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Summary: Alabama Pub Sch & Coll Auth; Revenue - Transportation, Miscellaneous Tax Revenue
Standard & Poors, September 1999
The rating on Alabama Public School and College Authority's capital improvement bonds reflects: Historically strong revenue performance; High coverage of debt service by aggregate annual receipts 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 fifth lien pledge of certain tax revenues allocable to the state's special education trust fund. Pledged revenues account for about 45% of total ETF revenues. Fiscal 1999 estimated pledged revenues of $1.75 billion cover maximum annual debt service on the series 1999C bonds and all other prior and junior-lien issues 17.4 times (x). Fiscal 1999 pledged revenues represent a...
Companies mentioned in this report are: Alabama Pub Sch & Coll Auth
Action: New Rating
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Alabama Pub Sch & Coll Auth