Pingree Grove, Ill., misses Cambridge Lakes Project interest payments

By Tali David

Minneapolis, March 2 - Village of Pingree Grove, Kane County, Ill., was unable to make an interest payment of $473,891 on its Cambridge Lakes Project series 2005-1 special tax bonds, according to a notice from bond trustee Wells Fargo Bank, NA.

In addition, Pingree was unable to complete a mandatory sinking fund redemption in the amount of $4,178,000 and a special redemption in the amount of $171,000.

All payments were due March 1.

Village of Pingree and Cambridge Lakes are based in Pingree Grove, Ill.

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