Marysville, Ohio, submits non-payment default material event notice

By Tali David

Minneapolis, April 27 - The City of Marysville, Ohio, submitted a non-payment related default material event notice in connection with its $85,885,000 series 2006 and $31,555,000 series 2007 wastewater treatment system revenue bonds, according to a material event notice.

The non-payment default occurred as a result of the net revenues of the city's wastewater treatment system for the 2009 and 2010 fiscal years not equaling 110% of the aggregate amount of bond service charges payable on the bonds as required under section 5.03 of the first supplemental trust indenture.

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