DECLARATION OF DEFAULT POSTPONED : PALMDALE TRADE CENTER BONDHOLDERS GET 6 MONTHS TO EXPLORE ALTERNATIVES.Byline: Jim Skeen Do you mean:
The City Council has put off for six months declaring a default on $20.5 million in bonds issued for the Trade and Commerce Center, allowing bondholders a chance to explore their options. At a meeting Wednesday, the City Council opted to delay a declaration that there were insufficient funds to pay back bond investors. With such a declaration, the city would have had to pay the bondholders with what funds are available: $244,140 in the district's redemption fund, $2 in reserve, and $371,000 in the district's improvement fund. ``They are looking at ways to move some of the property,'' Palmdale Mayor Jim Ledford said of the bondholders. With an 87 percent delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rate in assessment payments and no takers for property that has been foreclosed, city officials say there simply isn't enough money to make bond payments. The city has missed two bond payments: one Sept. 2 for $1.2 million and one March 2 for $808,143. Issued through a special assessment district, the bonds are secured by land in the district rather than by the city or its tax revenues. Palmdale monitors the bonds and is responsible for overseeing foreclosures when property owners are delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. in their assessment payments. In 1989, city officials decided to try to speed up commercial development in the 756-acre Trade and Commerce Center along the Antelope Valley Freeway The Antelope Valley Freeway is a freeway in Los Angeles and Kern counties in southern California. It is signed as California State Highway 14 along its length. It connects Greater Los Angeles to the rapidly developing Antelope Valley. south of Avenue P by building more than $29 million in roads, utilities, storm drains storm drain n. 1. A storm sewer. 2. A catch basin. and landscaping. The improvements were paid for through bonds to be financed by assessments on property in the center. But the recession that hit Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, hard, and Antelope Valley This article is about the Los Angeles County region. For the census-designated place in Wyoming, see Antelope Valley-Crestview, Wyoming. The Antelope Valley harder, meant fewer businesses than expected moved in. CAPTION(S): Photo Photo: Jim Ledford Mayor hints at property sales |
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