UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
Date of Report (Date of earliest event reported) January 20, 1998
(January 16, 1998)
Commission File Number 0-11176
NTS-PROPERTIES III
(Exact name of registrant as specified in its charter)
Georgia 61-1017240
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
10172 Linn Station Road
Louisville, Kentucky 40223
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number,
including area code (502) 426-4800
Not Applicable
Former name, former address and former fiscal year,
if changed since last report
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Item 5. Other Items
On October 3, 1995, NTS-Properties III (the "Partnership") established an
Interest Repurchase Reserve pursuant to Section 16.4 of the Partnership's
Amended and Restated Agreement of Limited Partnership. Under Section 16.4,
limited partners may request the Partnership to repurchase their respective
interests (Units) in the Partnership. The Partnership notified the limited
partners by letter on October 3, 1995 of the establishment of the Interest
Repurchase Reserve of $156,000 to acquire up to 750 Units and the opportunity to
request that the Partnership repurchase Units at $208 per unit. The authorized
Units were repurchased. Subsequently, additional fundings were authorized and
Units repurchased. In December 1996, the Repurchase Program was temporarily
suspended.
As of January 16, 1998, NTS-Properties III has elected to resume the Repurchase
Program and fund an additional $50,000 to its Interest Repurchase Reserve. With
this funding, the Partnership will be able to repurchase up to 200 additional
Units at a price of $250 per Unit. If the number of Units submitted for
repurchase exceeds that which can be repurchased by the Partnership with the
current funding, those additional Units may be repurchased in subsequent
quarters. The above offering price per Unit was established by the General
Partner in its sole discretion and does not purport to represent the fair market
value or liquidation value of the Unit. The Partnership will notify the limited
partners of this action and opportunity by mail during January 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
NTS-Properties III
(Registrant)
By: NTS-Properties Associates,
General Partner
By: NTS Capital Corporation,
General Partner
/s/ John W. Hampton
John W. Hampton
Senior Vice President
Date: January 20, 1998
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