The semiannual $287 million interest payment due Aug. 1 on some of the municipal bonds used to finance the $5 billion American Dream megamall in East Rutherford was not made due to insufficient funds, according to a notice to bondholders by U.S. Bank, the bond trustee .

That’s despite an unexplained $12.1 million payment from the state to U.S. Bank, which would in turn be paid out to investors. And it comes after a previous payment of $287 million was missed in February .

The bonds are tied to state sales tax collections at the 3-million-square-foot shopping and entertainment complex and backed by grants from the New Jersey Economic Development Authority.

The state collects sales tax from American Dream and makes payments to U.S. Bank, which in turn distributes the money to the bond

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