Lynwood Utility Authority
CUSIP 551803BL2
- Issue Currency: United States of America Dollars
- Announcement Date: 23-Dec-2016
- News: Each of the Indentures executed in connection with the Series 2008 A Bonds and Series 2009 A Bonds contains a covenant of the Authority to ensure in each Fiscal Year that Net Revenues of the Enterprise are at least equal to one hundred twenty-five percent (125%) of the total debt service payments on the aggregate Series 2008 A Bonds and Series 2009 A Bonds, and on any Parity Obligations, then-coming due and payable in such Fiscal Year (such payments, Annual Debt Service). As a result of the Governor`s declaration of a drought and the requirement to cut water usage, the currently unaudited Net Revenues in the Authoritys 2015-16 Fiscal Year are expected to be lower than 125% of Annual Debt Service. This statement will be re-evaluated upon completion of the Citys Annual Audit.
- Issue Currency: United States of America Dollars
- Announcement Date: 23-Dec-2016
- News: Municipal Name: Lynwood Utility Authority CUISP: 551803BL2 Currency: USD Lynwood Utility Authority today announced that it has not maintain the currently unaudited Net Revenues in the Authoritys 2015-16 Fiscal Year is expected to be lower than 125% of Annual Debt Service.
- Issue Currency: United States of America Dollars
- Announcement Date: 23-Dec-2016
- News: Each of the Indentures executed in connection with the Series 2008 A Bonds and Series 2009 A Bonds contains a covenant of the Authority to ensure in each Fiscal Year that Net Revenues of the Enterprise are at least equal to one hundred twenty-five percent (125%) of the total debt service payments on the aggregate Series 2008 A Bonds and Series 2009 A Bonds, and on any Parity Obligations, then-coming due and payable in such Fiscal Year (such payments, Annual Debt Service). As a result of the Governor`s declaration of a drought and the requirement to cut water usage, the currently unaudited Net Revenues in the Authoritys 2015-16 Fiscal Year are expected to be lower than 125% of Annual Debt Service. This statement will be re-evaluated upon completion of the Citys Annual Audit.
