CUSIP 661059AJ4
- ISIN: US661059AJ40
- Entity Name: City of North Miami/The
- Sector: Municipal
- Announcement Date: *****
- Effective Date: *****
- Issue Date: *****
- Maturity Date: *****
- Country of Issuer: *****
- Region: N.Amer
- Issue Currency: *****
- CA Type: Propose Default Cure
- News: Reference is made to that certain Amended and Restated Trust Indenture dated as of January 1, 2007 (the ""Indenture"") between the City of North Miami, Florida (the Issuer) and Manufacturers and Traders Trust Company, as trustee (the ""Trustee"") and the corresponding Amended and Restated Loan Agreement dated as of January 1, 2007 (the Loan Agreement) between the Issuer and Affordable Community Housing Trust-Alpha, Inc. (the Company) pertaining to the issuance of the Bonds. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Indenture. This notice is furnished to advise the Issuer and Bondholders, under Section 12.5 of the Indenture, and the Company that Events of Default have occurred and are continuing, as follows: 1. The Company failed to make the required semi-annual interest payments due on the Subordinate Series 2006B-1 Bonds under Section 9.1(a) of the Indenture from January 1, 2009, thru and including January 1, 2017. Principal sinking funds payments were also missed on each January during this time frame listed above. Under Section 11.1(a) of the Indenture, failure to make such payments when due, constitutes an Event of Default under the Indenture. 2. Amounts from the Series 2006A Debt Service Fund were withdrawn pursuant to Section 7.4(f)(1) of the Indenture in order to make the required January 1, 2009 payment due on the Series 2006A Bonds under Section 9.1(a) of the Indenture. Under Section 11.1(d) of the Indenture, any withdrawal from the 2006A Debt Service Reserve Fund to cure any deficiency in the Debt Service Fund pursuant to 7.4(f)(1) constitutes an Event of Default under the Indenture. 3. The Company also failed to make the full required interest payments due on the series 2006A Bonds under section 9.1(a) of the Indenture since January 1, 2010. Partial payments were made during this time frame and at times excess was paid to reduce the cumulative past due interest amount. The current cumulative past due interest is $1,737,425.24. They also failed to make the principal sinking fund payments every January, beginning 2010. Under Section 11.1(a) of the Indenture, failure to make such payments when due, constitutes an Event of Default under the Indenture.
- Description: *****
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US661059AJ40
