Label
DPU052025OWDAWATERREFINANCINGLOAN
Utilities Administration
Doug Stephens (x1847)
Revised
Title
Authorizing the Mayor and the Department of Public Utilities to apply for, accept, and enter into a cooperative agreement between the City and the Ohio Water Development Authority providing for the refinancing of the outstanding principal balance of the City's $12,305,000 Water System Revenue Refunding Bonds, Series 2015, dated August 18, 2015; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City (hereinafter referred to as the "LGA" or the "City") is authorized under Article XVIII of the Constitution of the State of Ohio and the City's Charter to (i) own and operate the public utility referred to as the Water System (the "Utility"), (ii) borrow money for the purpose of paying costs of improvements to the Utility and refunding outstanding obligations previously issued for that purpose and (iii) issue bonds secured by a pledge of and lien on the Net Revenues of the Utility. By Ordinance No. 345-84, passed on 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 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").
Pursuant to Ordinance No. 220-15, passed on April 28, 2015, there were issued $12,305,000 Water System Revenue Refunding Bonds, Series 2015, dated August 18, 2015 (the "Refunded Bonds"), for the purpose of refunding for debt charges savings certain of the City's then-outstanding $34,850,000 Water System Revenue Bonds, Series 2005, dated November 3, 2005, which were issued to pay costs of improvements to ...
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