CUSIP 13054WAF4


  • ISIN: US13054WAF41
  • Entity Name: California Pollution Control Financing Authority/The
  • Sector: Sub Sovereign Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Unscheduled Draw
  • News: Pursuant to Section 4 of the Continuing Disclosure Agreement dated as of December 24, 2012 (the Continuing Disclosure Agreement) among Poseidon Resources (Channelside) LP (the Company) and MUFG Union Bank, N.A., in its respective capacities as Plant Trustee and Pipeline Trustee (together, the Trustee), which outlines obligations with respect to both the Series 2012 Plant Bonds and the Series 2012 Pipeline Bonds, the Company hereby gives notice of an unscheduled draw on the Debt Service Reserve Fund for the Series 2012 Plant Bonds. Under the Collateral Trust Agreement dated as of December 24, 2012 among the Company, the Trustee and MUFG Union Bank, N.A. as Collateral Agent (the Collateral Trust Agreement), a Debt Service Reserve Fund was established, to be held by the Collateral Agent and to be disbursed and expended by the Collateral Agent solely for the payment of the principal of, redemption premium, if any, and interest on the Series 2012 Plant Bonds if sufficient moneys therefor are otherwise not available pursuant to the provisions of the Collateral Trust Agreement. Bondholders are hereby advised that on June 7, 2016, the Company directed the Collateral Agent to make an unscheduled draw of $1,715,947 on the Debt Service Reserve Fund in order to pay a portion of the $13,258,625 interest payment due on July 1, 2016. Such interest payment was also funded with $11,542,678 from Plant Revenues. The Company replenished $1,546,363 on October 12, 2016 and replenished the balance due on November 7, 2016, such that since that date the Debt Service Reserve Fund has been fully funded with a combination of cash and a reserve surety, in the amount of the Debt Service Reserve Requirement, as defined in the Collateral Trust Agreement. No further draws have been made on the Debt Service Reserve Fund.
  • Description: *****
  • Bond Document: https://www.bondpdf.com/
  • Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US13054WAF41

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