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ST. PETERSBURG (FLA.) MIRROR LAKE PROJECT REVS ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 6 /PRNewswire/ -- St. Petersburg, Fla.'s $3.8 million outstanding "BBB-" Mirror Lake Project Revenue Bonds, series of 1991 are placed on FitchAlert with negative implications.
 The action results from the trustee's partial draw of approximately $52,300 on the bond's debt service reserve fund. The draw was required to offset a $68,800 cash deficiency in available funds to make the scheduled $162,400 Sept. 1, 1993 debt service payment. The reme?r of the deficiency was covered from funds in a vacancy & repair reserve. Approximately $272,400 remains on deposit in the debt service reserve fund.
 The cash flow shortfall resulted primarily from the project's inability to maintain minimum projected occupancy levels. After peaking at 85 percent earlier this year, the occupancy rate fell and has averaged about 75 percent over the last several months. Additionally, unanticipated expenses and capital improvements totaling approximately $23,000 were incurred, further expanding the deficiency.
 -0- 10/6/93
 /CONTACT: Vincent J. Barberio of Fitch, 212-908-0505/


CO: ST: Florida IN: SU: RTG

LG -- NY066 -- 9421 10/06/93 15:10 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
Words:182
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