Industrial Development Authority of the Town of Florence Inc.
CUSIP 340375AD6
- Issue Currency: United States of America Dollars
- Announcement Date: 09-Dec-2015
- News: Municipal Name: Industrial Development Authority of the Town of Florence Inc. CUSIP: 340375AD6 Currency: USD Industrial Development Authority of the Town of Florence Inc. announced today that it intends to amend the indenture of the Series 2010 Bonds by providing that the Series 2010 Bonds are subject to redemption in whole or in part on any date prior to July 1, 2020 at a redemption price calculated to the original redemption date of July 1, 2020. For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 21-Jan-2015
- News: CUSIP: 340375AF1 Currency: USD Industrial Development Authority of the Town of Florence Inc. announced today that it has amended the Indenture Series 2011 Bonds subject to redemption on any date prior to July 1, 2021, at a redemption price calculated using as the yield for such price. For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 19-Aug-2016
- News: The Borrowers previously pledged the revenues from their two respective charter school operations and executed a deed of trust for the benefit of the Bond Trustee that granted a first priority lien on their two charter school facilities (the Existing Bond Collateral) to secure their payment and performance obligations under the Original Loan Agreement and, in turn, debt service on the Series 2013 Bonds. The Restated Bond Indenture and the Restated Loan Agreement will amend the Original Bond Indenture and the Original Loan Agreement by substituting an Obligation issued under the Master Indenture (Obligation No. 3) for the Existing Bond Collateral, which will permit the Borrowers to simultaneously pledge the Existing Bond Collateral (except the Series 2013 Promissory Note, which will be cancelled) to the Master Trustee and to become Members of the Obligated Group. Subject to obtaining the required consent and approval of the Registered Owners to execution of the Restated Bond Indenture and the Restated Loan Agreement (as discussed below), upon the Borrowers becoming Members of the Obligated Group, the Obligations, including Obligation No. 3, will be secured on a parity basis by a first priority pledge of and lien on the combined revenues and facilities of eight charter schools, which will provide increased and more diverse collateral for the debt service on the Series 2013 Bonds. For example, by adding the Borrowers to the Obligated Group, the Days Cash on Hand at June 30, 2016 would improve from an estimated 68 days for the Borrowers to an estimated 95 days for the larger Obligated Group (including the Borrowers). Similarly, by adding the Borrowers to the Obligated Group, the Debt Service Coverage Ratio at June 30, 2016 would improve from an estimated 1.28 to 1 for the Borrowers to an estimated 1.46 to 1 for the larger Obligated Group (including the Borrowers). For Bond Document please visit www.BondPDF.com
