Deposit made on McCormick Place bonds; trustee rescinds default notice

By Caroline Salls

Pittsburgh, Aug. 24 – A default notice was rescinded after the Metropolitan Pier and Exposition Authority made the $20.81 million debt service deposit due July 20 on its McCormick Place Expansion Project bonds, according to a notice released Monday.

As previously reported, bond trustee Amalgamated Bank of Chicago gave notice on Aug. 5 that failure to make the deposit may trigger an event of default under the indenture if the default continues for 30 days from the notice date.

On Aug. 12, a bill passed in the Illinois House of Representatives that would appropriate the full amount required for the fiscal year 2016 debt service. The bill was signed into law on Aug. 20, allowing the deposit to be made within the grace period.

The next scheduled date for the payment of principal and interest on the McCormick Place Expansion Project bonds is Dec. 15.

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