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Meeting Date:
10/25/2021
OWDA Water Revenue Bond Refinancing - Refunding Series 2014 Water Revenue Refunding 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.:
2021-O-2501
Agenda Item Description or Legislation Title
An Ordinance Providing For The Refinancing, Defeasance And Redemption Of The City’s Outstanding Water System Refunding Revenue Bonds, Series 2014 By Authorizing The Application For And Acceptance Of A Loan From The Ohio Water Development Authority In The Maximum Amount Of $8,155,000 For The Purpose Of Refinancing Those Bonds, The Execution Of A Related Cooperative Agreement And Escrow Agreement And The Use Of Such Other Monies Of The City’s Water Utility For That Purpose, And Declaring An Emergency.
(first reading)
Purpose and Background
The proposed ordinance would allow for the refinancing of the remaining principal amount of $7,835,000 of the Series 2014 Water Revenue Refunding Bonds. The bonds would be refinanced using an Ohio Water Development Authority (OWDA) Loan with an estimated interest rate of 1.2%. The average coupon of the refunded bonds is 3.2%, therefore the City will realize a total savings of $1,040,829. The average annual debt service cash flow savings is estimated to be over 13% or $104,000. 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 2014 water revenue refunding bonds would result in a reduced average annual debt payment of approximately $104,000.
Attachments
Ordinance
Exhibit A
2021-O-2501
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