In 2016, Jackson County voters approved a new 1 percent sales tax to fund school facilities -- a tax that could fund future
bond payments or school facility projects.
Bond payments are secured by a pledge of the obligated group's accounts receivable and a negative pledge of all other assets.
The report notes that the island could be up to $3 billion in the red as it faces a $1.3 billion debt payment in February, when a temporary debt moratorium imposed earlier this year expires, and another $934 million in
bond payments due from March through June.
One thing that is certain: Once the bill is signed into law, lawsuits filed by bondholders for missed municipal
bond payments retroactive to December - and there have been a few already -- would be barred, providing the island breathing room to restructure debt.
The County is currently claiming, however, that the Airport Authority was not authorized to enter into these agreements, while at the same time the County is seeking reimbursement for
bond payments from Silver Comet which they claim are owed under the same agreements.
Venezuelan state oil company PDVSA is in talks with international banks over refinancing the company's debt, its president said, as the Opec member country grapples with major
bond payments amid an oil price rout.
Hanson says Puerto Rico will meet constitutionally backed general obligation
bond payments through the current fiscal year, but that creditors in bonds linked to (http://www.prepa.com/) Prepa , the island's power authority, and the (http://www.bgfpr.com/investors_resources/puerto-rico-transportation-highway.html) HTA , as well as other bonds, will likely lose full payment.
Banks that have large Asian operations also suffered after news came out that some Chinese firms had defaulted on
bond payments and were unable to repay their debt.
"Even then, the more courageous act would have been to force Greece's private creditors to absorb their losses." In 2012, European leaders approved reduced
bond payments combined with weak reforms.
The Syriza party has used this mandate to fight the so-called aACAytroika' -- European Union (EU), European Central Bank and the IMF -- to a stalemate over the aAeu7.2 billion bailout that Greece needs to make those upcoming IMF payments, as well as critical
bond payments due in July.