CUSIP 551803BL2
- ISIN: US551803BL21
- Entity Name: Lynwood Utility Authority
- Sector: Municipal Agency
- Announcement Date: 23-Dec-2016
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Jun-2038
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Default Notice
- News: Each of the Indentures executed in connection with the Series 2008 A Bonds and Series 2009 A Bonds contains a covenant of the Authority to ensure in each Fiscal Year that Net Revenues of the Enterprise are at least equal to one hundred twenty-five percent (125%) of the total debt service payments on the aggregate Series 2008 A Bonds and Series 2009 A Bonds, and on any Parity Obligations, then-coming due and payable in such Fiscal Year (such payments, Annual Debt Service). As a result of the Governor`s declaration of a drought and the requirement to cut water usage, the currently unaudited Net Revenues in the Authoritys 2015-16 Fiscal Year are expected to be lower than 125% of Annual Debt Service. This statement will be re-evaluated upon completion of the Citys Annual Audit.
- Description: Municipal Name: Lynwood Utility Authority CUSIP: 551803BL2 Currency: USD Lynwood Utility Authority today announced that it has received the default notice relating to the series 2009 bonds due to cut water usage, the currently unaudited Net Revenues in the Authority?s 2015-16 Fiscal Year are expected to be lower than 125% of Annual Debt Service.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US551803BL21
