Fitch Rates Florida Dept of Environmental Protection $159MM Revs 'A+'.Business Editors
NEW YORK--(BUSINESS WIRE)--June 9, 2003
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 'A+' rating to the Florida Department Florida is a department (departamento) of Uruguay. Population and Demographics
As of the census of 2004, there were 68,181 people and 21,938 households in the department. The average household size was 3.1. For every 100 females, there were 100.4 males. of Environmental Protection's $158,755,000 Florida Forever revenue refunding bonds refunding bond
A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. , series 2003B. The bonds, to be offered for bids on 18 hours will be due July 1, 2005-13; the bonds are non-callable.
The refunding bonds are issued under a $195 million refunding bond authorization The right or permission to use a system resource; the process of granting access. See access control. and will refund certain maturities of the series 1994A Preservation 2000 revenue bonds. The refunding bonds are on parity parity or space parity, in physics, quantity that refers to the relationship between an object or process and the image that it can produce in a mirror. with bonds issued under the $3 billion authorization to continue the state of Florida's program of acquiring land and water areas for restoration, conservation, recreation, water resource development, and preservation. Florida Forever bonds are issued under an amended and restated resolution, on parity with Preservation 2000 bonds. Bonds of both programs, $2.8 billion including the new, are secured by a designated portion of revenues derived from certain excise taxes excise taxes, governmental levies on specific goods produced and consumed inside a country. They differ from tariffs, which usually apply only to foreign-made goods, and from sales taxes, which typically apply to all commodities other than those specifically exempted. on documents (related to real estate transfers, bond issuance, and mortgages, notes and other security arrangements, including some exemptions and changes made by the 2002 legislature) and credited to the Land Acquisition Trust Fund (LATF LATF Low Altitude Tactical Formation ). The state, in the Florida Forever resolution amendments, covenanted not to reduce the distribution below the current 62.63% of documentary stamp tax stamp tax, method of collecting duties on certain transactions by means of a validating stamp attached to the taxable instrument, which may be a judicial act, a commercial document, a transfer of property, or law proceedings. collections, thereby enhancing protection.
Taxes credited to the LATF are limited to $300 million annually for each program, with the transfers for Florida Forever bonds initially at $30 million in fiscal 2001 and increasing annually by $30 million to the $300 million maximum. Additionally, issuance requires 1.5 times (x) coverage of maximum projected debt service by historic revenues, and the first year's debt service must be appropriated by the legislature prior to issuance. Coverage of current projected maximum annual debt service on Preservation 2000 and Florida Forever bonds is now 2.7 times (x) by fiscal 2002 pledged revenues, but future levels will depend on whether distributions to the LATF increase to match the annual $30 million increase in debt service for Florida Forever. Preservation 2000 bonds have a final maturity in fiscal 2013. Collections of documentary stamp taxes in recent years have proven stronger than initially expected, reflecting the state's economic growth, although the source remains narrow and economically driven, and reflecting volatility. The taxes produced $1.57 billion in fiscal 2002, an increase of 19.7% and substantially up from the earlier 4.8% forecast. While a decline of 13% projected in the current year, it has been upwardly revised twice and an increase of 15.7% is projected, underscoring the volatility of the tax. Decreases of 11% and 4%, respectively, are projected for the next two fiscal years, before a return to more normal growth.