Coco Beach
....
GOLF

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COUNTRY CLUB

October 12,2011

Municipal Securities Rulemaking Board
1900 Duke Street, Suite 600
Alexandria, VA 22314

Re:

$26,355,000 Puerto Rico Tourist, Educational, Medical and Environmental
Control Facilities Financing Authority ("AFICA") Tourism Revenue Bonds. 2011
Series A (Trump International Golf Club Puerto Rico Project), issued on March
30,2011 , including Term Bonds maturing December 20,2030. interest rate
6.50%, CUSIP 74527RL T4; Term Bonds maturing December 20, 2034, interest
rate 6.60%, CUSIP 74527RLU1, and Serial Bonds maturing every 6 months
commencing December 20, 2011 until June 20,2026 with the following CUSIPs
74527RMK2, 74527RLC1, 74527RLV9, 74527RLD9, 74527RLW7.
74527RLE7. 74527RLX5, 74527RLF4, 74527RL Y3, 74527RLG2. 74527RLZO.
74527RLHO, 74527RMA4, 74527RLJ6, 74527RMB2, 74527RLK3,
74527RMCO, 74527RLL1, 74527RMD8, 74527RLM9, 74527RME6,
74527RLN7, 74527RMF3, 74527RLP2, 74527RMG1, 74527RLQO,
74527RMH9, 74527RLR8, 74527RMJ5, 74527RLS6, (collectively, the "Bonds")

To Whom It May Concern:

We hereby give notice on behalf of Coco Beach Golf & Country Club, S.E. (the '·Borrower'·). as
required by Section 5 of that certain Continuing Disclosure Agreement executed on March 30.
2011, by and among the Borrower, the Puerto Rico Tourism Development Fund, and Banco
Popular de Puerto Rico, as trustee of the Bonds ("Trustee"), of the occurrence of a non-payment
related default. On September 19, 2011. the Borrower failed to deposit to the credit of the Bond
Fund the amounts required to be deposited on such date, $492.1 09.52, for the payment of
principal and interest due on the Bonds on December 20,2011, which constituted a default under
that certain Loan Agreement between AFICA and the Borrower and, after failing to cure within
the required 10 days, constituted a default under that certain Letter of Credit and Reimbursement
Agreement between the Puerto Rico Tourism Development Fund and the Borrower.

100 Clubhouse Drive '" Rio Grande , Puerto Rico 00 745

tel : 787-657-2000 fax: 787 -657-2003

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www.cocobeachgolf.com

 October 12,2011
Page 2

Cordially,
COCO BEACH GOLF & COUNTRY CLUB, S.E.
BY: COCO BEACH DEVELOPMENT
CORPORA TION its managing partner

Jorge:Diaz
Executive Vice President
Cc :
Banco Popular de Puerto Rico
Trust Division

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100 Clubhouse Drive '" Rio Grande , Puerto Rico 00745

tel : 787-657-2000 fax: 787-657-2003

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www.cocobeachgolf.com