Fitch Rates Florida State Board of Education Lottery's $150.96MM Revs Series 1999A & 2000C 'AAApre'.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 a rating of 'AAApre' to the State of Florida State Board of Education Lottery Revenue Bonds, $57,965,000 Series 1999A, maturing July 1, 2011- 2019 and $92,995,000 Series 2000C, maturing July 1, 2011-2020. The bonds were refunded on Nov. 29, 2006 with proceeds of the State's Board of Education Lottery Revenue Refunding Bonds, Series 2006B and amounts transferred from the sinking funds for the refunded bonds. The refunded bonds will be redeemed on July 1, 2010 at 101%. The Escrow Agent escrow agent n. a person or entity holding documents and funds in a transfer of real property, acting for both parties pursuant to instructions. Typically the agent is a person (commonly an attorney), escrow company or title company, depending on local practice. (See: escrow) , Florida's State Board of Administration, will hold funds and securities in a separate irrevocable escrow deposit trust fund for the benefit of refunded bondholders. This fund is pledged for the purpose of paying interest and redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. on refunded bonds, in addition to escrow agent fees. The 'AAApre' rating reflects this pledge to refunded bondholders and that all funds have been invested in non-callable direct obligations of the United States. In addition, any future substitute investments are limited to direct non-callable obligations issued by or guaranteed by the U.S. and direct non-callable interest strips of the Resolution Funding Corporation Resolution Funding Corporation (RefCorp) A government agency established by Congress in 1989 to issue bailout bonds and raise funds for the activities of the Resolution Trust Corporation, as well as to administer struggling institutions inherited from the disbanded Federal Savings . 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 debt service computations on the refunded bonds and income from the escrowed funds and securities, contained in schedules provided to them by the State of Florida. According to the verification report of Causey Demgen & Moore, the cash and securities will produce amounts necessary to provide for the debt payment schedule on all refunded bonds and escrow agent fees. The 'AAApre' rating applies to the bonds with the following CUSIP numbers: --341507EV9 --341507EW7 --341507EX5 --341507EY3 --341507EZ0 --341507FA4 --341507FB2 --341507FC0 --341507FD8 --341507HF1 --341507HG9 --341507HH7 --341507HJ3 --341507HK0 --341507HL8 --341507HM6 --341507HN4 --341507HP9 --341507HQ7 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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