Greeneway Improvement District


CUSIP 39483RAA2
  • Issue Currency: United States of America Dollars
  • Announcement Date: 24-Aug-2018
  • News: THIS SECOND AMENDMENT TO FIRST SUPPLEMENTAL TRUST INDENTURE (the ""Second Amendment"") dated as of ______, 2018, from GREENEWAY IMPROVEMENT DISTRICT (the ""District"") to U.S. Bank National Association, a national banking corporation, as Trustee (the ""Trustee""), and authorized to accept and execute trusts of the character herein set out, with its designated corporate trust office and post office address located at 225 East Robinson Street, Suite 250, Orlando, Florida 32801, Attention: Corporate Trust Department. WHEREAS, the District in connection with the issuance of its $55,750,000 Special Assessment Revenue Bonds, Series 2013 (the ""2013 Bonds"") entered into a Master Trust Indenture, dated as of April 1, 2013 (the ""Master Indenture"") and a First Supplemental Trust Indenture dated as of April 1, 2013 which was, amended by that First Amendment to First Supplemental Trust Indenture dated as of October 21, 2013 (collectively, the ""First Supplemental"") both by and between the District and the Trustee to secure the issuance of its Greeneway Improvement District Special Assessment Revenue Bonds (the ""Bonds""), issuable in one or more series from time to time; and WHEREAS, Section 5.05 of the First Supplemental provides among other matters that the District will not issue debt secured by special assessments that attach to lands within the District which would result in the total level or such encumbrances, inclusive of the Series 2013 Assessments (as defined in the First Supplemental) exceeding $60,000 per acre on property within the District not subject to an approved Specific Parcel Master Plan except (i) with the written approval of the Majority Owners or (ii) debt issued in a principal amount not to exceed $24 million for purposes of completing the District`s Capital Improvement Program; and WHEREAS, because of changes to the development plan for lands within the District, the Board of Supervisors of the District has determined it is necessary for the District to have the ability to issue debt in excess of the principal amount provided for in Section 5.05 of the First Supplemental; and WHEREAS, Section 7.04 of the First Supplemental provides that amendments thereto shall be made pursuant to the provisions for amendment contained in the Master Indenture; and WHEREAS, Article XIII of the Master Indenture contains the provisions for amendments; and WHEREAS, Section 13.02 of the Master Indenture provides that a Supplemental Indenture like the First Supplemental can be amended by a Supplemental Indenture approved by the Owners of at least a majority in aggregate principal amount of the Series of Bonds then Outstanding and secured by such Supplemental Indenture; provided that with respect to any amendment regarding (a) the interest payable upon any Bonds, (b) the dates of maturity or redemption provisions of any Bonds, (c) Article XIII of the Master Indenture and (d) the security provisions hereunder the Master Indenture or under any Supplemental Indenture, such may only be amended by approval of the Owners of all Bonds to be so amended; and WHEREAS, the District hereby determines that the amendment to Section 5.05 of the First Supplemental as set forth below is not the kind of amendment requiring the approval of the Owners of all of the 2013 Bonds; and 2 WHEREAS, CEDE & Co. as the registered owner (the Owner) of all of the 2013 Bonds has assigned its rights to approve amendments like this Second Amendment to the Beneficial Owners of the 2013 Bonds; and WHEREAS, the Beneficial Owners of at least a majority in aggregate principal amount of the 2013 Bonds have approved the amendment to Section 5.05 of the First Supplemental, as described herein; and WHEREAS, the form and execution and delivery of this Second Amendment has been duly approved and authorized by the Board of Supervisors of the District pursuant to Resolution No. ____



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