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Article: Connecticut Aquarium Foundation Skips Debt-Service Fund Payments.(The Regions)
- Article from:
- The Bond Buyer
- Article date:
- August 26, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Ted Phillips
The Sea Research Foundation Inc. failed to make monthly payments to a debt-service fund on $22.7 million of bonds during the first half of the year due to "financial difficulties," according to a material event notice filed last week.
The Connecticut Development Authority issued the bonds in 2007 to refund bonds sold in 1997 on behalf of the nonprofit foundation to renovate and expand the Mystic Aquarium and the Institute for Exploration in Stonington, Conn.
Citibank NA, which provided a letter of credit, made a May 1 payment on the bonds but had not been reimbursed by the foundation, and the bonds' debt-service reserve ...