Fitch Rates New York State Environmental Facilities Corp. $37MM Revs 'A+'.NEW YORK -- Fitch Ratings assigns an 'A+' rating to approximately $37,445,000 New York State Environmental Facilities Corporation (EFC EFC Expected Family Contribution EFC Expect(ed) Further Clearance EFC Evangelical Fellowship of Canada EFC Evangelical Free Church EFC Eastfield College EFC Everton Football Club EFC Electronic Fee Collection ) Riverbank State Park Riverbank State Park is a 28-acre acre park built on the top of a sewage treatment facility in Manhattan, New York on the Hudson River. The park includes Olympic-size pool (which is home to the Redtails swim team), a covered skating rink for roller skating in the summer and special obligation refunding revenue bonds, 2007 series. The bonds are scheduled to sell competitively on Jan. 9. The 'A+' rating is based on the credit quality of the State of New York, as bonds are secured by rental payments made by the state, acting through the office of parks, recreation and historic preservation, subject to annual legislative appropriation. Appropriation risk is minimal given the central role this type of debt plays in the state's overall debt structure. Program control and oversight are strong due to the cabinet-level officials involved in the process. A debt service reserve is funded at one-half of average annual debt service, and the debt service payment schedule offers protection against late budget adoption. Fitch rates general obligation (GO) debt of the state 'AA-'. The state's 'AA-' GO bond rating recognizes the state's recovery from the challenges experienced earlier in this decade, substantial wealth and resources, and broad economy, somewhat tempered by uneven performance across the state. The November financial plan update increased revenue estimates, reflecting strength in personal income and business tax receipts. The plan forecasts a surplus of $1.1 billion for fiscal 2007, in addition to a rainy day reserve, funded at its statutory maximum of 2%, and $787 million in a spending stabilization reserve (from fiscal 2006 surplus). The strong performance in fiscal 2007 follows a robust fiscal 2006, which ended with a $2 billion surplus after prepayments and was the second year of base revenue growth higher than 10%. Outyear out·year n. A fiscal year after the year covered in a budget. Often used in the plural: The state budget assumes reduced expenditures on welfare in outyears. gap forecasts have been reduced, although they remain sizable. New York's personal income per capita is the fifth highest of the states, at 116% of the national average, and nonfarm employment has expanded year-over-year in every month since March 2004. Employment rose 0.8% in 2005, compared to 1.5% for the U.S., and November 2006 employment was 0.8% above that of November 2005, compared to the nation's 1.3%. Unemployment was a low 4.2% in November, 93% of the U.S. Employment growth in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , up 1.1% November-over-November, continues to lead the state. Debt, currently 5.7% of personal income, is expected to remain above average but still in the moderate range. Pensions are well funded. A recent New York State Court of Appeals decision ended the ongoing Campaign for Fiscal Equity The Campaign for Fiscal Equity (CFE), a not-for-profit organization based in New York City, is a coalition of parent organizations, community school boards and advocacy groups seeking to reform New York State's school finance system to ensure adequate funding of education in New (CFE CFE Conventional Forces in Europe (treaty) CFE Cash Flow to Equity (finance/accounting) CFE Comisión Federal de Electricidad (México) CFE Certified Fraud Examiner ) lawsuit regarding funding of New York City schools. Although the $1.9 billion in incremental annual operating funding that was included in the court's ruling is significant, the figure is much smaller than the incremental funding included in previous findings. Moreover, the conclusion of this case resolved a major point of uncertainty and potential financial exposure for the state. The 2007 series bonds are being issued to refund the 2016 and 2022 maturities of the EFC's 1996 series Riverbank State Park special obligation refunding revenue bonds. The 2007 bonds will be due April 1, 2013-2022, callable Callable Applies mainly to convertible securities. Redeemable by the issuer before the scheduled maturity under specific conditions and at a stated price, which usually begins at a premium to par and declines annually. beginning April 1, 2017. The Riverbank State Park is located on a 28-acre site in upper Manhattan along the Hudson River. The park opened in 1993. Construction of the park, which is located above a New York City wastewater treatment plant Wastewater treatment plant also called wastewater treatment works
When a person begins a civil lawsuit, the person enters into a process called litigation. settlements, and consent decrees involving the state, the city, and the federal government in the construction of the North River Water Pollution Control Plant. 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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