Connector 2000 revenue bond trustee reports snag in long-term licensing process

By Caroline Salls

Pittsburgh, June 26 - Connector 2000 Association, Inc. has encountered problems in its efforts to seek a long-term license for the Greenville, S.C., Southern Connector Project, according to a notice to holders of Connector 2000 series 1998A and series 1998B toll revenue bonds from trustee U.S. Bank NA.

According to the notice, Connector 2000 hired Goldman Sachs as a special financial consultant to determine interest in entering into a long-term license and concession of the project and the possibility of a refinancing of the bonds.

The trustee said the association and its consultants decided that the applicable South Carolina statutory framework was not conducive to seeking a long-term license.

Although Connector 2000 asked the South Carolina legislature to change the framework, the trustee said the changes were not enacted, and the legislature does not reconvene until next January.

U.S. Bank said the association does plan to continue to explore the issue until then.

In addition, the bond trustee said Connector 2000 has decided to hire a specialist to conduct an investment quality traffic study before it requests bids. The association hopes to select a specialist in time to complete the study later this year, according to the notice.

Also, U.S. Bank said an engineer's report due June 30 will not be delivered until Oct. 15 because one component of the report is based on a South Carolina Department of Transportation report that will not be completed until late summer.

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