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TLDA defers Ocoee Utility District debt request after questions about advisory fees and compliance
Summary
The Tennessee Local Development Authority deferred a decision on Ocoee Utility District’s proposed $37.5 million USDA financing and $25 million revenue bonds after members flagged unusually high municipal adviser's and issuance fees, outstanding audit issues and TBOR compliance items.
The Tennessee Local Development Authority on June 23 voted to defer consideration of a multi-part financing request from Ocoee Utility District and requested additional information and attendance by utility leadership at the next meeting.
TLDA staff told the board the district seeks a $37,500,000 USDA bond anticipation note (BAN) followed by a $37,500,000 USDA bond, a $5,000,000 USDA grant, and $25,000,000 in water and wastewater improvement revenue bonds. The district requested parity between the USDA loan and the revenue bonds and parity with the district’s outstanding SRF loans. Staff recommended approval conditioned on compliance with the Tennessee Board of Utility Regulation (TBOR) requirements and waiver…
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