RATINGS
| Moody's |
S&P |
|---|
| A1 uninsured (includes portion insured by FGIC, Ambac and MBIA) |
A+ uninsured (includes portion insured by FGIC, Ambac and MBIA) |
| Aa3 insured (FSA Insured Only) |
AAA insured (FSA Insured Only) |
DEBT OUTSTANDING
(As of 01/01/10)
| Bond |
Amount |
Insurer1 |
| Series F bonds |
$ 568,345,000 |
Ambac |
| Series G bonds |
737,120,000 |
FSA |
| Series H bonds |
968,415,000 |
MBIA, FGIC |
| Total: |
$2,273,880,000 |
1Portions of each series are insured, unless otherwise noted. |
BOND ANTICIPATED NOTES
RATINGS
| Moody's |
S&P |
|---|
| MIG 1 (Short Term) |
SP-1+ (Short Term) |
| Notes |
amount |
insurer |
| Series 2009A BANs |
$680,610,000 |
Uninsured |
PURPOSE: 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 Capital Construction Program. The Series 2009A BANs were issued to fund a portion of the Authority’s Multi- Year Capital Plan and make a deposit to the Reserve Maintenance Fund, if any.
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. The Series 2009A Bond Anticipation Notes are secured by a pledge of the proceeds of any renewals of the Series 2009A Notes issued to repay the Series 2009A Notes, the proceeds of the sale of the Series I Bonds, or the proceeds of the Series 2009A Notes deposited in any fund or account under the Bond Resolution.
DEBT SERVICE COVERAGE: Calendar Year 2008 net revenues of $258.9 million provided 1.58 times coverage
of annual debt service requirements of $163.5 million.
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