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Article: Trustee: Default Ahead for S.C. Toll Bonds.(Market News)
- Article from:
- The Bond Buyer
- Article date:
- October 9, 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: Patrick Temple-West
WASHINGTON - The trustee for millions of dollars of toll revenue bonds issued in 1998 to finance South Carolina's first publicly owned and privately built toll road, the Southern Connector Project, is warning investors that the bonds will probably default on Jan. 1, 2010, because of insufficient revenue.
U.S. Bank NA issued the warning in a material event notice recently filed with the Municipal Securities Rulemaking Board's Electronic Municipal Market Access system that included a one-page form seeking contact information from bondholders.
"A payment default is expected on the bonds as of Jan. 1, 2010, barring ...