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Summary: Oklahoma Cnty Fin Auth; Revenue - Housing, Section 8 Oct 98

  • ID: 2040179
  • October 1998
  • Region: Oklahoma
  • Standard & Poors


  • Oklahoma Cnty Fin Auth
  • MORE

The rating on Oklahoma County Finance Authority's bonds, issued for Oakridge Village Apartments, reflects: - Strong debt service coverage, - Sufficiency of reserves, - Quality of investments, and - Management provided by Barr Investments Inc. The bonds are secured by a first mortgage lien on the project and all are project revenues, including the 15-year, nonrenewable Housing Assistance Program (HAP). Series B bonds have a second lien position on this revenue stream and are sold with the series C bonds ('CCC'), which have a third lien position on the project (see related rationale for series 1996C). For the year ended Dec. 31, 1997 audited financial statements demonstrate that debt service coverage on the series A bonds is 1.41 times (x),...

Companies mentioned in this report are: Oklahoma Cnty Fin Auth
Action: Affirmed

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Oklahoma Cnty Fin Auth

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