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Lombard Public Facilities fails to fund July 1 revenue bond payments
By Caroline Salls
Pittsburgh, July 1 – Lombard Public Facilities Corp. failed to make the July 1 interest installment payment on its series 2005 first-tier and second-tier revenue bonds, according to a notice from bond trustee Amalgamated Bank of Chicago.
The trustee said it will use $1.57 million of available funds on hand to pay a portion of the interest due on the first-tier and second-tier bonds and use funds received from an insurer of Lombard’s series 2005A-2 bonds to complete the interest due on those bonds.
The trustee said the missed July 1 payment constitutes an additional event of default under the notes indenture.
Lombard was also unable to fund payments on the second-tier bonds on Jan. 1, 2014, July 1, 2014 and Jan. 1, 2015 or to fund payments on the first-tier bonds on Jan. 1, 2015.
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