CUSIP 29680PEL0
- ISIN: US29680PEL04
- Entity Name: Essex County Improvement Authority
- Sector: Municipal Agency
- Announcement Date: 07-Dec-2017
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Dec-2053
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Coupon Default
- News: As a result of the existing Events of Default, any money held in any Fund or Account, or received by the Trustee, shall be disbursed in accordance with Section 8.11 of the Indenture, which includes paying first, the fees, expenses, liabilities or advances payable to or incurred or made by the Trustee; second, the costs and expenses of the proceedings resulting in the collection of such money; and third, to the Operating Expenses of the Project as determined by the Budget or such other determination based on experts engaged by the Trustee; with the balance being deposited in the Revenue Fund to be applied as further set forth in the Indenture. Whenever money is to be applied pursuant to the provisions of the Indenture, such money shall be applied at such times, and from time to time, as the Trustee shall determine, having due regard for the priorities set forth in Section 8.11(a) of the Indenture and to the amount of such money available for application and the likelihood of additional money becoming available for such application in the future. Taking into consideration the Event of Default, the amount of 3 funds the Trustee currently has on hand, and the uncertainty as to when additional monies may become available, the Trustee may determine not to make any further payments of interest or principal on the Bonds. The Trustee will provide further notice as to if, when, and in what amounts, any additional distributions will be made to Bondholders
- Description: Municipal Name: Essex County Improvement Authority CUSIP: 29680PEL0 Currency: USD Essex County Improvement Authority announced today that it has not been paid the interest payment due to insufficient money on Revenue Fund for Series Care 2015C Revenue Bonds.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US29680PEL04
