivery of, a supplemental lease, a supplemental sub-lease and other necessary documents relating 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...
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