CUSIP 574374AN4
- ISIN: US574374AN47
- Entity Name: City of Marysville, California
- Sector: Municipal
- Announcement Date: 19-Dec-2016
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Jan-2042
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Forbearance
- News: UMB Bank, n.a. is the successor trustee (the Trustee) under that that certain Indenture of Trust dated as of December 1, 2004 (the Indenture) between the City of Vadnais Heights, Minnesota, (the Issuer) and Wells Fargo Bank, National Association. The proceeds of the Bonds were loaned by the Issuer to AFSA Building Company, a Minnesota non-profit corporation (the Borrower), pursuant to a Loan Agreement between the Issuer and the Borrower dated as of December 1, 2004 (the Loan Agreement). The Borrower used the proceeds loaned to it under the Loan Agreement to renovate a building to be used as a charter high school (the School Building). The Borrower leased the School Building to The Agricultural and Food Sciences Academy, a Minnesota non-profit corporation, now known as AFSA High School (the Tenant). To secure its obligations under the Loan Agreement, the Borrower signed a Mortgage, Security Agreement, and Assignment of Rents, which encumbers the School Building. Payments under the Loan Agreement correspond with payments due from the Tenant under the lease of the School Building and are used to make debt service payments on the Bonds. Payments on the Bonds are due June 1 and December 1 of each year until the Bonds are paid in full. The holders of a majority in principal amount of the Bonds directed the Trustee to enter into a forbearance agreement with the Tenant and the Borrower, and that agreement is dated as of November 1, 2016 (the Forbearance Agreement). Under the Forbearance Agreement, the Trustee agreed to forbear through April 30, 2017.
- Description: Municipal name: City of Marysville, California CUSIP: 574374AN4 Currency: USD City of Marysville, California announced that the Trustee to enter into a forbearance agreement with the between the Trustee and Obligated Group under the Series 2011 Bond regarding the Obligated Group?s failure to maintain a Long-Term Debt Service Coverage Ratio of not less than 1.20:1.0 for the fiscal year ended June 30, 2016.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US574374AN47
