Fitch Rates Hillsborough County, Florida Cap Improv Prog Refs 'AA'.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 assigns an 'AA' rating to Hillsborough County Hillsborough County is the name of two counties in the United States:
The 'AA' rating on the series 2006 bonds reflects strong debt service coverage by pledged revenues, and the county's strong general credit characteristics. The county's general obligation (GO) bonds are rated 'AA+' by Fitch. The bonds now offered will be used to currently refund senior lien senior lien n. the first security interest (lien or claim) placed upon property at a time before other liens, which are called "junior" liens. (See: mortgage, deed of trust, lien, UCC-1) capital improvement program refunding revenue bonds, series 1996, and to terminate a forward interest rate swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. agreement. The net present value savings on the refunding bonds is estimated to be 4.9% of refunded par. Upon the issuance of the series 2006 bonds and the refunding of the series 1996 bonds, the closed senior lien on sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. revenues that secured the 1996 bonds (rated 'AA+' by Fitch) will be extinguished, and the series 2006 and 2003 bonds effectively will have a parity lien on and pledge of all county revenues from the local government half-cent sales tax. The capital improvement program refunding bonds are secured by the county's share of the local government one-half-cent sales tax imposed by the state and, if applicable, qualified derivative payments. One-half-cent sales tax proceeds are distributed to each county based on retail sales activity, and within counties according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a formula based on the relative population of the incorporated and unincorporated areas. Hillsborough County's share, 71.13% in fiscal 2004, has averaged 71.29% annually over the last four fiscal years. Growth in one-half-cent sales tax receipts has been strong, averaging 5.5% annually in each of the last four fiscal years. Collections for the first seven months of fiscal 2006, reflecting sales activity through October 2005, were up 11.6% over the prior period in fiscal 2005. Fiscal 2005 pledged revenues cover maximum annual debt service (MADS) 6.6 times (x). The county's GO rating reflects its strong financial policies and practices, a moderate tax-supported debt burden, and growing and diversifying economy. The service and trade sectors account for the largest components of the employment base. Tampa is home to numerous regional headquarters of multinational finance and insurance companies, providing employment opportunities to residents countywide. The county's unemployment rate is below the state's and nation's and per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. retail sales exceed the state and nation by 29%. Tax base growth has been strong, averaging 11.5% annually over the past five fiscal years. Fiscal 2005 ended with an unreserved general fund balance of $121.5 million, representing an ample 15.1% of expenditures, transfers out, and other uses. Overall debt is moderate, at 3.9% of taxable assessed value (TAV). The fiscal years 2006-2011 capital plan includes $955 million in planned spending, 34% of which will be debt financed with general government and self-supporting enterprise fund revenue bonds. The remaining 66% will be funded on a pay-as-you-go basis Pay-as-you-go basis A method of paying income tax in which the employer deducts a portion of an employee's monthly salary to remit to the IRS. from a variety of sources, including enterprise system fees, property taxes, and sales tax revenues. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion