CUSIP 679457AB7
- ISIN: US679457AB71
- Entity Name: City of Olathe
- Sector: Municipal
- Announcement Date: *****
- Effective Date: *****
- Issue Date: *****
- Maturity Date: *****
- Country of Issuer: *****
- Region: N.Amer
- Issue Currency: *****
- CA Type: Default Interest
- News: Security Bank of Kansas City is trustee (the Trustee) under the Trust Indenture dated as of December 15, 2006 (the Indenture), between the City of Olathe, Kansas (the Issuer) and the Trustee, which Indenture authorized the issuance of $9,195,000 original aggregate principal amount of the City of Olathe Transportation Development District Sales Tax Revenue Bonds (The Olathe Gateway TDD No. 1a Project), Series 2006 (the Bonds). Unless otherwise defined herein, capitalized terms used herein shall have the meaning assigned to them in the Indenture. The Issuer issued the Bonds for the purposes of financing a portion of the transportation project costs relating to the Olathe Gateway Transportation Development District No. 1a (the Project) and paying the costs of issuance of the Bonds. Pursuant to the Indenture, the Issuer covenanted, among other things, to cause the Trustee to pay the principal of and interest on the Bonds as they come due. The Bonds and the interest thereon are payable solely and only from the TDD Sales Tax Revenues (as defined in the Indenture [the TDD Sales Tax Revenues]) and not from any other funds or source (except to the extent paid out of the moneys attributable to Bond proceeds and the investment thereof). The Bonds are special, limited obligations of the Issuer. Neither the Bonds nor the interest thereon constitute a general obligation or indebtedness of, nor is the payment thereof guaranteed by the issuer or any governmental subdivision, agency or instrumentality. Due to the insufficiency of funds to cover a scheduled payment of principal on the Bonds due June 1, 2011, the Trustee determined that an event of default had occurred under the Indenture and declared the principal of all Bonds Outstanding and the interest accrued thereon to be immediately due and payable. Partial payments of the accelerated principal of the Bonds were made in December, 2011, June, 2012, December, 2012, June, 2013, December, 2013, June, 2014, December, 2014, June, 2015, December, 2015, June, 2016, December, 2016, June, 2017, December, 2017 and in June, 2018. Since the principal of the Bonds had been accelerated, Section 907(b)(2) of the Indenture governed the payments of principal. This section provides, in summary, that each payment was to be made ratably as to principal and interest. Following the payment on June 8, 2018 there remained outstanding $7,310,270 in principal amount of the Bonds. During the period June 1, 2018 through November 30, 2018, the Trustee received from the City $125,818.08 of Incremental Tax Revenues. 2 12314373.2 Payment on December 10, 2018 As of December 1, 2018, the Trustee had on deposit in the TDD Revenue Fund the amount of $126,248.61. Trustees fees due and unpaid as of December 1, 2018 were $2,500 for the period ended November 30, 2018. Amounts due with respect to the Bonds are: Interest due December 1, 2018 and unpaid $182,554.50 Interest due June 1, 2018 and unpaid $184,682.39 Interest due December 1, 2017 and unpaid $187,133.17 Interest due June 1, 2017 and unpaid $189,438.90 Interest due December 1, 2016 and unpaid $191,887.76 Interest due June 1, 2016 and unpaid $194,385.54 Interest due December 1, 2015 and unpaid $197,036.20 Interest due June 1, 2015 and unpaid $199,846.12 Interest due December 1, 2014 and unpaid $202,715.76 Interest due June 1, 2014 and unpaid $205,430.52 Interest due December 1, 2013 and unpaid $208,760.59 Interest due June 1, 2013 and unpaid $211,939.22 Interest due December 1, 2012 and unpaid $214,959.37 Interest due June 1, 2012 and unpaid $167,549.46 Total Interest Due as of December 1, 2018 $2,738,319.80 Accelerated Principal Due as of December 1, 2018 $7,310,270.00 TOTAL DUE AND PAYABLE AS OF DECEMBER 1, 2018 $10,048,589.80 3 12314373.2 On December 10, 2018, the Trustee will be making a payment of $120,000 to Bondholders from funds on deposit in the TDD Revenue Fund. Since the principal of the Bonds has been accelerated, Section 907(b)(2) of the Indenture governs the payment of the $120,000. This section provides, in summary, that the payment is to be made ratably as to principal and interest. Therefore of the $120,000 to be paid (out of a total due of $10,048,589.80), $32,701 will be paid as interest on the Bonds and $87,299 will be paid as to principal of the Bonds. Following the payment on December 10, 2108 there will remain outstanding $7,222,971 in principal amount of the Bonds. The Trustee will further make a payment of its past due Trustees fees and out-of-pocket expenses incurred with respect to the Bonds from the monies held pursuant to the Indenture. The Trustee anticipates that it will receive payments of TDD Sales Tax Revenue in the future and that there will be additional payments made with respect to the Bonds from time to time. The Trustee anticipates the payments will be made on or about the June 1 and December 1 scheduled payment d
- Description: *****
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