The Village of Seville
Seville, Ohio
The Village of Seville, Ohio is a relatively small municipality in southern Medina County. The village planned to renovate an existing building to house an expanded Town Hall. The municipality’s water filtration facility, serving over 1100 customers, also needed to be upgraded.
The Challenge:
The Village of Seville had never issued municipal bonds and did not have a bond rating.
The bond issue process had to be streamlined for timely project completion.
Benefits of Working with SCPA
The SCPA provided access to the capital markets.
The Village of Seville was able to finance 100% of the project.
The BBB+ rating of the SCPA bond fund provided secure funding and a low interest rate.
Project Cost: $3.022 million
Source Funds:
$2,030,000 - Summit County Port Authority Bonds
$600,000 - Equity
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$2,630,000 - Total
Interest Rate:
SCPA Fixed Rate Bonds 5.10%
The Village of Seville worked with the Summit County Port Authority to secure fixed interest rate financing. The SCPA Bond Fund is rated BBB+ by Fitch Ratings. The village’s partnership with the SCPA streamlined the potentially lengthy process of bringing an issue to market.
