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Summary: Alabama Pub Sch & Coll Auth; Revenue - Transportation, Miscellaneous Tax Revenue Oct 99 Product Image

Summary: Alabama Pub Sch & Coll Auth; Revenue - Transportation, Miscellaneous Tax Revenue Oct 99

  • ID: 1791309
  • October 1999
  • Region: Alabama
  • Standard & Poors

Abstract
The rating on Alabama Public School and College Authority's capital improvement pool bonds reflects: Historically strong revenue performance; High coverage of debt service by aggregate annual and monthly receipts of pledged revenues; and The breadth of pledged revenues, which include state assessed utility, lease, sales, and use taxes paid into the education trust fund (ETF). The bonds are secured by a seventh lien pledge of certain tax revenues allocable to the state's special education trust fund. Pledged revenues account for 45% of total ETF revenues. Fiscal 1999 estimated pledged revenues of $1.75 billion represent 3.7% growth over 1998 and cover maximum annual debt service on the series 1999C bonds and all other prior and junior-lien issues 17.4 times (x). Under...

Companies mentioned in this report are:
- Alabama Pub Sch & Coll Auth

Action: New Rating

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