Fitch Affirms Los Angeles Fire Safety Dist No. 1, $11.1MM Notes at 'AA'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The City of Los Angeles
The notes, which were issued to fund the construction and installation of certain fire safety and related improvements to 25 privately owned office buildings in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , are secured by tax assessments on these properties. The assessments are senior to any mortgage liens on the properties and are paid pari passu [Latin, By an equal progress; equably; ratably; without preference.] Used especially to describe creditors who, in marshalling assets, are entitled to receive out of the same fund without any precedence over each other. PARI PASSU. By the same gradation. with property taxes. To date, 16 of the property owners have paid their assessments in full, leaving nine properties to secure the transaction. The certificate balance has decreased by 88% to $11.1 million as of March 2, 2005 from $96.4 million at issuance. Additional security is provided by a cash reserve (initially 9.6% of the issue amount) with a current balance of $1.7 million and representing approximately 15% of the unpaid certificate balance. The property owners are on average 87.3% complete with the construction of the improvements. The deal pays semi-annually; according to the trustee, BNY BNY Bank of New York Western Trust Company (BNY), as of the March 2005 payment date, there are no assessment installments currently delinquent and no properties currently in foreclosure. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion