CUSIP 69645RAB2
- ISIN: US69645RAB24
- Entity Name: City of Palm Bay
- Sector: Municipal
- Announcement Date: 05-Jul-2016
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Jul-2036
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Propose Final Settlement
- News: UMB Bank, N.A., Corporate Trust serves as successor Trustee (the ""Trustee"") to Hancock Bank of Florida, Corporate Trust, successor to Regions Bank, under that certain Indenture of Trust dated as of March 1, 2006 (the ""Indenture) between the City of Palm Bay, Florida (the Issuer) and Regions Bank under which the Issuer issued $20,175,000 in aggregate principal amount of its City of Palm Bay, Florida Tax-Exempt Educational Facilities Revenue Bonds (Patriot Charter School Project) Series 2006A, (the Series 2006A Bonds) and $925,000 in aggregate principal amount of its City of Palm Bay, Florida Taxable Educational Facilities Revenue Bonds (Patriot Charter School Project) Series 2006B, (the Series 2006B Bonds), (collectively, the Bonds). UMB Bank, N.A., Corporate Trust is Trustee pursuant to that Instrument of Successor Trustee Appointment and Acceptance, dated June 5, 2013, and executed by a majority of the Holders. The proceeds of the Bonds were loaned by the Issuer to Patriot Charter School, LLC, (Borrower), pursuant to a Loan Agreement between the Issuer and the Borrower also dated March 1, 2006 (the Loan Agreement). All capitalized terms used herein which are undefined are intended to have the same meaning as in the Indenture. Consideration of the proposed Settlement Agreement that was attached to and described in detail in the May 20, 2016 Notice to Bondholders was initially on the agenda for the June 2, 2016 City council meeting, but was subsequently rescheduled for the June 16, 2016 City council meeting due to the absence of a city council member. The City council unanimously approved the Settlement Agreement at the June 16, 2016 meeting. The Settlement Agreement attached to the May 20, 2016 Notice to Bondholders has been signed by the Trustee, the Majority Holders and the city of Palm Bay. Any Holder of the Bonds may obtain a copy of the fully executed Settlement Agreement from the Trustee. In accordance with the Settlement Agreement, the City now has 60 days to issue the warranty deed for the Property. In accordance with the May 20, 2016 Notice to Bondholders, a single purpose entity will be formed to take title to and administer the Property for the benefit of all Bondholders. For Bond Document please visit www.BondPDF.com
- Description: Municipal Name: City of Palm Bay CUSIP: 69645RAB2 Currency: USD City of Palm Bay announced today that it intends to make the final distribution to Holders of the Series 2006A Bonds.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US69645RAB24
