WASHINGTON - Premier Bank accelerated the payment of three black box bond issues last week after the letter of credit provider, Sumitomo Trust & Banking Co., declared defaults because the developers had failed to finance housing projects with the bond proceeds.

One of the developers, Dr. Robert C. Mohr, with Essex Downs Inc. in Utah sent Sumitomo a letter contesting the declaration of default and early payment of the $9.1 million bond issue that was to have financed the Fox Hollow apartments for the Ogden, Utah, Housing Authority. Essex Downs is currently in bankruptcy proceedings.

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