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Topics of Discussion  
Council Work Session
 
Meeting Date:
10/19/2021
OWDA Water Revenue Bond Refinancing - Refunding Series 2013B Water Revenue Bonds
Submitted By:
Jim Bell
Department:
Division:
Accounting
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
10/19/2021
Audio-Visual Needs:
None
Emergency Legislation?:
Yes
Motion/Ordinance/
Resolution No.:
Agenda Item Description or Legislation Title
* Refunding Series 2013B Water Revenue Bonds
Purpose and Background
The proposed ordinance would allow for the refinancing of the remaining principal amount of $735,000 of the Series 2013B Water Revenue Bonds. The bonds would be refinanced using an Ohio Water Development Authority (OWDA) Loan with an estimated interest rate of 1.5%. The average coupon of the refunded bonds is 4.3%, therefore the City will realize a total savings of $44,687. The average annual debt service cash flow savings is estimated to be over 6% or $9,000. Staff requests this ordinance be passed as an emergency so pricing and settlement of the OWDA loan can take place prior to 12/1/2021.
Fiscal Impact
Source of Funds:
Water Funds
Cost:
N/A
Recurring Cost? (Yes/No):
Yes
Funds Available in Current Budget? (Yes/No):
Yes
Financial Implications:
Refunding the 2013B bonds would result in a reduced average annual debt payment of approximately $9,000.
Attachments
Ordinance
Exhibit A
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