Label
DPU090820WATERBONDS(WATER METER ISSUE)
Utilities Administration
Ed Moore (x1845)
(Revised)
Title
Authorizing the issuance and sale of Water System Revenue Bonds of the City in an aggregate principal amount not to exceed $100,000,000 for the purpose of paying costs of certain capital improvements to the City's water supply, storage and distribution system consisting of the acquisition and installation of water meters and related improvements; authorizing the execution of one or more Supplemental Indentures to supplement the Amended and Restated Trust Indenture securing outstanding water system revenue bonds of the City; authorizing and approving related matters; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City is authorized under Article XVIII of the Constitution of the State of Ohio and the Charter of the City to: (a) own and operate the public utility referred to as the Water System (the "Utility"); (b) borrow money for the purpose of paying costs of improvements to the Utility and refunding outstanding obligations previously issued for that purpose; and (c) issue bonds secured by a pledge of and lien on the Net Revenues of the Utility. By Ordinance No. 345-84, passed May 15, 1984, this Council authorized an Indenture of Mortgage dated as of June 1, 1984 (the "Original Indenture") to secure water system revenue bonds issued by the City. The Original Indenture was amended and restated effective as of June 1, 2003 as provided in the Amended and Restated Indenture (Fifth Supplemental Indenture), under authority of Ordinance No. 250-03 passed by this Council on April 15, 2003 (the Original Indenture, as amended by the Amended and Restated Indenture and as further amended to date, is referred to herein as the "Indenture"). As of July 1, 2020, the aggregate amount of bonds that the Utility has issued under the Indenture that remains outstanding is $321,360,000 (the "Outstanding Bonds").
As part of its current capital improvement and maint...
Click here for full text