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.The Franklin County Convention Facilities Authority (the “Authority”) is contemplating the execution of a taxable advance refunding on a portion of its Tax and Lease Revenue Anticipation Refunding Bonds, Series 2014 (the “Series 2014 Bonds”). The attached document summarizes the Series 2014 Bonds, the Tax and Lease Revenue Anticipation Refunding Bonds, Series 2020 (Federally Taxable) (the “Series 2020 Bonds”), and the estimated savings based on the current market.
Section 9.04 of the Lease and Section 9.03 of the Sub-Lease require the City and the County to consent to the issuance of such “Additional Bonds” so long as the Lease and Sub-Lease are in effect, and this Council desires to authorize such consent and supporting documents with respect to the Refunding Bonds.
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 documents of the City relating to the issuance of tax and lease revenue anticipation and 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 Commissi...
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