Fitch Rates Maryland Transportation Auth $24MM Lease Bonds '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 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 'AA' rating to $23.8 million Maryland Transportation Authority (MDTA MDTA Maryland Transportation Authority MDTA Manpower Development and Training Act MDTA Minnesota Debate Teachers Association MDTA Melton District Tennis Association (Melbourne, Australia) MDTA Multiple Directory Trees Access ) parking lease revenue bonds (Calvert Street Parking Garage Project), series 2005. The bonds will sell competitively on or about June 21. Fitch also affirms its 'AA' unenhanced or underlying ratings of various Maryland Stadium Authority The Maryland Stadium Authority, MSA, was created in 1986 by an act of the Maryland General Assembly. The initial mission of the public corporation of the state of Maryland was to return the National Football League (NFL) to Baltimore. bonds supported by annual appropriations of the State of Maryland. The 'AA' rating reflects the strengths of the lease structure supporting these bonds and the state's credit quality, as debt service is payable from annual appropriations. The project being financed is a new five-level, 730-space parking garage for state employees next to the Lowe House Office Building in Annapolis, MD. The Board of Public Works public works pl.n. Construction projects, such as highways or dams, financed by public funds and constructed by a government for the benefit or use of the general public. Noun 1. , which includes the governor, treasurer, and comptroller, has approved the project. Maryland's department of general services (DGS DGS Department of General Services DGS Digeorge Syndrome DGS Dynamic Geometry Software DGS Defected Ground Structure DGS Diego Garcia (space launch ground station) DGS Diocesan Girls' School DGS Digital Station ), the state construction and real estate management agency, will make rental payments to the issuer, which will be deposited with the trustee pursuant to a trust agreement to cover debt service. DGS's obligations, while subject to appropriation, are not subject to use or occupancy of the garage. DGS covenants to include rental payments in its annual budget request and use its best efforts to obtain the appropriation. There is no mortgage or other interest of bondholders in the garage, other than for the appropriated rentals. Parking capacity for state employees in Annapolis is constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. , creating the need for the facility. The State of Maryland owns the parcels of land on which the garage is to be built. The state will lease the site to MDTA. MDTA will enter into a lease and financing agreement with DGS. This agreement provides that DGS will design, construct, equip, operate, and maintain the garage. Maryland's general obligation bonds are rated 'AAA'. The rating reflects the state's wealthy, diversified economy, sound financial operations, and adherence to policies keeping debt within affordability limits. Growth continued, but slowed, in 2001-2003. Expenditure control and use of balances both occurred. Revenue performance has been improving, but use of some nonrecurring sources has continued. Fiscal 2005 revenues are 8% above those for fiscal 2004, with 7.2% growth in all income taxes on a budgetary basis. The general fund balance is expected to grow in fiscal 2005 to $680 million, or 6.1% of revenues; the revenue stabilization account includes $521 million, bringing these combined balances to 10.9% of revenues. Maryland ranks 4th among the states in personal income 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. . Between May 2004 and May 2005, employment expanded by 2.1%, faster than the U.S. rate. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and 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 this site, at all times. This document will remain on the public site for seven days. |
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