City of Newport Board of Commissioners Meeting Agenda May 2026
U.S. Bank Named Escrow Agent for Series 2021A Defeasance
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Description
Newport plans to appoint U.S. Bank Trust Company, National Association as escrow agent for an escrow fund to defease and discharge the City's General Obligation Bonds, Series 2021A. The escrow will be funded with available bond proceeds and investment earnings through the bonds' first optional redemption date.
Contract Details
Vendor
U.S. BANK TRUST COMPANY NATIONAL ASSOCIATION
Agency
City of Newport, KY
Contract Type
FINANCIAL_SERVICES
Document Date
May 18, 2026
Contract Term
Through first optional redemption date of Series 2021A bonds
Renewal Info
Escrow agent role continues until the Series 2021A bonds are fully paid and discharged at or before the first optional redemption date; no ongoing renewal is anticipated once defeasance is complete.
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