CUSIP 551803CA5
- ISIN: US551803CA56
- Entity Name: Lynwood Utility Authority
- Sector: Municipal Agency
- Announcement Date: 23-Dec-2016
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Jun-2025
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Covenant Breach
- 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 CUISP: 551803CA5 Currency: USD Lynwood Utility Authority today announced that it has not maintain the currently unaudited Net Revenues in the Authority?s 2015-16 Fiscal Year is expected to be lower than 125% of Annual Debt Service relating to the series 2009.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US551803CA56
