Fitch Rates City of Charlotte, North Carolina's $140MM Tax CP COPs, Series 2007C '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 assigns a rating of 'F1+'to the City of Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. , $140,000,000 Taxable Commercial Paper Certificates of Participation (NASCAR Hall of Fame The NASCAR Hall of Fame will honor drivers who have shown exceptional skill at NASCAR driving, all-time great crew chiefs and owners, and other major contributors to the sport. Facilities), Series 2007C (CP Certificates). The rating assigned to the CP Certificates is based on both the internal liquidity support of The City of Charlotte, NC (City), whose certificates of participation are rated 'AA' by Fitch, and the external liquidity support provided by KBC Bank N.V., acting through its New York Branch (KBC Bank), in the form of a Standby Purchase Agreement, (SPA). The rating will expire on the earlier of Feb. 28, 2010, the expiration date of the SPA, unless such date is extended, or upon any prior termination of the SPA. The effective date for the issuance of the CP Certificates is expected to be on or about Feb. 28, 2007. U.S. Bank National Association, as Trustee and Issuing and Paying Agent, is directed to request an advance under the SPA whenever roll-over proceeds of CP Certificates are insufficient to pay the principal amount due upon maturity of the CP Certificates. The SPA provides a commitment to cover CP Certificates issued up to $140,000,000 in principal amount. The CP Certificates will be issued on an interest bearing basis and the City 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 CP Certificates. Following the occurrence of an event of default under the SPA, KBC Bank, as liquidity provider, may direct that no additional CP Certificates be issued. In addition, the SPA may be terminated upon the occurrence of certain events of default. Banc of America Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is the dealer for the CP Certificates. The proceeds of the CP Certificates will be used to finance the construction, equipping and furnishing of the NASCAR Hall of Fame, a ballroom to be connected to the Hall of Fame and the Convention Center, a parking facility to be adjacent to the Hall of Fame and the renovation and improvement of the Convention Center to allow for light rail. 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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