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TO AMEND THE ECONOMIC DEVELOPMENT REVENUE BONDS, SERIES 2015 (THE COLUMBUS ACADEMY PROJECT) OF THE CITY OF GAHANNA; AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST AMENDMENT TO LOAN AGREEMENT AND RELATED INSTRUMENTS; AND TO DECLARE AN EMERGENCY.
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WHEREAS, the City of Gahanna, Ohio (the "City"), by virtue of the laws of the State of Ohio, including Article VIII, Section 13 of the Constitution of Ohio and Chapter 165 of the Ohio Revised Code (collectively, the "Act"), issued tax-exempt bonds captioned "$15,000,000 City of Gahanna, Ohio Economic Development Revenue Bonds, Series 2015 (The Columbus Academy Project)" dated July 13, 2015 (the "Bonds"), which were purchased by PNC Bank, National Association (the "Bondholder"); and
WHEREAS, the proceeds of the Bonds were made available to The Columbus Academy (the "Borrower"), an Ohio nonprofit corporation, for the purpose of financing the acquisition, construction, renovation, installation and equipping of certain capital expenditures of the Borrower, including, but not limited to additions to and renovations of certain buildings of the Borrower, furniture, fixtures and equipment and all necessary appurtenances thereto, located in and on the real property located at 4300 Cherry Bottom Road, Gahanna, Ohio, for use in fulfilling the exempt purposes of the Borrower; and
WHEREAS, the Bonds are not general obligations, debt or bonded indebtedness of the City or the State of Ohio or any political subdivision thereof, and the Bondholder is not given the right, and has no right, to have excises or taxes levied by the City or the State of Ohio or any political subdivision thereof, for the payment of the debt service on such Bonds, and the Bondholder has acknowledged and agreed that the Bonds are the financial responsibility of the Borrower and not the City; and
WHEREAS, as a result of the Tax Cuts and Jobs Act of 2017 and the resulting reduction in the maximum federal corporate tax rate, the Bondholder and Bor...
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