Investor Presentaiton
Ohio Water
Development
Authority
FEDERALLY AUTHORIZED SRF PROGRAMS
WPCLF Program Basic Security Features
•
Program's basic security
features include both cash flow
coverage and reserves to
achieve Aaa/AAA ratings
• State Match Bond Security:
• Water Quality Bond Security:
- Hybrid leveraging structure
•
Coverage Pledge:
• Additional Coverage:
Interest payments on all loans, State moral obligation
Principal repayments on all loans and interest payments available after
paying State Match Bond debt service
Minimum 1.05x coverage from existing loan interest and principal
repayments for State Match and Water Quality Bonds, respectively
• Payments on additional loans
• With respect to Leverage and State Match, interest earnings on:
-
Debt Service Fund (ten months each year)
-
Debt Service Reserve Fund
• Debt Service Reserve Funds:
• Additional Bonds Test
-
Interest Fund (interest payments in excess of debt service)
• With respect to Leverage only:
-
-
Balance of and earnings on Surplus Principal Account
Unencumbered Net Bond Proceeds Fund
Capitalization Grant Subaccount
One-half maximum annual debt service
Meet coverage (105%) pledge with payments on loans already made
and DSRF requirement
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