LOS ANGELES -- Despite a recent cautionary notice, a letter-of-credit provider did not announce an accelerated payoff Friday on a $82 million Sun Valley Public Improvement Corp. bond issue that funded a road through undeveloped land west of Phoenix.

The Sun Valley assessment lien refunding bonds, Series 1987A, can become immediately due and payable if the letter-of-credit provider declares a default in connection with a complex reimbursement agreement tied to the transaction.

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