• ISIN: US31222TAD54
  • Entity Name: Hospital Authority of Ben Hill County, Georgia
  • Sector: Municipal Agency
  • Announcement Date: 18-Jan-2018
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: 01-Jun-2037
  • Country of Issuer: United States
  • Region: N.Amer
  • Issue Currency: United States of America Dollars
  • CA Type: Covenant Breach
  • News: All capitalized terms used in this Notice and not otherwise defined in this Notice have the meaning assigned to them in the Master Revenue Anticipation Certificate Resolution (the Certificate Resolution), adopted by the Authority on October 10, 2007 in conjunction with the original issuance of the Series 2007 Certificates. Reference is made to the Official Statement for the Series 2007 Certificates for summaries of such definitions. The Authority has timely paid all principal and interest debt service payments due on the Series 2007 Certificates to date. Under Section 6.1 (Rate Covenant), sub-section 6.1.2 (a), of Article VI of the Certificate Resolution, the Authority shall continuously own, control, operate, and maintain the Facilities in an efficient and economical manner and on a revenue producing basis and shall at all times prescribe, fix, and maintain, and collect rates, fees, and other charges for the services and facilities furnished by and at the Facilities fully sufficient at all times to produce Net Operating Revenues in each Fiscal Year that (together with Investment Earnings, other than Investment Earnings on the Project Fund) will equal at least the Required Percentage (i.e. 110%) of the Debt Service Requirement on all Senior Certificates then Outstanding for the year of computation and 100% of the Debt Service Requirement on all Subordinate Certificates then Outstanding for the year of computation. During Fiscal Year 2017, the Authority produced (3.41) times, or negative 341%, of the abovementioned Required Percentage of the Debt Service Requirement for the Senior Certificates. The Authority failed to produce funds sufficient to meet the Debt Service Requirement, resulting in a breach of the Rate Covenant and, while not yet resulting in an Event of Default under the Certificate Resolution, is thereby a covenant breach under the Certificate Resolution. This Notice is based upon the best information available at the time of dissemination and is not guaranteed as to accuracy or completeness. Any event-of-default may have an adverse affect on the marketability and/or the market price of the bonds. Further information regarding the cause of the above-referenced covenant breach and the Authoritys corrective action plans can be obtained from the Authority. Additional operating and financial data for Fiscal Year 2017 are also set forth in the Authoritys 2017 Annual Report and Audited Financial Statements, both of which have been filed with the Municipal Securities Rulemaking Boards Electronic Municipal Market Access (EMMA).
  • Description: Municipal Name: Hospital Authority of Ben Hill County, Georgia CUSIP: 31222TAD5 Currency: USD Hospital Authority of Ben Hill County, Georgia announced today that the trustee has failed to meet its Debt Service Coverage Ratio for its Revenue Anticipation Certificates Bonds, Series 2007.
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