Scranton-Lackawanna Health and Welfare Authority
CUSIP 810694K99
- Issue Currency: United States of America Dollars
- Announcement Date: 09-Jan-2017
- News: NOTICE IS HEREBY GIVEN that Community Development Properties, Scranton, Inc. (CDPS), the Obligated Person for the above captioned bonds (the Bonds), has determined that the Debt Service Reserve Funds for the Series 2016ACD Bonds and the Series 2016B Bonds were underfunded according to the Trust Indenture for the Bonds at closing and is underfunded currently. The Trust Indenture requires separate Debt Service Reserve Funds for the tax-exempt and taxable bonds, although the underwriter intended to incorporate an aggregate debt service reserve fund requirement. CDPS is working to resolve the issue through either a Supplemental Indenture revisiting the Debt Service Reserve Fund Requirement or funding the deficiency as required under the Trust Indenture in 36 equal payments.
- Issue Currency: United States of America Dollars
- Announcement Date: 15-Dec-2017
- News: NOTICE IS HEREBY GIVEN to the holders of the above-referenced Bonds that pursuant to the provisions of the Master Trust Indenture, dated as of July 1, 2000, as supplemented and amended (the Master Indenture), between Marywood University (the University) and Peoples Security Bank and Trust Company, as successor master trustee (the Master Trustee), the University and the Master Trustee have entered into an amendment to the Thirteenth Supplemental Master Trust Indenture, dated as of September 1, 2016 (the ""Thirteenth Supplement""), between the Master Trustee and the University. After the Thirteenth Supplement was executed and delivered in connection with the issuance of the above-referenced Bonds, the parties discovered a scriveners error in the Thirteenth Supplement concerning the liquidity ratio covenant set forth therein. In order to correct the scriveners error and conform the Master Indenture to the true intent of the parties and to clarify the definition of the liquidity ratio covenant to take into account the pending accounting changes, the University and the Master Trustee entered into a First Amendment to Thirteenth Supplemental Master Trust Indenture a copy of which is attached to this Notice as Appendix A.
- Issue Currency: United States of America Dollars
- Announcement Date: 08-May-2018
- News: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE ABOVE BONDS. IF YOU RECEIVE THIS NOTICE AND ARE ACTING FOR A BENEFICIAL OWNER, PLEASE SEND THIS NOTICE TO THE BENEFICIAL OWNER(S) IMMEDIATELY. Effective April 9, 2018, UMB Bank, N.A. (the Successor Master Trustee) replaced Peoples Security Bank and Trust Company (the Prior Successor Master Trustee) as master trustee under that certain Master Trust Indenture, dated as of July 1, 2000, as supplemented and amended, between Penn Security Bank & Trust Company and Marywood University. As a result of the replacement of the master trustee function, rights under the various collateral and security instruments will be assigned of record to the Successor Master Trustee.
