On August 15, 2013, the village of Washingtonville, N.Y. (GO rated A2) was delinquent on a principal and interest payment due on its 2006 public improvement bonds, according to Moody's Investors Service.
The village was notified of its failed payment by the Depository Trust Company (DTC) on August 16, 2013. The village did not realize it owed a payment that day due to organizational issues within the management team. Because of administrative turnover, a new management team assumed office on May 7, 2013. No additional explanation for the oversight has been provided by the village.