FL $121.4M Dept of Trans Bds Ser 1995 Rtd AAA By Fitch IBCA.NEW YORK--(BUSINESS WIRE)--June 3, 1999-- The State of Florida's $121.4 million full faith and credit Department of Transportation right-of-way acquisition and bridge construction bonds, series 1995, maturing July 1, 2006 through July 1, 2024 are rated `AAA' by Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals . These bonds were refunded with proceeds of the state's full faith and credit Department of Transportation right-of-way acquisition and bridge construction bonds, series 1999A, and a U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. note transferred from the debt service fund securing the refunded bonds Refunded Bond A bond, originally issued as a regular or revenue bond, that is now secured by a second issue of bonds which are held in an "escrow fund" consisting of U.S. government debt until the first bond issue reaches maturity. . All monies and investments are being held in a segregated and irrevocable trust Irrevocable Trust A trust that, once its setup, cannot be changed at all. Notes: This is to prevent fraudulent activities. See also: Exemption Trust, Trust, Unit Trust Irrevocable trust A trust that is unable to be amended, altered, or revoked. fund by the escrow agent escrow agent n. a person or entity holding documents and funds in a transfer of real property, acting for both parties pursuant to instructions. Typically the agent is a person (commonly an attorney), escrow company or title company, depending on local practice. (See: escrow) , the Florida State Board of Administration. This trust fund is pledged irrevocably for the purpose of paying principal, interest, and redemption premium redemption premium See call premium. on the refunded bonds. The `AAA' rating reflects this pledge and that all funds have been invested in U.S. Treasury obligations. All refunded bonds will be redeemed on July 1, 2005 at 101%. Ernst & Young L.P. verified the mathematical accuracy of debt service computations on the refunded bonds and income from the escrowed funds and securities, contained in schedules provided to them by the Division of Bond Finance of the State Board of Administration of Florida. In the opinion of Ernst & Young, the cash flow from the escrowed funds and securities will be sufficient to pay principal, interest, and redemption premium on all refunded bonds, in addition to escrow agent fees. |
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