The bonds are secured by a pledge of gross revenues, mortgage on Northcrest's property and a debt service reserve fund
The Transportation Infrastructure Finance and Innovation Act (TIFIA) loan is secured by a lien on the port's subordinate revenues, or gross revenues remaining after the payment of debt service on senior bonds and the funding of any debt service reserve funds
established for the senior bonds and any other senior obligations.
Loans secured by system revenue pledges (the primary source of loan security) must demonstrate minimum coverage of 1.25x annual debt service coverage and are also required to create a local debt service reserve fund
equal to 1.0x maximum annual debt service.
Proceeds will refund Wilson's outstanding series 2007 bonds, fund a debt service reserve fund
(DSRF), and pay costs of issuance.
The bonds are expected to be secured by a pledge of gross revenues of the obligated group (OG), a first mortgage lien on certain PRC properties, and a debt service reserve fund
. PRC benefits from its large size and revenue diversity from nine continuing care retirement communities (CCRC) in six markets throughout the state of Florida with total operating revenues of nearly $184 million.
Proceeds will fund a portion of the costs of an expansion and renovation project, capitalized interest through the construction period, a debt service reserve fund
and costs of issuance.
The bonds are secured by mortgages on UMRH's three retirement communities, a security interest in pledged assets (including gross receipts), and a debt service reserve fund
Proceeds of the bonds, plus other funds, will refund the series 2006A and 2014 bonds, pay for capital expenditures, fund a debt service reserve fund
, and pay the costs of issuance.
The bonds are secured by an interest in the gross revenues of the obligated group, a security interest in certain mortgaged properties and a debt service reserve fund
. Occupancy levels in Querencia's independent living units (ILUs) remained strong at 98% in FY 2017 and the six month interim period ended June 30, 2018 (the interim period).
A failure to refinance the securitized commercial loan, which matures in June 2019, or a refinancing without a servicer role similar to the current loan could lead to a downgrade of the PILOT bonds as the debt service reserve fund
would be insufficient to cover PILOTs over an extended period of time.