CHICAGO - Holders of $38.8 million of sports facility revenue bonds that were recently refunded by Polk County, Iowa, have until July 15, 1994, to tender their bonds, according to the bond trustee.
The revenue bonds, which financed construction of the formerly bankrupt Prairie Meadows racetrack, must be tendered by that date, or bondholders will be "precluded from sharing in any distribution," First Trust National Association said in a letter to bondholders dated June 18. After July 15 of next year, any funds held by the bond trustee will be returned to Polk County, the letter says.
First Trust said that bondholders will be paid all principal and accrued interest through last Thursday, when Polk County turned over proceeds from the refunding to the trustee.
On June 10, Polk County sold $38.8 million of general obligation refunding bonds in a competitive sale to pay off the outstanding sports facility revenue bonds that were sold in 1984 to build the racetrack, and remarketed in 1987.
The deadline for bonds to be tendered is not July 15 of this year, as was reported here on Thursday.