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San Luis board ratifies amended forbearance; court order increases trustee/attorney fund to $200,000
Summary
The San Luis Facility Development Corporation on July 31 ratified an amended and restated forbearance agreement extending bond relief to April 30, 2027, and confirmed a court-ordered change that increases a trustee/attorney fund to $200,000.
The San Luis Facility Development Corporation on July 31 ratified an amended and restated forbearance agreement that extends the forbearance period for bonds tied to the San Luis Regional Detention and Support Center through April 30, 2027.
"We've been in forbearance since September 2024, and this is a new forbearance to take us out to 04/30/2027," said Kaye McQuill, general counsel to the board, summarizing the agreement as it arrived back from the court in Minnesota.
Why it matters: the agreement reorganizes how incoming revenues are allocated during the forbearance, prioritizing trustee fees and interest before operating costs and partial bond payments, and it affects whether and when city…
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