• ISIN: US74443FAM86
  • Entity Name: Public Finance Authority
  • Sector: Municipal Agency
  • Announcement Date: 23-Mar-2017
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: 01-Jul-2050
  • Country of Issuer: United States
  • Region: N.Amer
  • Issue Currency: United States of America Dollars
  • CA Type: Covenant Breach
  • News: Section 4.4 of the Loan Agreement requires that the Borrowers shall fix, charge and collect, or cause to be fixed, charged and collected rents, fees and charges in connection with the operation and maintenance of the Projects such that for each Fiscal Year beginning on or after July 1, 2015, the Debt Service Coverage Ratio will not be less than the Coverage Test. The Trust Indenture dated as of June 1, 2015 and relating to the Bonds between the Issuer and the Trustee (the Trust Indenture) defines the term Coverage Test as requiring that the Debt Service Coverage Ratio for the relevant period [be] equal to or greater than 1.21 to 1 on all Outstanding Bonds. Under Section 4.5 of the Loan Agreement, [i]f the Coverage Test for any Fiscal Year is not satisfied, the Borrowers shall retain a Management Consultant, and [t]he Management Consultant shall prepare recommendations with respect to the operations of the Projects and the sufficiency of the rents, fees and charges imposed by the Borrowers. Section 4.5 of the Loan Agreement further states that [f]ailure of the Borrowers to satisfy the Coverage Test covenant constitutes a Default under this Agreement only if (i)(a) the Borrowers fail to engage the Management Consultant or (b) the Borrowers fail to implement the Management Consultants reasonable recommendations, to the extent lawful and reasonably feasible and to the extent consistent with the charitable mission of the Sole Member, as required by this Agreement, or (ii) the Debt Service Coverage Ratio is less than 1.00 to 1 for all of the Bonds then Outstanding for any Fiscal Year. For Bond Document please visit
  • Description: Municipal Name: Public Finance Authority CUSIP: 74443FAM8 Currency: USD Public Finance Authority announced today that the trustees had not maintained the debt Service Coverage Ratio requirement at the end of the fiscal year 2016, which hereby violating the covenant for the Series 2015A & 2015 A-T Multifamily Housing Mortgage Revenue Bonds.
  • Bond Document:
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