How to help the Toledo Finance Department cut debt and boost growth
Toledo, Ohio (Reuters) – The Toledo Finance Authority (TFSA) will start the process of reducing its debt on March 6, the city said on Friday.
The authority, which owns Toledo’s public schools, is in the process to cut its debt to $5 billion from $7 billion.
Toledo is expected to default on about $4.2 billion of its debt.
It’s the second bond sale by the TFSA this month, after it sold a $5.9 billion municipal bond on March 17.
The city will continue to borrow $1.1 billion from the TFsa and other sources.TFSA spokeswoman Katie Cappo said the authority will also seek to purchase debt on a “case-by-case basis” to reduce its debt as necessary.