CUSIP 821697UN7

  • ISIN: US821697UN71
  • Entity Name: Health, Educational and Housing Facility Board of the County of Shelby, Tennessee/The
  • Sector: Municipal Agency
  • Announcement Date: 12-Feb-2019
  • Effective Date: 15-Mar-2019
  • Issue Date: *****
  • Maturity Date: 01-Jul-2036
  • Country of Issuer: United States
  • Region: N.Amer
  • Issue Currency: United States of America Dollars
  • CA Type: Coupon Default
  • News: NOTICE IS HEREBY GIVEN by UMB Bank, N.A., as Trustee, for the Health Educational and Housing Facility Board of the County of Shelby, Tennessee Series 2007 A-1 and A-2 (Series 2007A Bonds), dated December 1, 2007, the series B-1 subordinate bonds dated December 1, 2007 (the Series 2007B Bonds) and Series 1999 (together the Bonds) providing this notice to update Holders. The Bonds were issued by the Health, Educational and Housing Facility Board of the County of Shelby, Tennessee (the Issuer) under the Series A Bond Indenture dated December 1, 2007, (the Indenture) Series B Subordinate Indenture dated December 1, 2007 (the Subordinate Indenture) between the Issuer and the Trustee. Notice from Fannie Mae Pursuant to Section 10.1(a)(4) of the Indenture Fannie Mae has given the notice to the Borrower of certain events of default under that certain Reimbursement Agreement dated December, 1, 2007. As a result Fannie Mae has sent to the Successor Trustee a Certificate of Reaffirmation and Direction to the Trustee pursuant to the Documents. Pursuant to Section 4.2 of the Assignment and Intercreditor Agreement under the Bonds, Fannie Mae has the right to exercise certain rights including foreclosure of the property. Such action can be done without an advance under the Credit Facility. The Trustee continues to be in discussions with Fannie Mae on matters. 2 Subordinate Bonds non Payment Fannie Mae has directed the Trustee under the Bond Documents pursuant to section 4 of the Subordination Agreement between Fannie Mae, the Trustee, the Issuer and Gateway Willowbrook, LLC (the Borrower) to not make any payments at this time under the Subordinate Indenture. A payment is due on March 15, 2019 under the Subordinate Indenture and as a result of such direction from Fannie Mae will not be paid. Additionally, a portion of the funds received by the Trustee are to be paid in the waterfall pursuant to section 5.04 of the Subordinate Trust Indenture however as a result of the default by the Borrower and notice from Fannie Mae no funds shall be transferred. A payment was due on 1/1/2019 on the Series 1999 Bonds but as a result of the direction from Fannie Mae no payment was allowed to be made under the documents. As the Series 2007A Bonds which are the Senior Bonds are still outstanding this does NOT constitute an Event of Default under the Subordinate Indenture. General The Trustee will continue to update Holders as information is provided. This notice is being sent to Bondholders for their information because of the default as described above. Capitalized terms used in this notice if not otherwise defined shall have the meaning given to them in the documents described above. The Trustee recommends that any beneficial holder that desires to receive future communications directly send us a notice including its claimed holdings of the issue (with details of the CUSIP numbers and amounts), a contact person, address, telephone number and facsimile number. Please note that the Trustee may conclude that a specific response to particular inquiries from individual Bondholders is not consistent with equal and full dissemination of information to all Bondholders. Bondholders should not rely on the Trustee as their sole source of information. The Trustee makes no recommendations and gives no investment advice herein or as to the Bonds generally. CUSIP numbers appearing herein are included solely for the convenience of the Owners. The Trustee is not responsible for the use or the selection of the CUSIP numbers, nor is any representation made as to the correctness of such CUSIP numbers on the Bonds.
  • Description: Municipal Name: Health, Educational and Housing Facility Board of the County of Shelby, Tennessee/The CUSIP: 821697UN7 Currency: USD Health, Educational and Housing Facility Board of the County of Shelby, Tennessee/The announced today that it has not been paid the interest payment due to insufficient money on Revenue Fund for the Series 1999, Multifamily Housing Revenue Bonds on March 15, 2019.
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