The Sinking Fund is the bond retirement fund of the City of Cleveland and its operations are governed by the Ohio Revised Code, the City Charter, and the General Bond Ordinance. The Sinking Fund Commission consists of the Mayor, Director of Finance, and City Council President. An Assistant Secretary is appointed by the members to conduct the business of the Sinking Fund Commission.
The Commission is responsible for the issuance and payment of all City debt, including general obligation bonds, special revenue bonds, certificates of participation, non-tax revenue, and tax increment financing debt.
The Commission staff maintains records of the City’s outstanding debt obligations until their maturity and ensuring that all debt is paid when due. The Commission is the citywide coordinator for all debt issuance and monitoring. The Commission maintains and reconciles all bank accounts for General Obligation, Special Obligation and Enterprise (Proprietary) Obligations of the City.
Achievements and Recognition
BOND RATINGS
As of December 31, 2023 the City’s Bond Ratings for various types of obligations were as follows:
Moody’s Investors Service | Standard and Poor | Fitch Rating
| |
| General Obligation Bonds* | Aa3 | AA+ | AA-** |
| Subordinate Lien Income Tax Bonds* | Aa3 | AA | N/A |
| Nontax Revenue Bonds* | A1 | AA- | N/A |
| Waterworks Revenue Bonds | Aa2 | AA+ | N/A |
| Water Pollution Control Bonds | Aa3 | A+ | N/A |
| Subordinate Lien Water Revenue Bonds | Aa3 | AA | N/A |
| Cleveland Public Power Revenue Bonds | A3 | A- | N/A |
| Airport Revenue Bonds*** | A2 | A | A |
| Stadium Certificates of Participation Series**** | NR* | A+ | N/A |
* On July 18, 2022, Moody’s Investors Service upgraded its rating on the City’s General Obligation and Subordinate Lien Income Tax Bonds from Al to Aa3. The rating on the City’s Non-tax Revenue Bonds were also upgraded from A2 to A1.
** On June 30th, 2023, Fitch Ratings upgraded its rating on the City’s General Obligation Bonds from A+ to AA-.
*** On August 11, 2022, S&P Global Ratings upgraded its underlying rating on the Airport Revenue Bonds from A- to A with a stable outlook.
**** In conjunction with the issuance of the 2023 Stadium Certificates of Participation, the City applied for a rating from S&P Global Ratings. S&P assigned a rating of A+.