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Florida; Tax Secured, General Obligation Feb 02
Standard & Poors, February 2002
Florida's 'AA+' rated full faith and credit right-of-way acquisition and bridge construction bonds series 2002 are secured by the state's full faith and credit pledge and are payable in the first instance by a distribution of certain fuel tax revenues that are transferred from the state transportation trust fund. Current debt outstanding under this program is $851 million, with another $900 million authorized to be issued by fiscal 2007. Current law provides that a maximum of 7% of state transportation tax collections, not to exceed $135 million, may be used for annual debt service. Pursuant to the Florida Constitution, parity debt may be issued as long as debt service does not exceed 90% of pledged revenues. Motor fuel and diesel...
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