Fitch Rates EDA of Gloucester County, Virginia Lease Revs 'A'.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. assigns an underlying 'A' rating to the Economic Development Authority (EDA (1) (Electronic Design Automation) Using the computer to design, lay out, verify and simulate the performance of electronic circuits on a chip or printed circuit board. ) of Gloucester County Gloucester County is the name of several counties in the United States:
The 'A' rating on the lease revenue bonds reflects the general credit characteristics of the Gloucester County (county), the essentiality of the leased assets, and the legal provisions of this lease financing. The county's implied general obligation (GO) debt rating of 'A+' incorporates its strong financial position, moderate debt burden, steadily growing tax base, and potential for economic growth. No county GO bonds are currently outstanding. The county, located approximately 60 miles east of Richmond (GO bonds rated 'AA' by Fitch) in the Hampton Roads Hampton Roads, roadstead, 4 mi (6.4 km) long and 40 ft (12.2 m) deep, SE Va., through which the waters of the James, Nansemond, and Elizabeth rivers pass into Chesapeake Bay. region, is on a peninsula bordered by the York River York River An estuary, about 64 km (40 mi) long, of eastern Virginia flowing southeast into Chesapeake Bay. and the Chesapeake Bay. Local employment options are available in the service, retail, and governmental occupations and more than half of the county's labor force commutes to jobs in surrounding Newport News and Norfolk. The unemployment rate is consistently below state and national averages. Primarily a rural community, ample developable lands are available and infrastructure improvements undertaken in past years can accommodate significant growth in the central and southern regions of the county. Financial resources are strong, with fund balance reserves maintained well above policy minimums. Debt levels are moderate when considering obligations of the county's utility system, which is reliant upon general fund transfers to support annual operations, and debt policies are in place to ensure affordability. The lease revenue bonds are secured by lease rental payments, subject to annual appropriation, to be made by the county to the EDA, which assigns its rights to receive such payments to a trustee. The bonds are additionally secured by a debt service reserve fund and a leasehold deed of trust A document that embodies the agreement between a lender and a borrower to transfer an interest in the borrower's land to a neutral third party, a trustee, to secure the payment of a debt by the borrower. , granting a mortgage on the EDA's leasehold interest in the courthouse. Upon a failure of the county to appropriate its rental payments in full, the trustee, acting on behalf of the EDA, could take possession and re-lease the courthouse facility. However, it must be noted that per Virginia law, judges are granted control of facilities designated as courthouses and nothing in the lease or related documents shall be construed as depriving judges the right to control or use the facility. The lease rental payments are not subject to abatement or reduction, and the county board of supervisors The examples and perspective in this article or section may represent an unduly geographically limited view of the subject. Please [ improve this article] or discuss the issue on the talk page. The Board of Supervisors is the body governing counties in the U.S. (board) has directed its county administrator to include the funds necessary to pay the lease rental payments in the annual budget submission to the board. Lease rental payments are due to the trustee 15 days prior to debt service payments of Nov. 1 and Sept. 1. The series 2006 bond proceeds will refinance certain outstanding maturities of the series 2000 Courthouse Project. The series 2000 bonds were issued to finance renovations and improvements to the county's courthouse facility. 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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