Medical Clinic Board of the City of Cullman/The
CUSIP 230103AB9
- Issue Currency: United States of America Dollars
- Announcement Date: 21-Dec-2015
- News: Municipal Name: Medical Clinic Board of the City of Cullman/The CUSIP: 230103AB9 Currency: USD Medical Clinic Board of the City of Cullman/The today announced that the trustee to enter into a Forbearance Agreement of the reduced debt service interest payment of not less than 2.5% for payments due and deferral of the debt service reserve account and operating reserve account replenishment payments during this time period for the Series 2011B Bonds. For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 21-Dec-2015
- News: Municipal Name: Medical Clinic Board of the City of Cullman/The CUSIP: 230103AA1 Currency: USD Medical Clinic Board of the City of Cullman/The today announced that the trustee to enter into a Forbearance Agreement of the reduced debt service interest payment of not less than 2.5% for payments due and deferral of the debt service reserve account and operating reserve account replenishment payments during this time period for the Series 2011A Bonds. For Bond Document please visit www.BondPDF.com
- Issue Currency: United States of America Dollars
- Announcement Date: 05-Sep-2017
- News: BOKF, NA (formerly BOKF, NA dba Bank of Oklahoma) (the Trustee) serves as Trustee under that certain Trust Indenture dated as of June 1, 2011 between the Medical Clinic Board of the City of Cullman Cullman Medical Park South and the Trustee pursuant to the terms of which the referenced Bonds were issued. Bondholders are hereby notified that Forbearance Agreement between Cullman ALF Group, LLC (the Borrower) and the Trustee expired according to its terms on September 1, 2017. The Borrower remitted a partial payment (at the Forbearance Rate of 2.5%) for September 1, 2017 debt service, which was paid to the Bondholders. Because the Forbearance Agreement has now expired, all of the Borrowers payment obligations pursuant to the Indenture and Lease Agreement are now due. The Borrowers past due payment obligations include the following: Debt Service Reserve Replenishment $ 550,000.00 Operating Reserve Replenishment $ 330,000.00 Series A - Interest Due 9-1-17@ 5.75% $ 738,395.91 Series B - Interest Due 9-1-17 @ 6.5% $ 56,062.50 Series C - Interest Due 9-1-15 @ 9.0% $ 802,512.50 2016 Mandatory Principal Redemption $ 70,000.00 2017 Mandatory Principal Redemption $ 75,000.00 $2,621,970.91 The Trustee has made demand upon the Borrower for immediate payment of unpaid accrued interest and principal amounts not collected during the forbearance *The CUSIP numbers appearing herein have been included solely for the convenience of the Holders. BOKF, NA assumes no responsibility for the selection or use of such numbers and makes no representation as to the correctness of the CUSIP numbers listed above. period. Trustee has also provided notice of the delinquent compliance items and financial covenants and demanded cure of these issues within thirty (30) days of the date of the notice. If Borrower has not voluntarily cured the various default issues occasioned by the expiration of the Forbearance Agreement within thirty (30) days, Trustee will evaluate other options to compel compliance with the terms of the Indenture and Lease Agreement.
