Examples of Series 2006B Bonds in a sentence
The Swap Agreements entered into to hedge exposure to variable interest rates on the Series 2006B Bonds, remained in place and were amended to relate to the Series 2008A Bonds.
Financial Guaranty Insurance Company (FGIC) provided a municipal bond insurance policy for the Series 2006B Bonds.
FGIC was downgraded by the rating agencies and, as a result, the variable interest rate on the Series 2006B Bonds increased significantly and was at a rate that was unacceptable to the Parish.
Interest and principal on the Series 2006B Bonds will not be paid until there is sufficient tax increment to service the interest and principal due on the Series 2006A Bonds and to establish various reserves and deposits.
Interest and principal on the Series 2006B Bonds are special obligations of the City payable only from specified tax increment to be deposited in a special revenue account pursuant to an ordinance enacted by the City Council.
The Airports Authority has $227.5 million of Series 2005A Bonds that are callable on October 1, 2015, $245.0 million of Series 2006A Bonds that are callable on October 1, 2016 and $375.3 million of Series 2006B Bonds that are also callable on October 1, 2016.
The Series 2006B Bonds bear interest at the rate of 7.5% per annum, payable semi-annually.
The Series 2006B Bonds are junior to Series 2006A Bonds issued by the City in the original principal amount of $30,795,000 (approximately $28,300,000 are currently outstanding).
The Series 2006B Bonds have been classified as held-to-maturity investments as the Company has the positive intent and ability to hold the securities to maturity.
Currently there is not sufficient tax increment to pay interest on the Series 2006B Bonds.