Summary: Michigan St Trunk Line Fd; Revenue - Transportation, Highway User Revenues Jun 98

Standard & Poors, June 1998

Abstract
The rating on Michigan State Trunk Line Fund's bonds reflects maximum debt service coverage of 9.2 times (x) in 1997 provided by $529 million of statutorily allocated transportation fund revenues, up 20% since 1993. The rating also reflects a strong legal provision, highlighted by a 2x historical additional bonds test. These strengths are offset by the inherent potential volatility of the motor vehicle-related taxes securing these issues. Bond proceeds will refund various outstanding trunk line bonds. Security is a first lien on motor fuel taxes, motor vehicle registration fees, and miscellaneous fees, as allocated by Act 51 of Michigan's constitution. Monies are deposited into the trunk line fund after several statutory distributions for other transportation purposes and according to a...

Companies mentioned in this report are: Michigan St Trunk Line Fd
Action: New Rating

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Michigan St Trunk Line Fd

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