CUSIP 744396AC6
- ISIN: US744396AC68
- Entity Name: Public Finance Authority
- Sector: Municipal Agency
- Announcement Date: *****
- Effective Date: *****
- Issue Date: *****
- Maturity Date: *****
- Country of Issuer: *****
- Region: N.Amer
- Issue Currency: *****
- CA Type: Partial Payment
- News: Wells Fargo Bank, National Association, acts as indenture trustee (in such capacity, the Trustee) under that certain Indenture of Trust dated as of April 1, 2011 (the Indenture) by and between the Trustee and Public Finance Authority, as issuer (the Issuer), pursuant to which the above-referenced bonds (the Bonds) have been issued and are outstanding. The Issuer loaned the proceeds of the Bonds to Georgia Charter Schools Inc. (the Borrower) pursuant to the terms of that certain Loan and Security Agreement dated as of April 1, 2011 (the Loan Agreement) to, among other things, finance the Borrowers acquisition, construction and equipping of a charter school facility located in the City of Kennesaw, Georgia. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Indenture or in the Loan Agreement, as applicable. The Bonds, the Indenture, the Loan Agreement, the Deed of Trust, and all other documents related to the Bonds are collectively referred to in this notice as the Bond Documents. Reference is made to the prior notices from the Trustee (collectively, the Prior Notices), in which the Trustee informed you, among other things, that various defaults and Events of Default have occurred and are continuing under the Indenture and the Loan Agreement and the Trustee, acting at the direction of the Bondholder Representative, entered into a Forbearance Agreement with the Borrower. In the Prior Notice dated April 24, 2018, the Trustee further notified you that the Borrower had failed to comply with the terms of the Forbearance Agreement but the Bondholder Representative directed the Trustee not to terminate it. As of the date of this notice, the Borrower remains in default under the Forbearance Agreement and the Bond Documents, but the Forbearance Agreement has not been amended or terminated. Under the terms of the Bond Documents, principal and interest payments were due to be made on the Bonds on February 1, 2019. The Borrower failed to remit to the Trustee sufficient funds and, therefore, no payments were made on the Bonds on February 1, 2019. The foregoing constitutes an additional Event of Default under the Loan Agreement and the Indenture. The Bondholder Representative subsequently directed the Trustee to use certain funds remitted by the Borrower, together with the existing funds held by the Trustee under the Indenture, to make a partial interest payment on the Bonds in the aggregate amount of $307,362.50 (Partial Interest), as more specifically set forth below. The purpose of this notice is to inform you that February 19, 2019, has been set as the Special Record Date pursuant to the terms of the Indenture (including Section 2.03 thereof) for payment of Partial Interest on the Bonds. You are hereby notified that on February 20, 2019 (the Payment Date), the Trustee will make a partial distribution of defaulted interest to Registered Owner(s) of the above-referenced Bonds as of the Special Record Date of February 19, 2019, pursuant to Section 2.03 of the Indenture. The total aggregate amount of the distribution is $307,362.50, and it shall be allocated as set forth below: Stated Interest Rate CUSIP No. Partial Interest to be paid Rate per $1000 of Bond Held Special Record Date 6.25% 744396AC6 @ 2.25% = $14,962.50 $11.25 February 19, 2019 7.0% 744396AD4 @ 3.0% = $27,750 $15.00 February 19, 2019 7.5% 744396AE2 @ 3.5% = $45,850 $17.50 February 19, 2019 8.0% 744396AA0 @ 4.0% = $218,800 $20.00 February 19, 2019 Total: $307,362.50 For Bond Document please visit www.BondPDF.com
- Description: *****
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US744396AC68
