Fitch Rates Ohio $140MM GO Highway 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 $140 million State of Ohio general obligation (GO) highway capital improvements bonds, series I (full faith and credit/highway user receipts), and affirms the 'AA+' rating of $5.8 billion Ohio GO bonds. The series I bonds, issued for the state by the treasurer, will sell later this month through negotiation with a syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism led by NatCity Investments, Inc. Ohio's general credit strengths include its track record of conservative financial management, moderate and rapidly amortized debt burden, and broad economy. The state's manufacturing-focused economy is recovering from recession now, and revenue performance has improved as policymakers consider the 2005-2007 biennial biennial, plant requiring two years to complete its life cycle, as distinguished from an annual or a perennial. In the first year a biennial usually produces a rosette of leaves (e.g., the cabbage) and a fleshy root, which acts as a food reserve over the winter. budget. For the fiscal year to date, general revenue tax receipts are up 7.0% from those of fiscal 2004, led by 10% growth of income tax revenues. Achievable, balanced budgetary decisions, longer term effects of enacted tax reforms, and economic trends will be important considerations in future rating actions for state debt. The 'AA+' rating of Ohio GO highway bonds reflects the credit characteristics of the state as a whole, but also considers the funds that receive highway user receipts. Along with the state's full faith and credit, the GO highway bond security includes a pledge of highway user receipts that must be used for highway purposes under the state constitution. Receipts, predominantly pre·dom·i·nant adj. 1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant. 2. motor fuel taxes, have been stable in most years, but have grown with the three-year phase-in of an increase in the fuel tax to 28 cents through fiscal 2006. Pledged highway receipts cover projected debt service through fiscal 2010 by at least 14.7 times (x). An important credit strength of the GO highway bonds is their 10-year amortization schedule. The fuel tax increase, along with increases in certain license and registration fees also approved in 2003, provided new resources for Ohio's current 10-year transportation program. Annual issuance of much less than the $220 million yearly limit is anticipated with a significant amount of planned new construction funded from state and federal receipts. Fiscal years 2007 and 2008 are the peak funding years of the program, with new investment, system preservation, and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. approaching $2.8 billion per year. The seventh most populous pop·u·lous adj. Containing many people or inhabitants; having a large population. [Middle English, from Latin popul state, Ohio has a road network that ranks fifth in traffic volume, third in freight traffic, and second in the number of bridges. A constitutional amendment approved by voters in 1995 allows issuance of $220 million, plus any previously unused yearly authorization, of new money GO highway bonds annually; no more than $1.2 billion of such bonds may be outstanding. Under law, on an annual basis, funds to pay debt charges on highway GO bonds are transferred to the highway capital improvement bond service fund, a trust fund in the state treasury included in the bond lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. . In addition to the highway GO bonds, $126.9 million of outstanding appropriation The designation by the government or an individual of the use to which a fund of money is to be applied. The selection and setting apart of privately owned land by the government for public use, such as a military reservation or public building. bonds for highway-related facilities are serviced from pledged highway user receipts. The series I bonds mature through 2015, with call provisions yet to be determined. |
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