CUSIP 84844VAK1
- ISIN: US84844VAK17
- Entity Name: City of Spicer, Minnesota
- Sector: Municipal
- Announcement Date: *****
- Effective Date: *****
- Issue Date: *****
- Maturity Date: *****
- Country of Issuer: *****
- Region: N.Amer
- Issue Currency: *****
- CA Type: Coupon Default
- News: This notice is provided by UMB Bank, N.A., as trustee (the Trustee) acting under the Indenture of Trust between the City of Spicer and the Prior Trustee, dated as of December 1, 2006 (the Indenture). The above- referenced Bonds were issued under the Indenture. The proceeds of the Bonds were loaned by the issuer to Living Service Foundation/New London, LLC (the Borrower) pursuant to a Loan Agreement between them dated December 1, 2006 (the Loan Agreement). The Borrower owns the real estate and improvements constituting the skilled nursing and assisted living facility (the Facility) known as Glen Oaks, located in New London, Minnesota, which secures the Bonds. The Trustee has been in discussions with Living Services Foundation (the Borrower) concerning the notice dated July 27, 2015 provided by Benedictine Living Community of New London (the Manager) of termination of its Lease and Operating Agreement dated February 1, 2011 (the Lease) of the Facility. The notice stated that the Lease would be terminated on January 31, 2016 (the Lease Termination Date). As previously disclosed, the Lease Termination Date has been extended by the Manager, but Base Rent to be paid under the Lease, which provides the source of payment of debt service on the Bonds, has not been paid. 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/US84844VAK17
