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On Friday, February 1, 2013, The Bank of New York Mellon
BK, as trustee for the
Jefferson County, Alabama, sewer revenue warrants, notified Assured Guaranty
AGO
Municipal Corp. (AGM) that it was suspending, until further notice,
distributions to warrant holders of funds that secure and are the source of
payment of the sewer warrants' debt service. The suspended distributions
include both net system revenues and draws on insurance policies, including
certain AGM insurance policies.
AGM disagrees with the trustee's decision to suspend distributions and will
take all steps necessary to ensure that each holder of an AGM-insured sewer
warrant will receive scheduled debt service payments in full and in a timely
manner.
In that regard, AGM has paid all amounts due for payment on February 1, 2013
on the AGM-insured sewer warrants under its bond insurance policy to the
Depository Trust Company (DTC) and expects that DTC will credit such amounts
to holders' accounts on Monday, February 4, 2013.
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Posted In: News
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