Fitch Rates California Infrastructure & Econ Devel Bank's $1.16B 2003A Bonds 'AAApre'.NEW YORK -- Fitch Ratings assigns a rating of 'AAApre' to the California Infrastructure and Economic Development Bank's $1,160,435,000 Bay Area toll bridges seismic retrofit revenue bonds, series 2003A first lien bonds (the 2003A bonds). All series 2003A bonds were defeased on April 25, 2006 with proceeds of the Bay Area Toll Authority The Bay Area Toll Authority (BATA) was created by the California State Legislature in 1997 to administer the base $1 auto toll on the San Francisco Bay Area's seven state-owned toll bridges. , San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay toll bridge revenue bonds, series 2006F and amounts transferred from the 2003A bonds' debt service and debt service reserve funds. The following bonds will be redeemed at par plus accrued interest: bonds maturing July 1, 2014-2021 and bearing interest at 5.25% on July 1, 2013; bonds maturing July 1, 2029-2036 on Jan. 1, 2028, except that a portion of the bonds maturing in 2029 will be subject to sinking fund redemption on July 1, 2027; and bonds maturing on July 1, 2037 on July 1, 2026. All other 2003A bonds will be escrowed to maturity Escrowed To Maturity The condition of a bond that has been repaid in advance by means of an escrow account, which holds the funds needed to pay the periodic coupon payments and the principal. . The escrow agent, Deutsche Bank National Trust Company, will hold escrowed funds and securities in a segregated irrevocable escrow fund pledged to the holders of 2003A bonds. The escrow agent has been directed to use escrowed funds and securities for the purpose of paying principal, interest and redemption price on 2003A bonds. The 'AAApre' rating reflects this pledge and that all funds have been invested in direct non-callable obligations of the United States. Any future investments are limited to direct non-callable non-prepayable obligations issued by or guaranteed by the U.S. and obligations of REFCORP See Resolution Funding Corporation. REFCORP See Resolution Funding Corporation (REFCORP). . Causey Causey is a village in County Durham, in England. It is situated a short distance to the north of Stanley. Demgen & Moore, Inc. verified the mathematical accuracy of computations of the adequacy of cash receipts and disbursements of escrowed funds and securities, contained in schedules provided to them by Citigroup Global Markets, Inc., underwriter for the refunding bonds. In the opinion of Causey Demgen & Moore, receipts from the cash and securities deposited in the trust fund will be sufficient for the timely payment of the principal and interest and redemption price on the 2003A bonds. 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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