Burnsville Developments in Minnesota defaults on loan payment for series 1998 revenue refunding bonds

By Cristal Cody

Tupelo, Miss., Oct. 7 - Burnsville Developments Ltd. failed to remit the loan payments due under a 1998 loan agreement for the series 1998 revenue refunding bonds from the city of Burnsville, Minn., for the Holiday Inn project, according to a notice.

The failure has sparked a default event, and U.S. Bank, NA, the trustee, paid the full interest payment that was due on Oct. 1 with a portion of the bonds' reserve fund.

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