CUSIP 688824AK7
- ISIN: US688824AK77
- Entity Name: Otero County
- Sector: Municipal
- Announcement Date: 23-Jun-2017
- Effective Date: 01-Aug-2017
- Issue Date: 30-May-2007
- Maturity Date: 01-Apr-2028
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Amendment of Indenture
- News: Otero County, New Mexico (the ""Issuer"") provided notice on December 7, 2016, that it had been notified that the Internal Revenue Service (the ""IRS"") issued on November 22, 2016 a Form 5701, Notice of Proposed Issue in which the IRS made a preliminary determination that the interest paid the beneficial owners of the above-reference bonds (the ""Bonds"") is not excludable from gross income under section 103 of the Internal Revenue Code. On June 12, 2017, the IRS issued a Proposed Adverse Determination that the interest paid to the beneficial owners of the Bonds is not excludable from gross income under section 103 of the Internal Revenue Code (the ""Proposed Adverse Determination Letter""). The ordinance of the Issuer authorizing issuance of the Bonds (the ""Bond Ordinance"") provides for the adjustment of the interest rate on the Bonds to a taxable rate in the event of a Determination of Taxability (as defined in the Bond Ordinance) by increasing the interest rates on the Bonds by three percentage points. Issuance of the Proposed Adverse Determination Letter is a Determination of Taxability under the Bond Ordinance. The Issuer has scheduled a public hearing on June 26, 2017 at 6:00 p.m., to consider adoption of an ordinance amending the Bond Ordinance to provide for the implementation of the adjustment of the interest rates on the Bonds and to consider adoption of a resolution authorizing such adjustment to be effective on August 1, 2017. The Issuer has established an August 1, 2017 effective date for the interest rate adjustment in order to comply with the requirements of New Mexico law. The Issuer has, through its counsel, notified the IRS of its intent to take the foregoing actions. Upon adoption of the ordinance and approval of the resolution, the Issuer intends to submit for posting herein an Event Notice of any such action and notify the IRS of any such action.
- Description: Municipal Name: Otero County CUSIP: 688824AK7 Currency: USD Otero County today announced that it has amended the interest rate to a taxable rate in the event of a determination of taxability of its Jail Project Revenue Bonds, Series 2007 effective on August 1, 2017.
- Bond Document: https://www.bondpdf.com/bonds/b620df1e
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US688824AK77
