Gahanna approves up to $15 million in conduit bonds for Columbus Academy project

Gahanna City Council adopted emergency legislation authorizing up to $15,000,000 in economic development improvement and refunding revenue bonds for the Columbus Academy Project at 4300 Cherry Bottom Road.

During the public hearing required by the Internal Revenue Code, bond counsel Ally Kimbler (Dinsmore & Shohl) explained that the city would serve solely as conduit issuer, that the bonds would not constitute a direct debt or pledge of the city and that Columbus Academy would be the primary obligor responsible for repayment. The hearing followed statutory notice and cited Chapter 165 of the Ohio Revised Code and Article VIII, Section 13 of the Ohio Constitution.

Ordinance 0053-2025 (the enabling ordinance for issuance and related documents) was read into the record, moved, and adopted with emergency on recorded roll call. Council thanked bond counsel for attending multiple meetings and for succinctly explaining the financing steps. A separate first-reading item (Ordinance 0053’s companion documents) and related ordinance language specify authorization of a loan agreement, bond purchase agreement, tax-exempt financing documents and other required instruments.

Council members clarified that the bonds are conduit revenue bonds that do not pledge the city’s taxing power or general fund. No fiscal obligation of city finances was recorded in the ordinance text adopted; proceeds are designated for financing certain capital costs and refunding prior Columbus Academy bonds. The ordinance was adopted with emergency declaration to proceed with the financing timetable.