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Summary: California Statewide Comntys Dev Auth; General Obligation, Local Note Jun 00 Product Image

Summary: California Statewide Comntys Dev Auth; General Obligation, Local Note Jun 00

  • Published: June 2000
  • Region: California
  • Standard & Poors

Abstract
The rating on California Statewide Communities Development Authority's tax and revenue anticipation bonds reflects overcollateralization of the bonds' par amount at a level of 10% ($28.6 million) to address the possibility of debt service deficiencies in the 74 participating local agencies' individual TRAN repayment accounts. Standard & Poor's has determined that the 10% overcollateralization level is more than sufficient to cover any potential deficiencies among the participating borrowers in the series A, B, and C-1 TRAN bond borrowings. Standard & Poor's evaluated the participants' historical and projected financial and liquidity positions, including the strength of their general funds and the availability of resources in other funds that could be temporarily borrowed to pay TRAN debt service. A $28.6 million Financial...

Companies mentioned in this report are:
- California Statewide Communities Dev Auth

Action: New Rating

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- California Statewide Communities Dev Auth

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