United States Fidelity & Guaranty Co. v. Patriot's Point Development Authority
District Court, D. South Carolina
1Opinion of the Court
ORDER
BLATT, District Judge.
Factual Background
A. The Parties
On March 12, 1987, the Patriot’s Point Development Authority (“Development Authority”), a public entity pursuant to South Carolina statute, issued $21 million of high yield, unrated tax exempt revenue bonds. The bond proceeds were to be used to build and develop a hotel and marina complex at Patriot’s Point, Charleston, South Carolina (the “Project”), and to make other improvements to the existing Naval Museum, including the construction of a ticket pavilion. The project was to be developed by Patriot’s Point Associates…
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