• ISIN: US60534RZU66
  • Entity Name: Mississippi Development Bank
  • Sector: Sub Sovereign Agency
  • Announcement Date: 12-Sep-2016
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: 01-Dec-2022
  • Country of Issuer: United States
  • Region: N.Amer
  • Issue Currency: United States of America Dollars
  • CA Type: Unscheduled Draw
  • News: Mississippi Development Bank (the Issuer) issued its Special Obligation Refunding Bonds Series 2010 (the Series 2010 Bonds) in the principal amount of $10,050,000.00, pursuant to the terms of that certain Trust Indenture between the Issuer and Hancock Bank, as trustee (the Trustee) dated as of October 27, 2010 (the Trust Indenture). The Trustee hereby gives notice to all Owners that, prior to June 1, 2016, there were insufficient funds in the Revenue Account available to pay interest on the Series 2010 Bonds. The Diamond Lakes Utility District (the District) failed to pay the full amount of the Basic Payment due on the June 1, 2016 Interest Payment Date. The failure of the District to pay any Basic Payment due is an Event of Default pursuant to Section 9.1 of that certain Loan Agreement dated October 27, 2010, among the Issuer, the District, and Tunica County, Mississippi (the Loan Agreement). Pursuant to Section 10.01 of the Trust Indenture an Event of Default under the Loan Agreement constitutes an Event of Default under the Trust Indenture. The Trustee further gives notice to all Owners that because the District failed to pay the Basic Payment and pursuant to Section 6.08 of the Trust Indenture, the Trustee transferred the amount of the deficiency from the Debt Service Reserve Fund into the Interest Account and provided the required written notice of the deficiency to the District. Pursuant to Section 6.08 of the Indenture, any withdrawal from the Debt Service Reserve Fund is required to be replenished by the District within thirty (30) days after the applicable Interest Payment Date, as provided in the Loan Agreement. The Debt Service Reserve Fund has not been replenished. The Trustee alerted the District and the Issuer, reminding each of their duty under the Continuing Disclosure Agreement to notify the Repository of the unscheduled draw on the Debt Service Reserve Fund. Pursuant to Section 2.3(c) of the Loan Agreement, the Trustee gave written notice to the District, Tunica County, the Issuer and the Chancery Clerk of Tunica County of the amount of the deficiency in the Basic Payment due on June 1, 2016 for purposes of the County levying the Special Tax Levy to produce Special Tax Revenues equal to 120 percent of the deficiency. The Trustee further gives notice to all Owners that the Trustee has been advised by counsel for the District and the landowner that the landowner failed to pay the ad valorem taxes and Special Assessments by the date of the countys tax sale. The property was auctioned at the tax sale, but there were no bidders. Therefore, the property was struck off to the State, and there will be no additional funds from the Special Assessments until the taxes and Special Assessments are paid and the property is redeemed. A description of the activity of the Issuer, the collection of Special Assessments, and the financial status of the Issuer can be found on EMMA, included in the last audited financia
  • Description: Municipal Name: Mississippi Development Bank CUSIP: 60534RZU6 Currency: USD Mississippi Development Bank announces today that the trustee has draw an amount from the Debt Service Reserve fund in order to pay the interest due on June 1, 2016 for the Series 2010 Bonds.
  • Bond Document:
  • Latest Corporate Actions:

Data Unleashed

All of the Municipal Disclosure provided on MuniAlerts are sourced from FactEntry.

This website can be best viewed in all latest versions of Google Chrome or Firefox.
© FactEntry 2024