Tern Bay Community Development District


CUSIP 880889AB6
  • Issue Currency: United States of America Dollars
  • Announcement Date: 03-Aug-2018
  • News: NOTICE IS HEREBY GIVEN that the principal and interest payment delinquencies reported on EMMA for the period between November 1, 2009 and May 1, 2018 corresponding with real estate owned by the above named Obligated Person have been remedied. The delinquencies were cured by virtue of agreements executed in connection with the trustee and bondholders direction and consent letter permitting the sale of SPE-owned real estate assets to Lennar Homes, LLC (Lennar). Proceeds from the real estate sale were used to pay a portion of the outstanding Series 2005A and 2005B Bonds, among other directed uses, and all remaining delinquent assessments were cured at this time. The District has recorded revisions to the assessment lien book in connection with the real estate sale.
CUSIP *****
  • Issue Currency: United States of America Dollars
  • Announcement Date: 03-Aug-2018
  • News: NOTICE IS HEREBY GIVEN that the principal and interest payment delinquencies reported on EMMA for the period between November 1, 2009 and May 1, 2018 corresponding with real estate owned by the above named Obligated Person have been remedied. The delinquencies were cured by virtue of agreements executed in connection with the trustee and bondholders direction and consent letter permitting the sale of SPE-owned real estate assets to Lennar Homes, LLC (Lennar). Proceeds from the real estate sale were used to pay a portion of the outstanding Series 2005A and 2005B Bonds, among other directed uses, and all remaining delinquent assessments were cured at this time. The District has recorded revisions to the assessment lien book in connection with the real estate sale.
CUSIP *****
  • Issue Currency: United States of America Dollars
  • Announcement Date: 09-Aug-2018
  • News: U.S. Bank National Association, acts as trustee (the ""Trustee``) under that Master Trust Indenture, dated as of January 1, 2005 between the Tern Bay Community Development District (the ""District"") and the Trustee, as supplemented by a Second Supplemental Trust Indenture dated as September 1, 2005 between the same parties (the ""Supplemental Indenture"", and collectively with the Master Indenture, the ""Indenture""). Capitalized te1ms not otherwise defined herein shall have the meanings assigned to such terms in the Indenture. PAYMENT OF PARTIAL INTEREST ON THE BONDS ON AUGUST 15, 2018 A Super Majority of outstanding Bondholders has directed the Trustee to participate in a sale of foreclosed real property that was a collateral source for the repayment of the Bonds. The sale of the collateral was not sufficient to provide for a full recovery of Principal and Interest on the outstanding Bonds. The Trustee has received sufficient payments from the sale of foreclosed collateral to pay Paiiial past due Interest on the Bonds. Accordingly, on August 15, 2018, the Trustee will make an Interest Payment in the aggregate amount of $10,147,746.87, to holders of record as of August 1, 2018, as follows. This Partial Interest Payment represents accrued Interest from November 1, 2008 through approximately July 31, 2014, based on $32,820,000 principal amount of Bonds outstanding. (2,070.88070132 Days Interest - Partial days Interest is due to rounding of days to the amount of money the Trustee has available for distribution). The Super Majority Bondholders have also directed the Trustee to Waive and Cancel the balance of unpaid and accrued Interest on the outstanding Bonds up and through April 30, 2018. (1,349.11929868 days). Interest will then accrue from May 1, 2018 to the next Interest Payment Date of November 1, 2018. Maturity Cusip No. Interest Distribution Total Interest Per Rate Per $1,000 Bond $1,000 Bond 5/1/2037 880889AA8 30.9193993601 % $309.193993601 After payment of partial Interest is made to all Bondholders, the Super Majority Bondholders intend to direct the Trustee to cancel $31,650,000 Principal Amount of Super Majority held Bonds. That cancellation Notice will be handled in a subsequent transaction. * Trustee is not responsible for selection or use of CU SIP. It is included solely for holder convenience. The Trustee will continue to provide information concerning this matter to the Bondholders as it becomes available. Recent Notices to Holders can be found on the Municipal Securities Rulemaking Board (MSRB) website at www.emma.msrb.org. The Trustee may conclude that a specific response to paiiicular inquiries from individual holders is not consistent with equal and full dissemination of info1mation to all holders. Holders should not rely on the Trustee as their sole source of inf01mation. The Trustee makes no recommendations and gives no investment advice. Holders of the Bonds with questions about this notice should direct them to Keith R. Marshall, Vice President, U.S. Bank National Association, 633 W. Fifth Street, 24th Floor, Los Angeles, CA 90071. Mr. Marshall`s telephone number is (213) 615-6034. Holders of the Bonds with questions may also contact U.S. Bank at either (800) 934-6802, option 4; or: www. us bank.corn/corp trust/bondholder contact.html. For Bond Document please visit www.BondPDF.com



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