• ISIN: US34061WAG96
  • Entity Name: Florida Development Finance Corporation
  • Sector: Municipal Agency
  • Announcement Date: 05-Dec-2018
  • Effective Date: 01-Dec-2018
  • Issue Date: *****
  • Maturity Date: 01-Jun-2046
  • Country of Issuer: United States
  • Region: N.Amer
  • Issue Currency: United States of America Dollars
  • CA Type: Unscheduled Draw
  • News: U.S. Bank National Association serves as Bond Trustee (the ""Bond Trustee"") under that Bond Trust Indenture dated as of March 1, 2016 (the ""Bond Indenture""), under which the Florida Development Finance Corporation (the ""Issuer"") issued the Bonds referenced above, and as Master Trustee (the ""Master Trustee"") under that Master Trust Indenture dated as of March 1, 2016 (as supplemented, the ""Master Indenture""), with Tuscan Isle ChampionsGate Prop. Co., LLC (the ""Obligated Group Agent"") and Tuscan Isle ChampionsGate Op. Co., LLC (together with the Obligated Group Agent, the ""Members""). U.S. Bank National Association as Master Trustee, as Bond Trustee, or in either or both such capacities, is referred to herein as the ""Trustee."" Capitalized terms not defined herein shall have the meanings ascribed thereto in the Bond Indenture or Master Indenture, as applicable. The Bonds were issued by the Authority pursuant to the Bond Indenture and also with respect to the Master Indenture. The proceeds of the Bonds were loaned by the Issuer to the Obligated Group Agent pursuant to that Loan Agreement dated as of March 1, 2016 (the ""Loan Agreement""), to finance all or a portion of the costs of: (i) acquiring, constructing, developing, furnishing and equipping a congregate senior living community composed of 131 independent living units, 56 assisted living units, and 36 memory care units, in ChampionsGate, Four Corners, Florida (the ""Project""); (ii) funding the Debt Service Reserve Fund for the Bonds; (iii) funding a portion of the Working Capital Fund; (iv) funding capitalized interest on the Bonds; and (v) paying all or a portion of the expenses incurred in connection with the issuance of the Bonds. Page 2 Rights under the Loan Agreement were assigned by the Issuer to the Bond Trustee pursuant to the Bond Indenture, with the consent of the Obligated Group pursuant to the Loan Agreement. To evidence and secure such loan, the Obligated Group Agent issued two promissory notes under the Master Indenture, and delivered them to the Issuer, who assigned them to the Bond Trustee, pursuant to the terms of such notes as well as to the Bond Indenture, with such assignment being consented to by the Obligated Group pursuant to the Loan Agreement. Those promissory notes are ""Obligation No. 1"" in the principal amount of $48,240,000, pertaining to the Series 2016A Bonds, and ""Obligation No. 2"" in the principal amount of $2,930,000, pertaining to the Taxable Series 2016B Bonds (together, the ""Obligations""). The Obligations are secured by the Master Indenture and by the Leasehold Mortgage, Assignment of Leases and Rents and Fixture Filing, dated as of March 23, 2016, by the Obligated Group Agent in favor of the Master Trustee, encumbering the Project (the ""Mortgage""). The Bonds, Bond Indenture, Master Indenture, Loan Agreement, Obligations, Mortgage, and all other documents related to the issuance of the Bonds are referred to herein as the ""Bond Documents."" References in this notice to a section of a specific document are made without limitation to that document as a whole, and references to any Bond Document are made without limitation to all of the Bond Documents. EVENTS OF DEFAULT Defaults, Events of Default, and events that with the passage of time and/or the giving of notice shall constitute Events of Default, exist and are continuing under the Bond Documents, including, without limitation, the failure of the Obligated Group to pay or cause to be paid to the Trustee the full amount representing both the amounts due on the Obligations and the interest due on the Bonds and payable to the holders of the Bonds on December 1, 2018. Without limitation, such failure constitutes an Event of Default under the Loan Agreement, Sections 401 and 601(a), under the Bond Indenture, Section 901(c), under the Obligations, and under the Master Indenture, Section 4.1. The Trustee hereby demands prompt remedy of each and every default occurred and continuing under any of the Bond Documents, including without limitation the Events of Default described above. This Notice does not provide a complete list of all defaults existing under the Bond Documents or otherwise with regard to the Bonds, or of all items which may, with the giving of notice or the passage of time, become Events of Default. No default or Event of Default is waived or otherwise accepted by this Notice. All rights of the Trustee with respect to each and every default and Event of Default are reserved. Other than the distribution to Bondholders described below, no assurance can be given as to the amount or timing of payments, if any, to Bondholders. DEBT SERVICE PAYMENT ON BONDS / DRAW ON DEBT SERVICE RESERVE FUND Given the Events of Default described above, and in accordance with Sections 603 and 605 of the Bond Indenture, the Trustee drew upon the Series 2016A Debt Service Reserve Fund (the ""Series A DSRF"") in
  • Description: Municipal Name: Florida Development Finance Corporation CUSIP: 34061WAG9 Currency: USD Florida Development Finance Corporation today announced that the trustee has drawn the amount of USD 1,386,458.68 from the Debt Service Reserve Fund for the interest payment relating to the Series 2016A, Senior Living Revenue Bonds on December 1, 2018.
  • Bond Document:
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