DALLAS — Bondholders are trying to find out what happened to a $200,000 debt-service reserve fund discovered missing when a north Texas issuer defaulted on $4 million of bonds used to purchase three retirement facilities.

The underwriter on the 2008 deal, J.P. Turner & Co., claims that the Bank of Texas, which was the trustee, breached its fiduciary duty by failing to set up the debt-service reserve fund for the Tarrant County Cultural Education Facilities Finance Corp.’s 2008B subordinate-lien bonds. The bank denied it was at fault through its parent company, BOK Financial Corp./ Bank of Oklahoma.

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