CUSIP 098867EU4
- ISIN: US098867EU48
- Entity Name: Boone County, Missouri
- Sector: Municipal
- Announcement Date: 13-Jun-2016
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Aug-2029
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Covenant Breach
- News: UMB Bank, N.A. serves as trustee (the Bond Trustee) for the holders of the abovereferenced Bonds pursuant to that certain Indenture of Trust dated as of December 1, 2002 (the Original Indenture), among Boone County, Missouri (the County), the Board of Trustees of Boone County Hospital (the Board of Trustees) and the Bond Trustee, as amended by (i) that certain First Supplemental Indenture of Trust dated as of August 1, 2004 (the 2004 Indenture Supplement), (ii) that certain Second Supplemental Indenture of Trust dated as of June 1, 2008 (the 2008 Indenture Supplement), (iii) that certain Third Supplemental Indenture of Trust dated as of July 1, 2012 (the 2012 Indenture Supplement) and (iv) that certain Fourth Supplemental Indenture of Trust dated as of August 1, 2014 (the 2014 Indenture Supplement) (the Original Indenture, the 2004 Indenture Supplement, the 2008 Indenture Supplement, the 2012 Indenture Supplement and the 2014 Indenture Supplement are collectively referred to herein as the Indenture). The Bonds are secured by, among other obligations, all net income and revenues derived by the Board of Trustees from the operation of the Hospital Facilities including the Lease and all Funds held by the Trustee. The Indenture and the other documents evidencing the Bonds and/or the Board of Trustees obligations associated with the Bonds are described herein as the Bond Documents. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Indenture. Pursuant to Section 606 of the Indenture, the Board of Trustees, so long as the Lease is in effect and payments are current thereunder, is to maintain a Debt Service Coverage Ratio of not less than 1.00 with respect to all Outstanding Long-Term Indebtedness. Pursuant to the attached certificate the Board of Trustees had a Debt Service Coverage Ratio of 0.66 for the Fiscal Year 2015. Pursuant to Section 606(b) of the Indenture, in the event that the Debt Service Coverage Ratio shall be an amount less than 1.00 for any Fiscal Year, the Board of Trustees will immediately employ a Health Care Consultant to make recommendations to increase the Debt Service Coverage Ratio for subsequent Fiscal Years. So long as the County and the Board of Trustees shall retain a Health Care Consultant and shall follow such recommendations to the extent feasible and so long as the Debt Service Coverage Ratio for each subsequent Fiscal Year is in no event less than 1.00 there shall be no Event of Default under the Indenture. Health Care Consultantmeans a nationally recognized independent health care consultant or firm of health care consultants, or an independent accountant or firm of independent accountants, which is qualified and has skill and experience in the preparation of health care management studies and financial feasibility studies for use in connection with the financing and operation of health care facilities, which Health Care Consultant shall
- Description: Municipal Name: Boone County, Missouri CUSIP: 098867EU4 Currency: USD Boone County, Missouri announced today that the Trustees had not maintained the debt Service Coverage Ratio as it should not be an amount less than 1.00 for any Fiscal Year. The Trustees had a Debt Service Coverage Ratio of 0.66 for the Fiscal Year 2015 which thereby violating the covenant for the Series 2008 Bonds.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US098867EU48
