The 'A' rating on the City of Orlando, Fla.'s parking facilities refunding revenue bonds series 2004, issued for the city's parking system, reflects the following: The benefits of a diverse pledge of revenues securing the bonds, including net proceeds from seven garages (3,615 spaces), five surface lots (1,240), on-street metered spaces (986), and net income from parking violations--the first $1.5 million of proceeds of the city's occupational license tax (OLT) is also pledged to the bonds; however, this pledge is currently subject to release if certain tests are met; Exclusive control over the development of new parking spaces within the city's parking district and city control of 60% of available parking spaces within the downtown area; Solid pro forma coverage...
Companies mentioned in this report are: Orlando
Action: New Rating
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