Correction: Fitch Rates Virginia's $294MM Transportation Rev Ref Bonds 'AA+'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- (This is an amended version of a press release issued earlier today. It reflects the inclusion of the date the bonds are expected for bids.) The Commonwealth of Virginia Transportation Board's $294,060,000 transportation revenue refunding bonds refunding bond A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. are rated 'AA+'. The bonds, expected for bids on Oct. 28, 2004, are due May 15, 2009-2022, and they consist of the $82,970,000 series 2004A (Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. Transportation District) and the $211,090,000 series 2004 B (U.S. Route 58 Corridor Development Program). The bonds may be called on or after May 15, 2014. The transportation revenue bonds are limited obligations of the commonwealth and its transportation board, secured by and payable solely from general assembly appropriations or transportation board allocations from general assembly appropriations. Appropriations for debt service are first met from specific allocations of the commonwealth's recordation tax imposed on deeds, deeds of trust, mortgages and certain other instruments and supplemented by other sources. Ultimately, there is access to legally available funds in the commonwealth's transportation trust fund. This access underlies bond security and affords the high quality credit rating; however, debt service will increasingly exceed the recordation taxes and policy changes have reduced the revenue available from the transportation trust fund. The transportation trust fund receives a variety of revenues representing the increases various highway-related taxes and the sales and use tax Sales and use tax refers to:
Virginia's substantial resources, conservative approach to financial operations, and careful attention to the level and security of its debt obligations support the 'AAA' rating on its general obligation bonds. After a very prosperous period through the 1990s, financial results in fiscal years 2001 and 2002 were negative, in part reflecting the recession but mostly reflecting the steep drop in realized capital gains and options, among others. Frequent adjustments were necessary to sustain balance through fiscal 2003, including drawdown Drawdown The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Notes: of the stabilization reserve. Economic and revenue trends improved in fiscal 2004, with revenues exceeding the revised May estimate by $324 million, or 2.8%. The surplus will be applied to existing commitments and to additional deposits to the rainy rain·y adj. rain·i·er, rain·i·est Characterized by, full of, or bringing rain. rain  i·ness n.Adj. day fund. The fund totaled $340 million at June 30, 2004 and is now estimated to increase to over $600 million by the June 30, 2006 biennium bi·en·ni·um n. pl. bi·en·ni·ums or bi·en·ni·a A two-year period. [Latin : bi-, two; see bi-1 + annus, year; see at- end. The major tax revenues increased 9.4% in fiscal 2004, well ahead of the 6.4% estimate. The approved 2004-2006 biennial biennial, plant requiring two years to complete its life cycle, as distinguished from an annual or a perennial. In the first year a biennial usually produces a rosette of leaves (e.g., the cabbage) and a fleshy root, which acts as a food reserve over the winter. budget incorporates tax reform measures and increases, including one-half cent in the sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. , providing some $1.4 billion in net additional revenues for the biennium. Revenue estimates appear conservative, with major tax revenues estimated to grow 6.4% in fiscal 2005, and collections are ahead of estimates through the first three months of the fiscal year. Recordation fees, which were raised effective Sept. 1, rose 55.2% over last September. Although increasing, net tax-supported debt remains very moderate at $6.4 billion, equal to $903 per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. and 2.6% of personal income. Economic indicators Economic indicators The key statistics of the economy that reveal the direction the economy is heading in; for example, the unemployment rate and the inflation rate. have been improving. Following flat employment in 2001 and a drop of 0.7% in 2002, Virginia's employment grew 0.2% in 2003. Growth picked up this year, with September employment up 2.7% over that of September 2003. Personal income increased 3.8% in 2003, outpacing the nation's 3.2%, and second quarter 2004 personal income increased 6.2%, or 119% of that of the U.S. At $33,651 per capita income Noun 1. per capita income - the total national income divided by the number of people in the nation income - the financial gain (earned or unearned) accruing over a given period of time equaled 107% of that of the U.S. in 2003, ranking ninth. |
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