CUSIP 6499073T7
- ISIN: US6499073T70
- Entity Name: Dormitory Authority State of New York
- Sector: Sub Sovereign Agency
- Announcement Date: *****
- Effective Date: *****
- Issue Date: *****
- Maturity Date: *****
- Country of Issuer: *****
- Region: N.Amer
- Issue Currency: *****
- CA Type: Unscheduled Draw
- News: On January 22, 2015, the Dormitory Authority of the State of New York (DASNY) issued the above listed bonds (the Bonds) in the original aggregate principal amount of $58,875,000 for the benefit of Wyckoff Heights Medical Center (the Hospital). The Bonds were secured, in part, by payments to be made by the Hospital pursuant to a loan agreement between DASNY and the Hospital (the Loan Agreement) and such Loan Agreement was secured by a Mortgage on the Hospitals real property, reserve funds held by the Bond trustee (the Trustee) and certain payment obligations of the State of New York (State), under a service contract by and between DASNY and the State (the Service Contract), which payment obligations are subject to annual appropriation by the State Legislature. In order to make the scheduled payment of principal and interest due on the Bonds on February 15, 2018, the Trustee has drawn the full balance of $5,583,876.30 from the Special Debt Service Reserve Fund established at the time of issuance of the Bonds and has drawn $4,391,850.00 from the Capital Reserve Fund established at the time of issuance of the Bonds. Following such withdrawal, approximately $2,253,000 remains on deposit in the Capital Reserve Fund. This unscheduled draw on reserves is due to historic financial difficulties experienced by the Hospital. DASNY currently expects that subsequent payments of principal of and interest on the Bonds will be paid from one or more of the following sources: (1) payments, if any, made by the Hospital pursuant to the terms of the Loan Agreement; (2) reserves held by the Trustee for the benefit of the holders of the Bonds; and (3) payments to be made by the State pursuant to the Service Contract.
- Description: *****
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US6499073T70
