Discordant Harmony

Shields, Yvette
September 2004
Bond Buyer;9/15/2004, Vol. 349 Issue 31969, p31
Trade Publication
The article reports that Standard & Poor's Corp. last week lowered its outlook to negative from stable on its rating on the city of Harmony's $82 million multifamily revenue refunding bonds that sold in 1997 on behalf of the Zedakah Foundation. Though the Zedakah Foundation has contracted with Planned Investments Inc. to act as the project manager, it has yet to hire a management consultant as required under its trust indenture. The requirement is triggered when debt service coverage falls below 108% of the annual debt service on the bonds.


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