Catholic College in Ohio Taps Reserve Fund for Bond Payment

The trustee for Ohio Dominican University bondholders needed to tap a debt service reserve fund to make a bond payment due in March, according to a regulatory filing on Wednesday.

• The trustee, UMB Bank, withdrew $686,736.07 from the debt service reserve fund and used other funds held by the trustee to pay holders
• The Roman Catholic institution in Columbus, Ohio, has about 1,200 students
• “The borrower, the trustee and beneficial holders of a supermajority in principal of the bonds are in discussions regarding the indebtedness associated with the bonds, the borrower’s go-forward plans, and the borrower’s obligations under the bond ...