<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 1995
OR
/ /TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from _______________________ to ______________________
Commission file number: 1-9373
SUMMIT TAX EXEMPT BOND FUND, L.P.
- - - - --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 13-3323104
- - - - --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
625 Madison Ave., New York, N.Y. 10022
- - - - --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 421-5333
N/A
- - - - --------------------------------------------------------------------------------
Former name, former address and former fiscal year, if changed since last report
Indicate by check CK whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes _CK_ No __
<PAGE>
<PAGE>
Part I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SUMMIT TAX EXEMPT BOND FUND, L.P.
(a limited partnership)
STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
<S> <C> <C>
- - - - ---------------------------------------------------------------------------------------------------
ASSETS
Participating first mortgage bonds, net $ 127,971,013 $127,938,510
Temporary investments 2,316,485 1,915,874
Cash 65,892 173,689
Promissory notes receivable, net 7,003,220 7,071,156
Deferred bond selection fees, net 1,820,759 1,858,273
Interest receivable, net 885,601 944,367
Deferred financing fees, net 356,860 388,816
Other assets 7,500 13,628
------------- ------------
Total assets $ 140,427,330 $140,304,313
------------- ------------
------------- ------------
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Loan payable $ 13,680,866 $ 13,680,866
Deferred income 1,368,267 1,469,174
Due to affiliates 306,007 46,422
Accrued expenses 89,734 120,685
------------- ------------
Total liabilities 15,444,874 15,317,147
------------- ------------
Contingencies
Partners' capital
BUC$holders (7,906,234 BUC$ issued and outstanding) 125,342,236 125,346,852
General partners (359,780) (359,686)
------------- ------------
Total partners' capital 124,982,456 124,987,166
------------- ------------
Total liabilities and partners' capital $ 140,427,330 $140,304,313
------------- ------------
------------- ------------
- - - - ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements
</TABLE>
2
<PAGE>
<PAGE>
SUMMIT TAX EXEMPT BOND FUND, L.P.
(a limited partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
-------------------------
1995 1994
<S> <C> <C>
- - - - --------------------------------------------------------------------------------------------------
REVENUES
Interest income from participating first
mortgage bonds, net $2,359,498 $2,413,662
Interest income from promissory notes 150,475 159,885
Interest income from temporary investments 20,812 7,381
---------- ----------
2,530,785 2,580,928
---------- ----------
EXPENSES
Interest expense 345,738 252,320
Management fees 167,969 167,969
General and administrative 91,505 78,924
Legal expense 84,000 15,000
Loan servicing fees 82,620 82,834
Amortization of deferred bond selection fees 37,514 37,514
Amortization of deferred financing fees 31,956 31,956
---------- ----------
841,302 666,517
---------- ----------
Net income $1,689,483 $1,914,411
---------- ----------
---------- ----------
ALLOCATION OF NET INCOME
BUC$holders $1,655,693 $1,876,123
---------- ----------
---------- ----------
General partners $ 33,790 $ 38,288
---------- ----------
---------- ----------
Net income per BUC $ .21 $ .24
---------- ----------
---------- ----------
- - - - --------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
(Unaudited)
<TABLE>
<CAPTION>
GENERAL
BUC$HOLDERS PARTNERS TOTAL
<S> <C> <C> <C>
- - - - ---------------------------------------------------------------------------------------------------
Partners' capital (deficit)--December 31, 1994 $125,346,852 $(359,686) $124,987,166
Net income 1,655,693 33,790 1,689,483
Distributions (1,660,309) (33,884) (1,694,193)
------------ --------- ------------
Partners' capital (deficit)--March 31, 1995 $125,342,236 $(359,780) $124,982,456
------------ --------- ------------
------------ --------- ------------
- - - - ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements
</TABLE>
3
<PAGE>
<PAGE>
SUMMIT TAX EXEMPT BOND FUND, L.P.
(a limited partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Three months ended
March 31,
--------------------------
1995 1994
<S> <C> <C>
- - - - ---------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received, net $2,524,077 $ 2,515,609
Fees and expenses paid (191,332) (154,461)
Interest paid (345,738) (337,142)
---------- -----------
Net cash provided by operating activities 1,987,007 2,024,006
CASH FLOWS FROM INVESTING ACTIVITIES
Net purchase of temporary investments (400,611) (425,192)
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions paid (1,694,193) (1,694,193)
---------- -----------
Net decrease in cash (107,797) (95,379)
Cash at beginning of period 173,689 200,227
---------- -----------
Cash at end of period $ 65,892 $ 104,848
---------- -----------
---------- -----------
</TABLE>
- - - - --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
SCHEDULE RECONCILING NET INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES
Net income $1,689,483 $ 1,914,411
---------- -----------
Adjustments to reconcile net income to net cash provided by
operating activities:
Amortization of valuation allowance (32,503) (32,503)
Amortization of deferred income (32,971) (31,331)
Amortization of deferred bond selection fees 37,514 37,514
Amortization of financing fees 31,956 31,956
Changes in:
Promissory notes receivable, net 67,936 45,008
Interest receivable 58,766 (1,482)
Other assets 6,128 7,807
Deferred income (67,936) (45,008)
Accrued expenses (30,951) (88,942)
Accrued interest -- (84,821)
Due to affiliates 259,585 271,397
---------- -----------
Total adjustments 297,524 109,595
---------- -----------
Net cash provided by operating activities $1,987,007 $ 2,024,006
---------- -----------
---------- -----------
- - - - ---------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements
</TABLE>
4
<PAGE>
<PAGE>
SUMMIT TAX EXEMPT BOND FUND, L.P.
(a limited partnership)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995
(Unaudited)
A. General
These financial statements have been prepared without audit. In the opinion
of management, the financial statements contain all adjustments (consisting of
only normal recurring adjustments) necessary to present fairly the financial
position of Summit Tax Exempt Bond Fund, L.P. (the ``Partnership'') as of March
31, 1995 and the results of its operations and its cash flows for the three
months ended March 31, 1995 and 1994. However, the operating results for the
interim periods may not be indicative of the results expected for the full year.
Certain information and footnote disclosures normally included in annual
financial statements prepared in accordance with generally accepted accounting
principles have been omitted. It is suggested that these financial statements be
read in conjunction with the financial statements and notes thereto included in
the Partnership's Annual Report on Form 10-K filed with the Securities and
Exchange Commission for the year ended December 31, 1994.
Certain balances for the prior period have been reclassified to conform with
the current financial statement presentation.
B. Participating First Mortgage Bonds
Effective January 1, 1995, the Partnership adopted Statement of Financial
Accounting Standards (``SFAS'') No. 114, Accounting by Creditors for the
Impairment of a Loan. The initial adoption of SFAS No. 114 had no effect on the
net income of the Partnership during the quarter ended March 31, 1995.
SFAS No. 114 requires creditors to evaluate the collectibility of both
interest and principal of an FMB when determining whether it is impaired. An FMB
is considered to be impaired when, based on current information and events, it
is probable the creditor will be unable to collect all amounts due according to
the contractual terms. When an FMB is considered to be impaired, the amount of
the loss accrual is determined by discounting the expected future cash flows of
the FMB at its effective interest rate or, for practical purposes, from the
estimated fair value of the collateral. To the extent that the owners of
properties underlying the FMBs may require modifications to their forbearance
agreements or the FMBs may otherwise become impaired in subsequent periods, the
Partnership may be required to record additional valuation allowances which
could have a material effect on the Partnership's financial statements.
Prior to January 1, 1995, the original owners of the underlying properties
and obligors of certain FMBs had been replaced by affiliates of Related Tax
Exempt Bond Associates, Inc. (the ``Related General Partner'') who had not made
equity investments in the underlying properties. These FMBs, which were
classified in previously issued financial statements as Assets Held for Sale,
have been reclassified to FMBs in the current financial statements for all
periods presented.
5
<PAGE>
<PAGE>
Descriptions of the various FMBs owned by the Partnership at March 31, 1995
are as follows:
<TABLE>
<CAPTION>
Annualized
Interest
Rate Paid
for the
three
months
ended Minimum Stated
March 31, Pay Rate Interest Call Maturity Face Carrying
Property Location 1995* March 1995 Rate* Date Date Amount Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- - - - ----------------------------------------------------------------------------------------------------------------------------------
The Mansion Independence,
Mo 5.23% 5.23% 5.23% Dec. 2004 May 2010 $ 19,450,000 $ 17,800,000
Martin's Creek Summerville, SC 8.11 7.25 8.25 Mar. 2000 May 2010 7,300,000 6,996,137
East Ridge Mt. Pleasant,
SC 7.87 7.25 8.25 Mar. 2000 May 2010 8,700,000 8,353,898
High Point Club Harrisburg, Pa 6.07 (A) 8.50 June 1998 June 2006 8,900,000 8,900,000(B)
Cypress Run Tampa, Fl 7.38 (A) 8.50 Aug. 1998 Aug. 2006 15,402,428 15,402,428
Thomas Lake Eagan, Mn 8.92(C) 8.00 8.50 Aug. 1998 Aug. 2006 12,975,000 12,975,000
North Glen Atlanta, Ga 6.00 6.00 8.50 Aug. 1998 Aug. 2008 12,400,000 12,400,000
Greenway Manor St. Louis, Mo 8.50 (A) 8.50 Oct. 1998 Sept. 2006 12,850,000 12,850,000(B)
Clarendon Hills Hayward, Ca 5.52 5.52 5.52 Dec. 2003 Dec. 2003 17,600,000 17,600,000
Cedar Creek McKinney, Tx 6.60 (A) 8.50 Dec. 1998 Dec. 2006 8,100,000 7,798,550(B)
Sunset Terrace Lancaster, Ca 7.50 7.50 8.00 Feb. 1999 Feb. 2007 10,350,000 10,350,000
------------ ------------
$134,027,428 $131,426,013
------------
------------
Less: Allowance for loss on impairment of assets (3,455,000)
------------
Carrying Amount $127,971,013
------------
------------
* The rate paid represents the interest recorded by the Partnership while the stated rate represents the coupon rate of the FMB.
(A) Pay rate is based on the net cash flow generated by the property.
(B) Reclassified from assets held for sale.
(C) Includes payment of deferred base interest from prior periods per forbearance agreement.
</TABLE>
On March 31, 1995, pursuant to a Court Order, ownership of the Cypress Run
property was transferred to an affiliate of the Related General Partner. The
affiliate has not made an equity investment in the underlying property; however,
it will assume the day-to-day responsibilities and obligations of operating the
property.
The difference between the stated interest rates and the rates paid (while
deferred and payable out of available future cash flow or, ultimately, from
sales or refinancing proceeds) on FMBs is not accrued as interest income for
financial reporting purposes. The accrual of interest at the stated interest
rate will resume once a property's ability to pay the stated rate has been
adequately demonstrated. Interest income of approximately $307,000 and $102,000
was not recognized for the quarter ended March 31, 1995 and 1994, respectively.
C. Related Parties
The General Partners and their affiliates perform services for the
Partnership which include, but are not limited to: accounting and financial
management; registrar, transfer and assignment functions; asset management;
investor communications; printing and other administrative services. The General
Partners and their affiliates receive reimbursements for costs incurred in
connection with these services, the amount of which is limited by the provisions
of the Agreement of Limited Partnership (the ``Partnership Agreement''). The
costs and expenses were:
<TABLE>
<CAPTION>
Three months ended
March 31,
---------------------
1995 1994
<S> <C> <C>
- - - - -------------------------------------------------------------------------------------------------
Prudential-Bache Properties, Inc. (``PBP'') and affiliates:
General and administrative $ 26,802 $ 24,016
Management fee 83,984 83,984
-------- --------
110,786 108,000
-------- --------
Related Tax Exempt Bond Associates, Inc. and affiliates:
General and administrative 12,819 6,049
Management fee 83,985 83,985
Loan servicing fees 82,620 82,834
-------- --------
179,424 172,868
-------- --------
$290,210 $280,868
-------- --------
-------- --------
</TABLE>
6
<PAGE>
<PAGE>
An affiliate of the Related General Partner receives loan servicing fees in
the amount of .25% per annum of the principal amount outstanding on
participating first mortgage bonds (``FMBs'') serviced by the affiliate.
The General Partners are paid, in the aggregate, an annual management fee
equal to .5% of the original amount invested in FMBs.
A division of Prudential Securities Incorporated (``PSI''), an affiliate of
PBP, receives a fee for the purchase, sale, and safekeeping of the Partnership's
temporary investments. This account is maintained in accordance with the
Partnership Agreement.
Several executive officers and directors of the Related General Partner own
less than 1% of the outstanding BUC$.
D. Contingencies
On or about October 18, 1993, a putative class action, captioned Kinnes et
al. v. Prudential Securities Group Inc. et al. (93 Civ. 654) was filed in the
United States District Court for the District of Arizona, purportedly on behalf
of investors in the Partnership against the Partnership, PBP, PSI and a number
of other defendants. On or about November 16, 1993, a putative class action
captioned Connelly et al. v. Prudential-Bache Securities Inc. et al. (93 Civ.
713), was filed in the United States District Court for the District of Arizona,
purportedly on behalf of investors in the Partnership against the Partnership,
PBP, PSI and a number of other defendants. On or about January 3, 1992, a
putative class action, captioned Levine v. Prudential-Bache Properties Inc. et
al. (92 Civ. 52), was filed in the United States District Court for the Northern
District of Illinois purportedly on behalf of investors in the Partnership
against the General Partners, PSI and a number of other defendants. Subsequently
the Related General Partner exited the Levine litigation by way of settlement.
On April 14, 1994, the Judicial Panel on Multidistrict Litigation (the
``Panel'') deferred transfer of the Levine case to the Southern District of New
York (discussed more fully below) until after the Illinois court decided a
pending motion to dismiss the complaint. On June 3, 1994, that court granted the
motion of PBP and PSI and dismissed the first amended complaint without
prejudice. On June 30, 1994, plaintiffs filed a second amended complaint. By
order dated July 13, 1994, the Panel unconditionally transferred the Levine case
for inclusion in the consolidated proceedings in the Southern District of New
York described below.
By its April 14, 1994 order, the Panel transferred (in addition to Levine as
discussed above) the Kinnes case, and by order dated June 8, 1994, the Connelly
case, together with a number of other actions, on each occasion not involving
the Partnership, to a single judge of the United States District Court for the
Southern District of New York and consolidated them for pretrial proceedings
under the caption In re Prudential Securities Incorporated Limited Partnerships
Litigation (MDL Docket 1005). On June 8, 1994, plaintiffs in the transferred
cases filed a complaint that consolidated the previously filed complaints and
named as defendants, among others, PSI, certain of its present and former
employees and the General Partners. The Partnership is not named a defendant in
the consolidated complaint, but the name of the Partnership is listed as being
among the limited partnerships at issue in the case. The consolidated complaint
alleges violations of the federal and New Jersey Racketeer Influenced and
Corrupt Organizations Act (``RICO'') statutes, fraud, negligent
misrepresentation, breach of fiduciary duties, breach of third-party beneficiary
contracts and breach of implied covenants in connection with the marketing and
sales of limited partnership interests. Plaintiffs request relief in the nature
of rescission of the purchase of securities and recovery of all consideration
and expenses in connection therewith, as well as compensation for lost use of
money invested, less cash distributions; compensatory damages; consequential
damages; treble damages for defendants' RICO violations (both federal and New
Jersey); general damages for all injuries resulting from negligence, fraud,
breaches of contract, and breaches of duty in an amount to be determined at
trial; disgorgement and restitution of all earnings, profits, benefits and
compensation received by defendants as a result of their unlawful acts; costs
and disbursements of the action; reasonable attorneys' fees; and such other and
further relief as the court deems just and proper.
On November 28, 1994 the transferee court deemed each of the complaints in
the constituent actions (including Kinnes) amended to conform to the allegations
of the consolidated complaint. PSI and PBP, along with various other defendants
filed a motion to dismiss the consolidated complaint on December 20, 1994. That
motion is pending.
7
<PAGE>
<PAGE>
On March 6, 1991, a derivative action entitled Virginia First Savings Bank,
F.S.B., et al. v. Tax Exempt Bond Associates, Inc. et al., No. (L91-726) was
filed in Virginia Circuit Court against the General Partners and others.
Plaintiffs were one named and other unknown individual investors who were
purportedly suing on behalf of the Partnership. Defendants included, among
others, the Partnership and its General Partners. The complaint alleged breach
of fiduciary duty. Plaintiffs sought an indeterminate amount of damages. By
order entered April 5, 1995, the court dismissed this action for want of
prosecution.
The General Partners and PSI believe they and, where applicable, the
Partnership, have meritorious defenses to the complaints and intend to
vigorously defend against these actions.
E. Subsequent Events
In November 1989, a $600,000 settlement was reached between the previous
developer of High Pointe Club Apartments (the ``Property'') and USF&G, the
construction performance bonding company for the Property. Prior to this
agreement, the previous developer agreed to place the settlement proceeds in
escrow later to be shared with the subsequent developer (``Greenhill Project
Investors, Inc.'') or its successors and assigns pursuant to an arbitration
proceeding. On April 23, 1993, the previous developer agreed to release the
escrowed funds to RHA Inv., Inc. (``RHA''), the successor to Greenhill Project
Investors, Inc. In April 1995, RHA paid to the Partnership approximately
$721,000 consisting of the settlement proceeds plus accrued interest. These
funds were applied as partial payment toward accrued and unpaid interest due
under the High Pointe Club FMB.
During April 1995, the Partnership made a loan in the amount of approximately
$721,000 to the new owner of the Cypress Run property (see Note B) toward
payment of delinquent 1992 and 1993 property taxes. This loan will be
self-amortizing over three years and carry an 8.5% annual interest rate.
In May 1995, a distribution of approximately $1,660,000 and $34,000 was paid
to the BUC$holders and General Partners, respectively, for the quarter ended
March 31, 1995.
8
<PAGE>
<PAGE>
SUMMIT TAX EXEMPT BOND FUND, L.P.
(a limited partnership)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
Summit Tax Exempt Bond Fund, L.P. (``the Partnership'') has invested in
eleven tax-exempt participating first mortgage bonds (``FMBs'') issued by
various state or local governments or their agencies or authorities. The FMBs
are secured by participating first mortgage loans on multi-family residential
apartment projects.
Interest payments from FMBs are anticipated to provide sufficient liquidity
to meet the operating expenditures of the Partnership in future years and to
fund distributions.
The Partnership's loan payable has a variable interest rate; therefore,
future levels of interest expense will fluctuate in correlation to movements in
the 30-day commercial paper interest rate.
The first quarter distribution of approximately $1,660,000 ($.21 per BUC) was
paid to BUC$holders in May 1995 from current adjusted cash flow from operations.
The Partnership anticipates funding future cash distributions from adjusted cash
flow from operations.
In July 1994, the owner of the Cypress Run property filed for bankruptcy
under Chapter 11 of the United States Bankruptcy Code in response to the
Partnership's acceleration of its loan. On March 31, 1995, the ownership of the
Cypress Run property was transferred to an affiliate of the Related General
Partner pursuant to a Court Order.
In April 1995, the Partnership received a payment of approximately $721,000
from High Pointe Club which was applied as accrued and unpaid interest due under
the High Pointe Club FMB.
The Partnership made a $721,000 loan to the new owner of the property
underlying the Cypress Run FMB toward payment of delinquent 1992 and 1993
property taxes. See Note E to the financial statements for further information
regarding this loan. The new owner of the Cypress Run FMB is currently escrowing
cash toward the payment of 1994 and 1995 real estate tax obligations which may
impact the amount of interest paid on the Cypress Run FMB to the Partnership.
Results of Operations
Net income decreased by approximately $225,000 for the quarter ended March
31, 1995 as compared to the corresponding period in 1994 for the reasons
discussed below.
Interest income from FMBs decreased by approximately $54,000 for the quarter
ended March 31, 1995 as compared to the corresponding period in 1994. This
decrease primarily resulted from the effect Cypress Run paying interest based on
the cash flow of the underlying property, the modification of The Mansion FMB
finalized in October 1994 and reduced interest received from the East Ridge and
Martin's Creek FMBs offset, in part, by increased interest received from the
Sunset Terrace, Clarendon Hills, and Greenway FMBs.
Interest income from promissory notes decreased by approximately $9,000 for
the quarter ended March 31, 1995 as compared to the corresponding period in
1994. This decrease resulted from the default as of July 1994 on the Cypress Run
tax loan.
Interest income from temporary investments increased by approximately $13,000
for the quarter ended March 31, 1995 as compared to the corresponding period in
1994 primarily due to higher interest rates and invested balances.
Interest expense increased by approximately $93,000 for the quarter ended
March 31, 1995 as compared to the corresponding period in 1994 due to interest
rate increases.
General and administrative expenses increased by approximately $13,000 for
the quarter ended March 31, 1995 as compared to the corresponding periods in
1994. The variance is primarily due to the timing of certain expenses recorded
in the respective periods.
Legal expense increased approximately $69,000 for the quarter ended March 31,
1995 as compared to the corresponding period in 1994. This increase was
primarily due to legal costs incurred with respect to the Partnership's
litigation discussed in Note D to the financial statements, the Cypress Run
bankruptcy proceedings and the modification of The Mansion FMB.
9
<PAGE>
<PAGE>
Property Information
The following table lists the FMBs that the Partnership owns, together with
occupancy rates of the underlying properties, as of April 23, 1995:
<TABLE>
<CAPTION>
Annualized
Interest
Rate Paid
for the three Minimum
months ended Pay Rate
Face Amount Stated March 31, March
Property Location of Bond Occupancy Interest Rate* 1995* 1995
<S> <C> <C> <C> <C> <C> <C>
- - - - -----------------------------------------------------------------------------------------------------------------------
The Mansion Independence, Mo $ 19,450,000 91.0% 5.23% 5.23% 5.23%
Martin's Creek Summerville, SC 7,300,000 98.0 8.25 8.11 7.25
East Ridge Mt. Pleasant, SC 8,700,000 94.5 8.25 7.87 7.25
High Pointe Club Harrisburg, Pa 8,900,000(B) 97.0 8.50 6.07 (A)
Cypress Run Tampa, Fl 15,402,428 92.6 8.50 7.38 (A)
Thomas Lake Eagan, Mn 12,975,000 98.6 8.50 8.92(C) 8.00
North Glen Atlanta, Ga 12,400,000 99.3 8.50 6.00 6.00
Greenway Manor St. Louis, Mo 12,850,000(B) 98.1 8.50 8.50 (A)
Clarendon Hills Hayward, Ca 17,600,000 100.0 5.52 5.52 5.52
Cedar Creek McKinney, Tx 8,100,000(B) 98.0 8.50 6.60 (A)
Sunset Terrace Lancaster, Ca 10,350,000 89.6 8.00 7.50 7.50
------------
$134,027,428
------------
------------
- - - - -----------------------------------------------------------------------------------------------------------------------
* The rate paid represents the interest recorded by the Partnership while the stated rate represents the coupon rate of
the FMB.
(A) Pay rate is based on the net cash flow generated by the property.
(B) Reclassified from assets held for sale.
(C) Includes payment of deferred base interest from prior periods per forbearance agreement.
</TABLE>
General
The determination as to whether it is in the best interest of the Partnership
to enter into forbearance agreements on the FMBs or, alternatively, to pursue
its remedies under the loan documents, including foreclosure, is based upon
several factors. These factors include, but are not limited to, property
performance, owner cooperation and projected legal costs.
From time to time, certain property owners have elected to supplement the
cash flow generated by the properties to meet the required FMB interest
payments. There can be no assurance that in the future any property owner will
continue to elect to supplement property cash flow to satisfy FMB interest
requirements if necessary. The owners of the Sunset Terrace and Sunset Creek
properties supplemented the cash flow generated by the properties to meet the
required interest payments during the three months ended March 31, 1995.
10
<PAGE>
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings--Incorporated by reference to Note D to the financial
statements filed herewith in Item 1 of Part I of the Registrant's
Quarterly Report.
Item 2. Changes in Securities--None
Item 3. Defaults Upon Senior Securities--None
Item 4. Submission of Matters to a Vote of Security Holders--None
Item 5. Other Information--None
Item 6. Exhibits and Reports on Form 8-K--
(a) Exhibits:
4(a)--Partnership Agreement, incorporated by reference to Exhibit A
to the Prospectus of Registrant, dated February 19, 1986, filed
pursuant to Rule 424(b) under the Securities Act of 1933, File No.
33-2421.
4(b)--Amended and Restated Certificate of Limited Partnership,
incorporated by reference to Exhibit 4 to Registration Statement on
Form S-11, File No. 33-2421.
27--Financial Data Schedule (filed herewith).
(b) Reports on Form 8-K--No reports on Form 8-K were filed during the
quarter.
11
<PAGE>
<PAGE>
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.
Summit Tax Exempt Bond Fund, L.P.
By: Prudential-Bache Properties, Inc.
A Delaware corporation, General Partner
By: /s/ Robert J. Alexander Date: May 15, 1995
----------------------------------------
Robert J. Alexander
Vice President
Chief Accounting Officer for the
Registrant
By: Related Tax Exempt Bond Associates, Inc.
A Delaware corporation, General Partner
By: /s/ Alan P. Hirmes Date: May 15, 1995
----------------------------------------
Alan P. Hirmes
Vice President
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial
information extracted from the financial
statements for Summit Tax Exempt Bond Fund LP
and is qualified in its entirety by reference
to such financial statements
</LEGEND>
<RESTATED>
<CIK> 0000786156
<NAME> Summit Tax Exempt Bond Fund LP
<MULTIPLIER> 1
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-START> Jan-1-1995
<PERIOD-END> Mar-31-1995
<PERIOD-TYPE> 3-Mos
<CASH> 65,892
<SECURITIES> 130,287,498
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0
0
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<EPS-PRIMARY> .21
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</TABLE>
