Texas County Offers Bailout to Detention Center Debt Holders

Albanese, Elizabeth
November 2004
Bond Buyer;11/30/2004, Vol. 350 Issue 32019, p52
Trade Publication
The article reports on government actions about defaulted lease-revenue bonds in Texas County, Oklahoma. Investors who hold $5.14 million of defaulted lease-revenue bonds issued to finance a juvenile detention center in Kerr County, Texas, are considering a $1.75 million offer from the county to buy the facility. In September, Standard & Poor's Corp. downgraded its rating on the juvenile detention center in the Texas Panhandle by a whopping 13 notches after county officials decided not to appropriate funds for debt service or operating costs for the facility.


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