FACILITIES DISTRICT DEFAULTS ON BOND PAYMENT.Byline: Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by F. Bostwick Bostwick can refer to: People
A municipal improvement district that paid for utilities and other work around the Sierra Gateway office complex has defaulted on an interest payment. The Sierra Gateway Community Facilities District paid just over 36 percent of the roughly $400,000 that was due Monday Monday: see week. to bondholders, because taxes 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. on four of the six parcels in the district and previous payments drained all available funds, officials said. ``It's a partial default,'' said city Finance Director Bill Ramsey William Thrace Ramsey (born October 20, 1920 in Osceola, Arkansas) was a Major League Baseball outfielder who played for the Boston Braves in 1945. On November 1, 1944 he had been drafted by the Boston Braves from the St. Louis Cardinals in the 1944 rule V draft. . Taxes have been paid for the land that contains the office buildings along Sierra Highway Sierra Highway is a road in Southern California, United States. It runs from Tunnel Station near the north limit of the City of Los Angeles, where it intersects with San Fernando Road and Foothill Boulevard, as well as Interstate 5, and continues north to Mojave, mostly paralleling north of Avenue P, but are delinquent for the surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. vacant land, Ramsey said. The delinquent taxes are similar to the problems Palmdale has faced for several years at the larger Trade and Commerce Center, where the city found no takers for property that was foreclosed for delinquencies. A Senior Systems Technology Inc. electronics factory is now going up on property the city took over for delinquent taxes. In neither development is the city required to put up general revenue to make up for the delinquent taxes, but it is required to pursue collection efforts against the property owners, officials said. 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 in their assessment payments. ``We've had problems like this in the past, and we continue to roll on,'' Ramsey said. The city formed Community Facilities District 91-1 to issue nearly $8 million worth of bonds in 1991 to pay for storm-water retention facilities, streets, water, utility lines and landscaping for Sierra Gateway. The center was envisioned as a business park with 2.5 million square feet of office space, but recession intervened and just two of four parcels have been built so far. |
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