CUSIP 975574AN4
- ISIN: US975574AN44
- Entity Name: City of Winsted
- Sector: Municipal
- Announcement Date: 01-Sep-2016
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Sep-2030
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Coupon Default
- News: UMB Bank, N.A. (the ""Trustee""), acts as trustee under that certain Indenture of Trust, dated as of September 1, 2010 (the Indenture""), between the Prior Trustee and the City of Winsted, Minnesota (referred to herein as ""Issuer""). The Bonds were issued under the Indenture. The proceeds of the Bonds were loaned by the Issuer to Living Services Foundation/Winsted LLC, a Minnesota nonprofit corporation (referred to herein ""the Borrower"" or ""LSF"") pursuant to a Loan Agreement also dated as of September 1, 2010 (the ""Loan Agreement""), and used to finance the expansion of a health care facility in Winsted, Minnesota, known as St. Mary`s Care Center (the ""Facility""). The Trustee previously has given notice of the appointment of a receiver to stand in the shoes of the Borrower and hold title to the Facility. The receiver was appointed by the District Count for McLeod County, Minnesota, at the request of the Trustee, as a result of a failure of the Borrower to make payments toward debt service on the Bonds. The receiver was appointed on August 23, 2016. He has just begun his oversight of the Facility. To date, no funds have been paid into the trust estate, except for nominal amounts explicitly identified to pay real estate taxes and insurance premiums, which are due monthly. There will be certain costs and expenses associated with the receivership. Therefore, the Trustee has determined that no payment of interest will be paid at this time, in order to marshall funds in the trust estate to cover potential operating expenses of the Facility and of the trust estate. Copies of the June, 2016 financial statements for the Facility are attached to this notice. Remaining funds in the trust estate are as follows: Bond fund $ 4.61 Reserve fund $ 1,079,065.11 Repair/replacement fund $ .87 Tax and insurance reserve $ 27,744.50 . For Bond Document please visit www.BondPDF.com
- Description: Municipal Name: City of Winsted CUSIP: 975574AN4 Currency: USD City of Winsted announced today that that the trustee has failed to make the coupon payment for the Series 2010A Bonds.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US975574AN44
