Industrial Development Authority of the City of Lee s Summit
CUSIP 524289AB1
- Issue Currency: United States of America Dollars
- Announcement Date: 04-Sep-2015
- News: Municipal Name: Industrial Development Authority of the City of Lee s Summit CUSIP: 524289AB1 Currency: USD Industrial Development Authority of the City of Lee s Summit announced today that the Trustee has drawn upon funds in the Debt Service Reserve to make the full payment for the Series 2007 Bonds on September 1, 2015. For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 04-Sep-2015
- News: Municipal Name: Industrial Development Authority of the City of Lee s Summit CUSIP: 524289AA3 Currency: USD Industrial Development Authority of the City of Lee s Summit announced today that the Trustee has drawn upon funds in the Debt Service Reserve to make the full payment for the Series 2007 Bonds on September 1, 2015. For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 23-Sep-2016
- News: UMB Bank, National Association, serves as successor Indenture Trustee (the ""Trustee"") under a Trust Indenture dated as of April 1, 2007 (the ""Indenture"") between the Trustee, the Industrial Development Authority of the City of Lees Summit, Missouri (the Issuer), the City of Lees Summit, Missouri (the City) and Pulte Homes of Greater Kansas City, Inc. (the Original Developer). The proceeds of the Bonds were primarily used to provide for the construction and financing of public improvements (the Project) benefitting the property within the Kensington Farms Project Neighborhood Improvement District (the District). The Original Developer sold substantially all of the development to BAW Investments, LLC in FY 2009. BAW Investments, LLC may hereinafter be referred to as the Developer. All terms not otherwise defined herein are as defined in the Indenture or the Financing Agreement. Under that certain Financing Agreement dated April 1, 2007 by and between the Issuer, the City, the Original Developer (now succeeded by the Developer) and the Trustee (the Financing Agreement), the City assessed the final costs of Project as a Special Assessment against the District (the Special Assessments) and pledged the Special Assessments to the Trustee for the payment of the Bonds. The Developer has the duty to pay Special Assessments by December 31 of each year, so that the Special Assessment can be paid to the Trustee. The Developer failed to pay the Special Assessment due Dec. 31, 2014 and Dec. 31, 2015, and as a result the Special Assessment was not paid to the Trustee. Failure to pay the Special Assessment to the Trustee is an Event of Default under Section 7.1 of the Financing Agreement and under Section 701 of the Indenture, a default under the Financing Agreement constitutes an Event of Default under the Indenture. Interest upon the Bonds in the amount of $128,418.75 was due on September 1, 2016. In addition, interest was previously paid in part through a draw upon the Debt Service Reserve Fund, which has not been repaid. The Trustee, in consultation with holders of a majority of the outstanding principal of the Bonds (Majority Holders) is considering options in coordination with outside counsel. Accordingly, and with the direction of Majority Holders, the Trustee did not make a payment on account of the interest due September 1, 2016. For Bond Document please visit www.BondPDF.com
