City of Blue Earth, Minnesota
CUSIP 095461AD1
- Issue Currency: United States of America Dollars
- Announcement Date: 13-Dec-2016
- News: You are hereby advised that the Trustee recently made a draw on the Debt Service Reserve Fund established under the Indenture in the amount of $9,659.16 in order to make the December 1, 2016 Interest Payment. After making the December 1, 2016 Interest Payment, there is $67,923.79 in the Debt Service Reserve Fund. Based on declining Project Revenues, the Trustee cannot guarantee that Holders will receive the next scheduled interest payment. The Trustee is currently considering its options on how to maximize recovery on behalf of the Bondholders, including a potential exercise of remedies or a meeting with members of the Issuer, Land Owner and Company. You will be advised of potential strategies and options in a further notice from the Trustee. Under the Indenture, Holders of at least a majority of the aggregate principal amount of Outstanding Bonds have the right to direct certain of the Trustees actions under and subject to the conditions contained in the Indenture, which include (among other things) providing the Trustee with an indemnity against liability satisfactory to the Trustee. As of the date of this notice, the Trustee has not received any direction from Holders. For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 19-Sep-2017
- News: You are hereby advised that the Trustee recently had to make a draw on the Debt Service Reserve Fund established under the Indenture in the amount of $18,690.01 in order to make the June 1, 2017 Interest Payment. After making the June 1, 2017 Interest Payment, there is $43,678.85 in the Debt Service Reserve Fund. Based on declining Project Revenues, the Trustee cannot guarantee that Holders will receive the next scheduled interest payment.
- Issue Currency: United States of America Dollars
- Announcement Date: 30-Nov-2017
- News: As you have been previously notified the Trustee has had to make draws on the Debt Service Reserve Fund established under the Indenture in order to make previous scheduled interest payments. As a result the Debt Service Reserve Fund has been nearly depleted. Accordingly, the December 1, 2017 Interest Payment will not be made. Doing so would leave the Trustee with very little resources to continue to administer the trust and, if directed, to exercise remedies.
