Investor Presentaiton
•
Ohio Water
Development
Authority
FEDERALLY AUTHORIZED SRF PROGRAMS
Cross-Collateralization Provides Additional Security
Cross-collateralization between
the WPCLF and DWAF
Programs provides additional
security and greater portfolio
diversification for bonds issued
under both programs
- Allows the WPCLF and
DWAF to achieve an
enhanced security through
access to the other
Program's surpluses
- Reduces default tolerance
concentration penalties
associated with larger
borrowers for both Programs
• Director and Authority have given standing and irrevocable authorization to
issue Support Obligations
•
•
.
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30 days prior to an interest payment date the Trustee computes shortfall, if
any
Any shortfall in debt service triggers a mandatory investment in WPCLF
Support Obligations by DWAF (and vice versa)
Should money become available to the deficient fund from any other source,
the Trustee has the right to cancel issuance request one day prior to interest
payment date
Support Obligations will continue to be issued until the deficiency is cured
(subject to the availability and sufficiency of surplus funds in the other SRF
to purchase them)
• Repayment of the Support Obligations will be made from surpluses
•
Additional new money Water Quality Bonds may not be issued so long as
WPCLF Support Obligations are outstanding (similar DWAF provisions)
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