Delaware River Port Authority
CUSIP 246352FB9
- Issue Currency: United States of America Dollars
- Announcement Date: 26-May-2016
- News: Pursuant to the terms of that certain Reimbursement Agreement, dated as of March 1, 2013 (the ""Agreement""), between the Delaware River Port Authority (the ""Authority"") and The Bank of New York Mellon (""Liquidity Provider"") on March 21, 2013, the Liquidity Provider issued that certain Irrevocable Transferrable Letter of Credit No. S00063182 (the ""Original Letter of Credit"") in favor of TD Bank, National Association, as trustee (the ""Trustee"") under the Trust Indenture, dated as of July 1, 1998 (the ""1998 Indenture""), by and between the Authority and the Trustee, as amended and supplemented from time to time, including as amended and supplemented by the Sixth Supplemental Indenture, dated as of March 15, 2010 (the ""Sixth Supplemental Indenture""), and the Eighth Supplemental Indenture, dated as of March 15, 2013, by and between the Authority and the Trustee, for the benefit of the holders of the abovecaptioned bonds (the ""Bonds""). The 1998 Indenture, as amended and supplemented is hereinafter referred to as the ""Indenture"". All capitalized terms used herein which are not otherwise defined herein shall have the meanings assigned to them in the Indenture. The Original Letter of Credit was formally amended on March 4, 2016 (as amended, the ""Letter of Credit"") to amend the Stated Expiration Date (as defined in the Letter of Credit) of the Letter of Credit to June 16, 2016 from March 18, 2016. Accordingly, the Expiration Date of the Letter of Credit for purposes of the Indenture is now June 16, 2016. For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 26-May-2016
- News: Pursuant to the terms of that certain Reimbursement Agreement, dated as of March 1, 2013 (the ""Agreement""), between the Delaware River Port Authority (the ""Authority"") and The Bank of New York Mellon (""Liquidity Provider"") on March 21, 2013, the Liquidity Provider issued that certain Irrevocable Transferrable Letter of Credit No. S00063182 (the ""Original Letter of Credit"") in favor of TD Bank, National Association, as trustee (the ""Trustee"") under the Trust Indenture, dated as of July 1, 1998 (the ""1998 Indenture""), by and between the Authority and the Trustee, as amended and supplemented from time to time, including as amended and supplemented by the Sixth Supplemental Indenture, dated as of March 15, 2010 (the ""Sixth Supplemental Indenture""), and the Eighth Supplemental Indenture, dated as of March 15, 2013, by and between the Authority and the Trustee, for the benefit of the holders of the abovecaptioned bonds (the ""Bonds""). The 1998 Indenture, as amended and supplemented is hereinafter referred to as the ""Indenture"". All capitalized terms used herein which are not otherwise defined herein shall have the meanings assigned to them in the Indenture. The Original Letter of Credit was formally amended on March 4, 2016 (as amended, the ""Letter of Credit"") to amend the Stated Expiration Date (as defined in the Letter of Credit) of the Letter of Credit to June 16, 2016 from March 18, 2016. Accordingly, the Expiration Date of the Letter of Credit for purposes of the Indenture is now June 16, 2016 For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 26-May-2016
- News: In addition, pursuant to Section 2.10 of the Sixth Supplemental Indenture, upon mandatory tender and purchase of the Bonds, the Authority shall effect a change in the Mode now prevailing on the Bonds to an alternate Mode. Specifically, it is the Authority`s intention that the Mode on the Bonds shall be changed from the Weekly Mode to a ""LIBOR Index Rate Mode"" (the ""New Mode""), which New Mode shall be authorized pursuant to a Tenth Supplemental Indenture to the 1998 Indenture, to be dated as of June 1, 2016, by and between the Authority and the Trustee (the ""Tenth Supplemental Indenture""), to be executed and delivered as of the Mandatory Purchase Date, which Tenth Supplemental Indenture shall further amend and supplement the Original Indenture. The Bonds are expected to be held by the Purchaser and to bear interest in the New Mode for a period of three (3) years (the ""Initial Period"") and shall not be publically traded during such Initial Period. The conversion to the New Mode shall occur on the Mandatory Purchase Date (the ""Mode Change Date""), which Mode Change Date shall be a Business Day in accordance with the Indenture. The Bonds will be subject to mandatory tender for purchase on the Mandatory Purchase Date (which shall also be the Mode Change Date) regardless of whether all of the conditions to the change in Mode are satisfied. For Bond Document please visit www.BondPDF.com
