Share to Facebook Share to Twitter Bookmark and Share
File #: O-500-21    Version: 1 Name:
Type: Ordinance Status: Agenda Ready
File created: 9/2/2021 In control: Finance Department
On agenda: 9/28/2021 Final action: 9/28/2021
Title: An ordinance authorizing the Mayor to accept and enter into a cooperative agreement between the City of Toledo and the Ohio Water Development Authority for the refinancing all or a portion of the outstanding principal balance of the City's $26,945,000 Water System Revenue Bonds, Series 2012A the proceeds of which were used for the purpose of paying costs of various capital improvements to the City's water supply, storage and distribution system, and declaring an emergency.
Attachments: 1. Audio: Agenda Review 9/21/2021, 2. Audio: City Council 9/28/2021
Label
DPU041113 OWDA Water Refinancing Loan
Utilities Administration
Ed Moore (x1845)

Title
An ordinance authorizing the Mayor to accept and enter into a cooperative agreement between the City of Toledo and the Ohio Water Development Authority for the refinancing all or a portion of the outstanding principal balance of the City's $26,945,000 Water System Revenue Bonds, Series 2012A the proceeds of which were used for the purpose of paying costs of various capital improvements to the City's water supply, storage and distribution system, 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 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").

The City has previously issued its $26,945,000 Water System Revenue Bonds, Series 2012A to pay costs of improvements to the Utility (the "Outstanding Bonds"). The LGA desires to obtain a loan from the Ohio Water Development Authority (the "OWDA") to refinance all or a portion of the Outstanding Bon...

Click here for full text