Correction -- Fitch Rates Fairfax Co. EDA (VA) (Lorton Arts Fdn) VRDS's Ser 2006 'AA-/F1+'.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 release issued yesterday and contains additional information on the bonds' sale amount in the first paragraph.) Fitch assigns a rating of 'AA-/F1+' to the Fairfax County Economic Development Authority (VA) $26,200,000 tax-exempt adjustable mode industrial development revenue bonds (The Lorton Arts Foundation, Inc. Project), series 2006. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC LOC - lines of code ) issued by Wachovia Bank, National Association, securing the bonds. The bank is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to make payments of principal and interest when due, as well as purchase price for tendered bonds. The rating will expire upon the earliest of: the stated expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the LOC, July 31, 2011, unless extended; any prior termination of the LOC; and defeasance defeasance n. an antiquated word for a document which terminates the effect of an existing writing such as a deed, bond, or contract if some event occurs. DEFEASANCE, contracts, conveyancing. of the bonds. The LOC provides full coverage of principal plus an amount equal to 35 days' interest at a maximum rate of 12% based on a 365-day year. The remarketing agent for the bonds is Wachovia Bank, National Association. The bonds are expected to be delivered on or about July 27, 2006. The bonds initially bear interest at the weekly rate mode, but may be converted to a flexible term, medium term, or a fixed interest rate mode. While bonds bear interest in the weekly rate mode, interest payments are made on the first business day of each month, commencing August 1, 2006. During the weekly rate, bondholders may tender their bonds on any business day, provided the trustee is given seven days' prior notice of the purchase. The bonds are subject to mandatory tender upon conversion of the interest rate mode, and upon expiration or substitution of the LOC. Mandatory and optional redemption provisions also apply to the bonds. The bond proceeds will be used to finance the construction, renovation, equipping, repairing and preservation of the Lofton Correctional Complex for use as an arts center campus located in Lorton, Virginia Lorton is a census-designated place (CDP) in Fairfax County, Virginia, United States. The population was 17,786 at the 2000 census. History Lorton is named for the little town in the Lake District Park, Cumbria in Old England, the hometown of Joseph Plaskett who settled . Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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