RATINGS
| S&P |
Fitch |
| AA uninsured (includes portions insured by FGIC) |
AA- uninsured (includes portions insured by FGIC) |
| AAA insured |
AAA insured (FSA insured only) |
| |
AA insured (Ambac, MBIA insured only) |
First General Resolution DEBT OUTSTANDING (As of 04/15/08)
| Series |
Amount |
Insurer2 |
|---|
| 1999A |
$ 45,295,000 |
FGIC |
| 1999B |
7,645,000 |
FGIC |
| 2000A |
9,810,000 |
FSA |
| 2000B |
16,665,000 |
FGIC |
| 2001A |
65,610,000 |
FGIC |
| 2001B |
98,545,000 |
MBIA |
| 2002A |
150,395,000 |
FSA |
| 2002B |
147,520,000 |
Ambac |
| 2002C |
536,245,000 |
MBIA/Ambac |
| Total First General |
$1,077,730,000 |
2Portions of each series are insured. |
Second General Resolution DEBT OUTSTANDING (As of 04/01/08)
| Series |
Amount |
Insurer2 |
|---|
| 2003A |
$ 150,725,000 |
MBIA |
| 2003B |
271,075,000 |
FSA |
| 2004A |
202,825,000 |
MBIA |
| 2004B |
233,445,000 |
Ambac |
| 2005A |
150,295,000 |
MBIA |
| 2005B |
2,757,080,000 |
Ambac, FGIC, FSA |
| 2006A |
322,970,000 |
Ambac |
| 2007A |
345,290,000 |
Uninsured |
| 2007B |
351,035,000 |
Uninsured |
| 2008A |
493,720,000 |
Uninsured |
| Total Second General |
$5,278,460,000 |
2Portions of each series are insured unless otherwise noted. |
| Grand Total First and Second General Bonds |
$6,356,190,000 |
|
FUTURE BOND ISSUANCES: All new money issuances will be under the Second General Bond
Resolution and any bonds issued under the First Resolution will be for the purpose of refunding First Resolution Bonds. The next new money bond issue is planned for the third calendar quarter of 2008.
PURPOSE: Under the terms of the State's Multi-Year Capital Program, the Bonds will be used to
fund capital improvements for State highways and bridges. NOTE: Legislation enacted in 2005
increased the aggregate principal amount of Bonds authorized to be issued to $16.5 billion
through State Fiscal Year 2009-10.
SECURITY: The Bonds are payable from and secured by revenues of the Dedicated Highway and
Bridge Trust Fund held in the joint custody of the Commissioner of Taxation and Finance and the
State Comptroller subject to appropriation by the State Legislature. The revenues are estimated
to be derived from seven tax and fee sources for the State Fiscal Year 2007-08 as listed below and reflect the estimates contained in the 2008-09 Enacted Budget.
Estimated Revenue Sources
| Source |
% |
|---|
| Petroleum Business Tax (PBT) |
39 |
| Motor Fuel Tax |
13 |
| Highway Use Tax |
8 |
| Motor Vehicle Fees |
27 |
| Auto Rental Tax |
2 |
| Transmission and Transportation Tax |
1 |
| Certain Special Revenues |
10 |
| Total: |
100 |
Note that in the event the State Legislature fails to appropriate, the State Comptroller
is then prohibited from transferring any available revenues from the Local
Government Assistance Tax Fund (1% sales tax fund) to the State's General Fund.
Also note, however, that Local Government Assistance Corporation funds are not pledged for payment of these Bonds.
DEBT SERVICE RESERVE FUND: The Debt Service Reserve Fund was eliminated from the First General Resolution
Bonds pursuant to an amendment to the First General Resolution with the issuance of the Series 2005B Bonds. The Second General
Resolution Bonds are not secured by a debt service reserve fund.
DEBT SERVICE COVERAGE: In accordance with the Additional Bonds Test, as of March 5, 2008,
Trust Fund Revenues of $1.920 billion were available to pay debt service, representing 2.4 times
the maximum annual Aggregate Debt Service for all outstanding Trust Fund bonds.
|
