CUSIP 718903RL3

  • ISIN: US718903RL35
  • Entity Name: Industrial Development Authority of the City of Phoenix/The
  • Sector: Municipal Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Unscheduled Draw
  • News: BOKF, NA serves as trustee (the Trustee) under that certain Trust Indenture dated as of November 1, 2014 (the Indenture) between the Industrial Development Authority of the City of Phoenix (the Issuer) and the Trustee in connection with the above captioned Bonds. Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Indenture. FHR-YUMA ALF, LLC (the Borrower) notified the Trustee on October 31, 2016 of its failure to provide the Trust with funds for the Deposit into the Interest Account of the Bond Fund as required by Section 4.2 of the Trust Indenture. The Borrower also informed the Trustee of its intention to cease operations of the facility that serves as Collateral for the Bonds. Pursuant to Section 7.06 of the Indenture, on November 1, 2016 the Trustee made a withdrawal in the amount of $65,896.99 from the Debt Service Reserve Fund to pay the required November 1, 2016 debt service on the Bonds. The current balance after such withdrawal in the Debt Service Reserve Fund is $838,878.86 against a requirement of $904,561.23. The Bonds are currently outstanding in the aggregate principal amount of $11,730,000 for Series 2014A and $1,211,000 for Series 2014B. This Notice confirms on behalf of the Trustee and the Bondholders that the acts and omissions of the Borrower constitute Material Events and Events of Default which are continuing under the Trust Indenture and Loan Agreement (Bond Documents). Upon the occurrence of an Event of Default under Section 10.12 of the Trust Indenture, the Trustee may exercise any and all remedies available to it in equity and at law including but not limited to foreclosure, appointment of a receiver of the property and sale of the property per the terms of the Bond Documents. The Trustee is in the process of determining the appropriate action and exercising the appropriate remedies.
  • Description: *****
  • Bond Document:
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