- Language: English
- 134 Pages
- Published: July 2008
- Region: Canada, United States
Summary: Florida; General Obligation, State GO Jan 99
- Published: January 1999
- Region: Florida
- Standard & Poors
The rating on Florida's bonds is based on the ultimate security of its full faith and credit pledge. The bonds are secured in the first instance by a second-lien pledge of gross receipts tax revenues collected from providers of electric, natural gas, and telecommunications industries. The taxes are constitutionally dedicated to pay debt service. Debt service coverage in fiscal 1998 equaled 1.22 times (x). Although the gross receipts tax collections have experienced steady growth, debt service coverage has declined, reflecting increased program debt service requirements. Florida's revenue estimating conference revised the gross receipts tax forecast downward based on the fact that actual collections for the last fiscal year did not meet expectations. Overall receipts are still projected to experience positive...
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Action: New Rating
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