DelVal Bond Issues

​​​​​​$1.05 billion of Local Government Revenue Bonds issued by DelVal (collectively, the "DelVal Series") are currently outstanding to provide funds for the Loan Program. The 2014 Series and 2017 Series were issued as direct placements of loans from Bank of America and TD Bank. Below are the DelVal Series outstanding:

  • $28,000,000 Local Government Revenue Bonds, 1997 Series B and C
  • $250,000,000 Local Government Revenue Bonds, 1998 Series A
  • $125,000,000 Local Government Revenue Bonds, 2002 Series C
  • $160,000,000 Local Government Revenue Bonds, 2007 Series A, B and C
  • $20,000,000 Local Government Revenue Bonds, 2014 Series B
  • $150,000,000 Local Government Revenue Bonds, 2017 Series A,C, D, and E
  • $215,000,000 Local Government Revenue Bonds, 2018 Series, A, B, C, D, and E
  • $100,000,000 Local Government Revenue Bonds, 2020 Series A

A Letter-of-Credit issued by PNC Bank secures the remarketing of the $50,000,000 Local Government Revenue Bonds, 2007 Series B, and a Letter-of-Credit issued by TD Bank, N.A. secures the remarketing of the $100,000,000 Local Government Revenue Bonds, 2020 Series A.

DelVal adopted a Master Trust Indenture on June 28, 2007 (the "Master Indenture"). The 2007 Series, 2014 Series, 2017 Series, and 2018 Series 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.

DelVal has requested the consent of the bondholders of the Local Government Revenue Bonds, 1997 Series B and C and the Local Government Revenue Bonds, 1998 Series A to amend the respective Trust Indentures and to terminate the Ambac Municipal Bond Insurance Policies that secure the Bonds.  DelVal has requested the consent to reduce the risk that the Bonds will be subject to an Extraordinary Mandatory Redemption.  The Consent Requests are posted in the "Current Information on DelVal" document library on the "Home" page.

See the document libraries below for more information (You will be redirected to a Box Folder.):