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REGENCY AT GLEN COVE (N.Y.) 1992 SERIES B BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 REGENCY AT GLEN COVE (N.Y.) 1992 SERIES B BONDS RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, June 18 /PRNewswire/ -- The Glen Cove Industrial Development Agency (N.Y.)'s civic facility revenue bonds, 1992 Series B, issued on behalf of the Regency at Glen Cove, are rated "AAA" by Fitch. The issue's original principal amount is $4.1 million.
 The rating reflects the security changes detailed in an irrevocable defeasance escrow agreement between the trustee of the refunded bonds and United Community and Housing Development Corp., the original obligor on the bonds. The agreement was executed on June 16, 1992. The 1992 Series B bonds are now irrevocably secured by United States Treasury Coupon Interest STRIPs which will produce sufficient cash flow to pay the "final appreciated amount" due on the series of bonds on Oct. 15, 2019.
 Fitch reviewed various legal documents and opinions rendered by Peck, Shaffer & Williams in connection with this defeasance. Among other things, these opinions dealt with the defeasance of the original lien, the original issue discount interest on the refunded bonds not being subject to federal tax, certain bankruptcy preference and automatic stay issues, and the permissiveness of the contemplated transaction. Fitch also reviewed the certified public accountant's report on the sufficiency of the projected cash flows from the STRIPs. The STRIPs mature on Aug. 15, 2019, and such investment maturity occurs 60 days before the refunded bonds' optional call date.
 -0- 6/18/92
 /CONTACT: Edward Merrigan of Fitch, 212-908-0513/ CO: Regency at Glen Cove ST: New York IN: SU: RTG


GK -- NY086 -- 1704 06/18/92 17:48 EDT
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Date:Jun 18, 1992
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