Explanation
Background: The Franklin County Convention Facilities Authority (the “FCCFA”), pursuant to existing lease and sublease agreements with the City of Columbus, (the “City”), must receive the consent of the City prior to the issuance of FCCFA bonds. The FCCFA previously issued its Second Lien Convention Facilities Authority Arena Lease Revenue Bonds dated February 22, 2012 (the “Series 2012 Bonds”) and now desires to refund and redeem the Series 2012 Bonds by the issuance of its Convention Facilities Authority Arena Lease Refunding Revenue Bonds in a principal amount of $51,500,000 (the “Refunding Bonds”), an amount less than the current principal and accrued interest of the Series 2012 Bonds, and to provide an additional source of funding for the payment thereof. The additional source of payment is a surplus fund designated the “CFA Hotel Residuals Fund,” which was created by the FCCFA in connection with the issuance of its Hotel Project Revenue Bonds, Series 2019 (Greater Columbus Convention Center Hotel Expansion Project). In accordance with the First Supplement to the Cooperative Agreement Dated As Of January 1, 2010, dated as of May 1, 2019 (the “Supplement”) among the FCCFA, the County of Franklin, Ohio and the City, the FCCFA seeks the consent of the City to the use by the FCCFA of its CFA Hotel Residuals Fund for the payment of the Refunding Bonds. This legislation provides the consent of the City to the issuance of the Refunding Bonds and to the use by the FCCFA of its CFA Hotel Residuals Funds and authorizes the Mayor and the Director of Finance and Management to execute such other instruments that may be necessary or appropriate in the opinion of the City Attorney to effect the intent of the legislation.
Fiscal Impact: There are no additional costs to the City.
Title
To consent to the issuance of Refunding Bonds by the Franklin County Convention Facilities Authority and to the application of the CFA Hotel Residuals Fund to th...
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