DelVal Bond Issues

Approximately​​ ​​​​$1.1 billion of Local Government Revenue Bonds issued by DelVal (collectively, the "DelVal Series") are currently outstanding to provide funds for the Loan Program. DelVal adopted a Master Trust Indenture on June 28, 2007 (the "Master Indenture"). All DelVal Series issued thereafter were issued under supplemental indentures to the Master Indenture, and all future DelVal Series will be issued under similar supplemental indentures. DelVal Series under the Master Indenture are equally and ratably secured by all of the assets under the Master Indenture.

The DelVal Series issued prior to 2007 are secured only by the assets under their respective trust estates. In 2001​, DelVal adopted a Covenant Agreement under which it covenanted to use excess funds under all trust estates to cure any deficiency under any trust estate. The Covenant Agreement will remain in effect as long as any DelVal Series issued prior to 2007 remains outstanding.