Fitch Rates Passaic Hebrew Institute Adj-Rt Dem Tax Rev Bnds, Ser 05 'AA-/F1+'.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 -- Fitch assigns a rating of 'AA-/F1+' to the $7,095,000 Passaic Hebrew Institute adjustable-rate demand taxable revenue bonds, series 2005. The rating is based on the support provided by an irrevocable direct pay confirming letter of credit (CLOC CLOC Center for Learning and Organizational Change CLOC College Light Opera Company (Falmouth, Massachusetts) CLOC Commercial Line of Credit CLOC Canadian Logistics Operation Center CLOC Coalition Logistics Operations Center ) issued by The Bank of Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography . The CLOC provides full coverage of principal, interest equal to 45 days calculated at a maximum rate of 12% based on a year of 365 days, plus purchase price. The CLOC expires on Dec. 22, 2006, unless such date is automatically extended for one-year periods. The underlying irrevocable direct pay letter of credit (LOC LOC - lines of code ) is issued by Sovereign Bank, and provides full coverage of principal and interest payments due, as well as purchase price. The LOC is sized to cover the principal amount, and an amount equal to 45 days of accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. at 12%, based on a 365-day year, and purchase price for tendered bonds. The LOC expires on Dec. 22, 2013. The remarketing agent for the bonds is Ziegler Capital Markets Group. The bonds are expected to be delivered on or about Dec. 22, 2005. The bonds initially bear interest at the weekly interest rate, but may be converted to a one-month, three-month, six-month, one-year, five-year, and fixed interest rate mode. While bonds bear interest in the weekly, one-month, and three-month modes, interest is payable on the first business day of each month, commencing Jan. 3, 2006. Bondholders may tender their bonds for purchase on any business day with seven days' prior notice during the weekly rate and on each rate adjustment date for bonds in the one-month, three-month, six-month, one-year, or five-year interest rate modes, with prior notice to the trustee. The bonds are subject to mandatory tender on the first day of any change in an interest rate period, and on the effective date of any Alternate LOC or Alternate CLOC, and on the interest payment date which precedes by at least five days the LOC or CLOC expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. . The trustee will draw on the CLOC only if Sovereign Bank fails to honor a draw on its LOC or repudiates its LOC. Either of these two events constitutes an event of default under the indenture, leading to an immediate acceleration of the bonds. Optional redemption provisions also apply to the bonds. Fitch's rating will expire on the earliest to occur of: Dec. 22, 2006, the scheduled expiration date of the CLOC; any prior termination of the CLOC; or defeasance of the bonds. Bond proceeds will be used to finance the cost of the acquisition, construction, and equipping of certain school facilities located in Passaic, New Jersey “Passaic” redirects here. For other uses, see Passaic (disambiguation). Passaic is a city in Passaic County, New Jersey, United States. As of the United States 2000 Census, the city had a total population of 67,861. . Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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