Fitch Affirms Union County, North Carolina GO CP BANs '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 -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms the 'F1+' rating assigned to the County of Union, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. (the 'County') general obligation commercial paper bond anticipation notes (the 'Notes'). The affirmation is in connection with amendments which increase the principal amount of the Notes available to be issued or outstanding from $71,230,000 to $110,730,000, and an extension of the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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 Standby Note Purchase Agreement (the 'SNPA') to April 13, 2007, or to the extended date as described below. The short-term 'F1+' rating assigned to the Notes continues to be based on both the internal liquidity support of the County and the external liquidity support provided by the SNPA SNPA Securing Networks with PIX and ASA SNPA Southern Newspaper Publishers Association SNPA Subnetwork Point of Attachment SNPA Sierra Nevada Pale Ale (Sierra Nevada Brewing Co) SNPA Scottish Newspaper Publishers Association issued by Wachovia Bank, National Association (the 'Bank'). U.S. Bank, National Association, as issuing and paying agent, is directed to request an advance under the SNPA whenever proceeds of the Notes or other funds provided by the County are insufficient to pay the principal amount due at maturity. The Notes may be issued at par, with interest due at maturity or at a discount. The First Amendment to the SNPA dated as of April 1, 2006, increases the commitment by the Bank to advance up to $110,730,000 in principal amount of the Notes. The Notes are the general obligation of the County, backed by the County's full faith and credit, and under the terms of the commercial paper program, the County 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 pay the interest due on any and all maturing Notes. Fitch rates the long-term general obligation debt of the County 'AA'. Following the occurrence of an event of default under the SNPA, the Bank may direct that no additional Notes be issued. In addition, the SNPA may be terminated at the option of the Bank, upon the occurrence of specified events. The rating on the Notes expires on the earliest to occur of:(i) April 13, 2007, scheduled expiration date of the SNPA, which date shall be automatically extended until the Bank delivers a notice of non-extension, in which event the SNPA will expire 455 days after such notice, but in no event will the scheduled expiration date be extended beyond April 13, 2013; or (ii) any prior termination of the SNPA in accordance with its terms. Wachovia Bank, National Association is acting as the commercial paper dealer for the Notes. The proceeds of the Notes will be used to finance the acquisition, construction, renovation and equipping of public school facilities in the County. 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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