Las Vegas Monorail first-tier bondholders to get $350,460 distribution

By Caroline Salls

Pittsburgh, Feb. 20 – The trustee for the Las Vegas Monorail Project’s first-tier series 2000 revenue bonds plans to make a total of $350,460 in partial distributions to bondholders on Feb. 27 in connection with interest payments due Jan. 1, according to a notice from trustee Wells Fargo Bank, NA.

Wells Fargo said payment of principal and interest on the bonds is insured by a surety bond and a municipal bond insurance policy issued by Ambac Assurance Corp., which were included in a segregated account established by Ambac in March 2010.

The trustee said the Feb. 27 distribution will be funded from cash to be paid to Wells Fargo by the segregated account under a rehabilitation court interim cash payment order.

The record date for the payment is Feb. 26.

The total partial payment amount is comprised of $120,424 to be paid to one group of first-tier bondholders, representing $12.656250 of interest per $1,000 face amount of bonds; $11,985 to be paid to a second group of bondholders, representing $12.656250 interest per $1,000 face amount of bonds; and $218,050 to be paid to a third group of bondholders, representing $12.093750 of interest per $1,000 face amount of bonds.

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