CUSIP 424674CZ0
- ISIN: US424674CZ04
- Entity Name: Town of Hempstead Industrial Development Agency
- Sector: Municipal Agency
- Announcement Date: 10-Aug-2017
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 15-Feb-2037
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Default Cure
- News: UMB Bank, N.A. is the duly-appointed and acting successor Trustee (the""Trustee"") with respect to the Bonds. Reference is hereby made to (i) that certain Indenture of Trust dated as of March 1,2007 (as amended and supplemented from time to time, the `olndenture"") by and between Town of Hempstead Industrial Development Agency (Town of Hempstead, New York) (the ""Issuer"") and The Bank of New York, as predecessor trustee (the ""Predecessor Trustee""), (ii) that certain Installment Sale Agreement, dated as of Marchl,2007 (as amended and supplemented from time to time, the ""Installment Sale Agreement"") by and between the Issuer and Circulo De La Hispanidad. Inc. (the ""Company""), and (iii) that certain Mortgage and Security Agreement (Construction Costs) and that certain Mortgage and Security Agreement (Project Costs), each dated as of March 1,2007, by a4d among the Issuer, the Company and the Predecessor Trustee (collectively, the "" Mort gage s"").1 Notice is hereby given that several defaults and Events of Default have occurred and are continuing under the Bond Documents. Indeed, as is noted in the Company`s Independent Auditor`s Report dated September 16, 2016, the Company has been in payment default since at least February of 2012.2 The continuing defaults and Events of Default include, without limitation, the following: 1. 2. The failure by the Company to transmit to the Trustee, when due, amounts necessary to fund interest and principal payments on the Bonds, as required by sections 5.03 and 8.01(a) of the Indenture, sections 5.2(b), 5.3(a), 5.3(b), 5.3(e), 5.4 and 10.1(a)(D of the Installment Sale Agreement, section 13(a) of the Mortgages, and section 4.1 of the Guaranty. The failure by the Company to satisfy the Current Ratio Covenant, the Debt Service Coverage Ratio Covenant, the Days Cash on Hand Covenant, the Accounts Payable Covenant, and the Short-Term Indebtedness Covenant pursuant to section 8.23 of the Installment Sale Agreement for each of the testing dates and time periods prescribed therein (historic and current).
- Description: Municipal Name: Town of Hempstead Industrial Development Agency CUSIP: 424674CZ0 Currency: USD Town of Hempstead Industrial Development Agency announced today that it has been cured and the Bonds are no longer in default for the previously announced Event of Default relating to its Civic Facility Revenue Bonds, Series 2007.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US424674CZ04
