1
The new bonds are backed by a statutory lien on those assets.
2
Investors get a statutory lien shielding the debt from municipal bankruptcy, which is not allowed under Illinois law.
3
They claim bondholders and the insurers have a statutory lien on property-tax revenue specifically earmarked for the bonds.
4
Moody's had said that feature and a statutory lien give "a rating uplift" to the bonds.
5
The Michigan law places a specific statutory lien on Detroit income tax revenue pledged to pay off the debt.
6
Investors will get a statutory lien shielding the debt from municipal bankruptcy, which is not allowed under Illinois law.
7
Bond investors will have a statutory lien shielding the debt from municipal bankruptcy, which is not allowed under Illinois law.
8
The plan would also open the door to Chapter 9 municipal bankruptcy while protecting general obligation bondholders with a statutory lien.
9
The law took effect in April and places a specific statutory lien on Detroit income tax revenue pledged to pay off the debt.
10
The authority will issue new bonds backed by a statutory lien on those assets in an amount equal to 55 percent of outstanding debt.