NJ Grant-Backed Bonds for American Dream Miss February Payment

Municipal bonds issued to finance the American Dream mega mall that are backed by New Jersey economic development grants didn’t make their February interest payment, according to a securities filing.

It was the fourth straight semi-annual interest payment missed on the $287 million debt, which is backed by grants tied to sales tax collections at the mall. Bondholders have been waiting for the state of New Jersey to certify a key document necessary to appropriate grants for the payment.

The document, known as a project cost statement, was recently approved by the state’s Economic Development Authority — but that’s ...