CUSIP 645887AE0

  • ISIN: US645887AE04
  • Entity Name: New Jersey Redevelopment Authority
  • Sector: Municipal Agency
  • Announcement Date: 28-Dec-2016
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: 01-May-2021
  • Country of Issuer: United States
  • Region: N.Amer
  • Issue Currency: United States of America Dollars
  • CA Type: Coupon Default
  • News: Reference is hereby made to the Trustees prior notice dated May 10, 2016 (the Prior Notice), in which the Trustee informed you, among other things, that the School had ceased operations and the Project was vacant. In the Prior Notice, the Trustee further informed you that various Events of Default had occurred and were continuing under the Loan Agreement and the Indenture due to, among other things, failure to pay debt service due on the Bonds on November 1, 2015 and May 1, 2016. The purpose of this notice is to inform you that the Project continues to be vacant and the Borrower has not made any Loan Repayments to the Trustee since the Prior Notice. Accordingly, the semi-annual interest payment due on the Bonds on November 1, 2016 has not been paid. As a result, additional Events of Default have occurred and are continuing under Sections 7.01(b) and (d) of the Indenture, and Section 7.01(a) of the Loan Agreement. Please note that other defaults and Events of Default exist under the Indenture, the Loan Agreement, the Mortgage and other Bond Documents due to, among other things, the termination of the Schools Charter and the Borrowers and the Schools failure to comply with various covenants, and nothing in this notice is intended to or shall be construed as a waiver of any such defaults or Events of Default. As indicated in the Prior Notice, the Bondholder Representative under the Indenture has delivered a written direction to the Trustee, pursuant to Sections 7.07 and 8.01(b)(2) of the Indenture, directing and authorizing the Trustee not to take any steps or exercise any rights or remedies under the Mortgage or take any other enforcement actions against the School or the Borrower under the Loan Agreement or the Indenture, subject to such further direction as may be provided by the Bondholder Representative.
  • Description: Municipal Name: New Jersey Redevelopment Authority Cusip: 645887AE0 Currency: USD New Jersey Redevelopment Authority today announced that it has failed to pay semi-annual interest payment due on November 1, 2016 relating to the Series 2010B Bonds.
  • Bond Document:
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