CUSIP 58731TBJ8
- ISIN: US58731TBJ88
- Entity Name: City of Mequon
- Sector: Municipal
- Announcement Date: 16-Jun-2016
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-May-2026
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Covenant Breach
- News: The City of Mequon, Ozaukee County, Wisconsin (the City), is providing this notice to the bondholders of obligations described as Base CUSIP 58731T, issued for the purpose of paying the cost of improvements and extensions to the Water System. The Series 2009 Water System Revenue Bonds were issued and are payable from the income and revenues of the Water System. In the Revenue Bond Resolution, the City covenanted as follows: The City covenants to establish, charge and collect such lawfully established rates and charges for the services provided by the Water System so that net revenues (i.e. gross revenues derived from said rates and charges less all costs of operation and maintenance, exclusive of debt service, depreciation, or local tax equivalents) will be at least 1.25 times the amount of principal and interest coming due on all outstanding bonds payable from the income and revenues of the Water System each year. Net Revenues calculation, based on the Citys 2015 audited financial statements, is 123%, which is less than the 125% required under the covenant in the Revenue Bond Resolution. For Bond Document please visit www.BondPDF.com
- Description: Municipal Name: City of Mequon CUSIP: 58731TBJ8 Currency: USD City of Mequon announced today that the trustees has failed to maintain the debt service coverage ratio for any Fiscal Year thereby violating the covenant for the Series 2009 Bonds.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US58731TBJ88
