Florida; Tax Secured, General Obligation Sep 01
- ID: 1751178
- September 2001
- Region: Florida
- Standard & Poors
Florida's state board of education public education capital outlay refunding bonds 2001 series E are ultimately secured by the state's full faith and credit pledge. Debt service is payable in the first instance from a second-lien pledge on gross receipts tax revenues collected from providers of electric, natural gas, and telecommunications industries operating in the state. The taxes are constitutionally dedicated to pay debt service. Gross receipts tax revenues of $723 million in fiscal 2001 covered annual program debt service of $554.8 million by 1.3 times (x). Gross receipts tax collections have experienced steady annual growth in the past decade; average annual growth from 1997-2001 was a healthy 5.9%. The Florida Consensus Revenue Estimating Conference (REC) does long-term projections of...
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