CA Poll Control Rev Bnds 1996A Affd; 1996B Rated `AA+/F1+'.NEW YORK--(BUSINESS WIRE)--Nov. 2, 1999-- The $12,190,000 California Pollution Control Financing Authority, variable rate demand solid waste disposal revenue bonds' (CALSAN Inc. Project), series 1996A, `AA+/F1+' rating is affirmed by Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals Inc. Fitch IBCA also rates the Authority's $5,025,000 variable rate solid waste disposal revenue bonds (CALSAN Inc. Project), series 1996B `AA+/F1+'. The ratings are based on the support provided by irrevocable, direct-pay letters of credit (LOCs) issued by Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank, National Association. The bank is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to make payments of (1) principal of and interest on the bonds upon maturity, acceleration and redemption and (2) purchase price for tendered bonds. The ratings will expire upon the earliest of: (a) Dec. 1, 2004, the stated expiration of the LOC LOC - lines of code ; (b) any prior termination of the bonds; and (c) defeasance defeasance n. an antiquated word for a document which terminates the effect of an existing writing such as a deed, bond, or contract if some event occurs. DEFEASANCE, contracts, conveyancing. of the bonds. The LOCs provide full coverage of principal plus 45 days' interest at a maximum rate of 12% based on a 365-day year and purchase price for tendered bonds. The Remarketing Agent for the bonds is Westhoff, Cone & Holmstedt. The series 1996A bonds mature on Dec. 1, 2011; the series 1996B bonds mature on Dec. 1, 2006. The bonds bear interest at weekly interest rate, with interest payable on the first Wednesday of each month, commencing Dec. 1, 1999. Holders may tender their bonds on any business day with seven days' prior notice during the weekly rate mode. Bond proceeds were used to finance the acquisition and construction of materials recovery facilities A materials recovery facility or materials reclamation facility (MRF -- pronounced "murf") is a specialized plant that receives, separates and prepares recyclable materials for marketing to end-user manufacturers. and related equipment. CALSAN intends to sell the portion of its business that uses the project equipment to CalMet Services Inc. ("CalMet"). CalMet has assumed the obligations of CALSAN with respect to the project equipment. |
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