Lombard Public Facilities misses Jan. 1 revenue bond interest payment

By Caroline Salls

Pittsburgh, Jan. 2 – Lombard Public Facilities Corp. in Lombard Village, Ill., did not make the interest payment due Jan. 1 on its first-tier and second-tier conference center and hotel revenue bonds, constituting an event of default under the bonds’ indenture, according to a notice from bond trustee Amalgamated Bank of Chicago.

In accordance with the indenture and written direction from insurer ACA Financial Guaranty Corp., the trustee said it will use a portion of available funds on hand to make part of the interest payment and use funds received from the insurer of the series 2005A-2 bonds to complete interest and principal payments due on those bonds.

The total interest payment from available funds will be $3.57 million, according to the notice. The insurer will pay $835,000 in principal and $207,680 to complete the series 2005A-2 bonds.

A total of $157.79 million principal amount is outstanding on the bonds.

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