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USDA Rural Development and Xenia Rural Water District Announce Restructuring.
Posted: Apr 03 2013 by ppowers

 U.S.D.A. Rural Development and the Xenia Rural Water District announced Wednesday an agreement that will set the rural water utility on a path to financial viability while continuing to provide clean water for its 9,400 customers. Xenia, a rural water utility serving central and north central Iowa, was built through a series of loans totaling $128 million from two primary lenders, U.S.D.A. and private bondholders. Xenia's current debt to the U.S.D.A. exceeds $45 million. During the last three and a half years, U.S.D.A worked closely with Xenia in an effort to improve its operations and ensure access to clean water for its rural customers. A recent repayment agreement between Xenia and the bond insurer representing bondholders clared the way for U.S.D.A. Rural Development to move forward with its restructuring of Xenia's debit. The actions by both U.S.D.A. and the bond insurer include measures that reduce monthly debt service and help ensure continued service at the most affordable rate possible, while assuring financial stability. The U.S.D.A. will continue its close oversight of the District, its operations and its finances.

 U.S.D.A. Rural Development and the Xenia Rural Water District announced Wednesday an agreement that will set the rural water utility on a path to financial viability while continuing to provide clean water for its 9,400 customers. Xenia, a rural water utility serving central and north central Iowa, was built through a series of loans totaling $128 million from two primary lenders, U.S.D.A. and private bondholders. Xenia's current debt to the U.S.D.A. exceeds $45 million. During the last three and a half years, U.S.D.A worked closely with Xenia in an effort to improve its operations and ensure access to clean water for its rural customers. A recent repayment agreement between Xenia and the bond insurer representing bondholders clared the way for U.S.D.A. Rural Development to move forward with its restructuring of Xenia's debit. The actions by both U.S.D.A. and the bond insurer include measures that reduce monthly debt service and help ensure continued service at the most affordable rate possible, while assuring financial stability. The U.S.D.A. will continue its close oversight of the District, its operations and its finances.

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