RATINGS
| Moody's |
S&P |
|---|
| Aa3 uninsured (includes portion insured by FGIC) |
AA- uninsured (includes portion insured by FGIC) |
| Aaa insured |
AAA insured |
DEBT OUTSTANDING
(As of 04/15/08)
| Bond |
Amount |
Insurer1 |
| Series D bonds |
$ 8,730,000 |
Uninsured |
| Series E bonds |
21,015,000 |
Uninsured |
| Series F bonds |
603,130,000 |
Ambac |
| Series G bonds |
738,055,000 |
FSA |
| Series H bonds |
1,008,910,000 |
MBIA, FGIC |
| Total: |
$2,379,840,000 |
1Portions of each series are insured, unless otherwise noted. |
PURPOSE: The Series D bonds were issued to fund a portion
of the cost of the Authority’s Capital Construction Program and certain other Authority projects. The Series E bonds were issued to refund certain outstanding bonds. The Series F bonds were issued to pay at maturity the CP-1 Notes, to refund portions of the outstanding bonds and fund a portion of the Authority's Capital Construction Program. The Series G Bonds were issued to pay at maturity the 2004A BANs, the CP-2 Notes and to provide $200 million for the Authority's Capital Construction Program. The Series H bonds were issued to refund portions of the outstanding Series E bonds and fund a portion of the Authority's Multi-Year Capital Plan.
SECURITY: The Bonds are direct and general obligations of the Authority secured
by a pledge of revenues and funds established under the Resolution. The Senior Debt Service
Reserve Fund Requirement is equal to the Maximum Annual Debt Service.
DEBT SERVICE COVERAGE: Calendar Year 2007 net revenues of $239.6 million provided 1.81 times coverage
of annual debt service requirements of $132.3 million.
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