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BRADENTON, Fla. - The small city of Brighton, Ala., has defaulted on general obligation warrants it issued in 2003.
In addition, city officials have failed for more than a decade to file financial documents required by its continuing disclosure agreement, according to DPC Data and the Municipal Securities Rulemaking Board's EMMA system.
Of the original $1.12 million of nonrated, noninsured GO warrants that were sold, $885,000 are outstanding.
Brighton was unable to make last week's scheduled interest payment of $22,783 or an additional sinking fund deposit in order to comply with a $35,000 mandatory redemption on Aug. 1, according to a notice filed by acting city clerk Hazel Williams.
The default was caused by a "lack of funds," the notice said.
City officials could not...