CUSIP 810694K99

• ISIN: US810694K998
• Entity Name: Scranton-Lackawanna Health and Welfare Authority
• Sector: Municipal Agency
• Announcement Date: *****
• Effective Date: *****
• Issue Date: *****
• Maturity Date: *****
• Country of Issuer: *****
• Region: N.Amer
• Issue Currency: *****
• CA Type: Reserve Fund Deficiency
• News: NOTICE IS HEREBY GIVEN that Community Development Properties, Scranton, Inc. (CDPS), the Obligated Person for the above captioned bonds (the Bonds), has determined that the Debt Service Reserve Funds for the Series 2016ACD Bonds and the Series 2016B Bonds were underfunded according to the Trust Indenture for the Bonds at closing and is underfunded currently. The Trust Indenture requires separate Debt Service Reserve Funds for the tax-exempt and taxable bonds, although the underwriter intended to incorporate an aggregate debt service reserve fund requirement. CDPS is working to resolve the issue through either a Supplemental Indenture revisiting the Debt Service Reserve Fund Requirement or funding the deficiency as required under the Trust Indenture in 36 equal payments.
• Description: *****
• Bond Document: https://www.bondpdf.com/
• Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US810694K998