Fitch Rates Orlando-Orange County Expressway VRBs 2003C & D 'AAA/F1+'.Business Editors NEW YORK--(BUSINESS WIRE)--April 2, 2003 Orlando-Orange County Expressway Authority, FL (the Authority), variable-rate refunding revenue bonds $408,285,000 series 2003C and $91,715,000 variable-rate revenue bonds series 2003D, are rated 'AAA/F1+' by 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. . The series 2003C bonds consist of four subseries as follows: $158,285,000 series 2003C1; $83,335,000 series 2003C2; $83,335,000 series 2003C3; and $83,330,000 series 2003C4. The long-term 'AAA' ratings assigned to the bonds are based on the support of two separate municipal bond insurance Municipal bond insurance An insurance policy which guarantees payment on municipal bonds in the event of default . municipal bond insurance A guarantee from a third party that principal and interest will be paid to a bondholder. policies provided by Financial Security Assurance Inc., which insure scheduled payments of principal of and interest on each series of bonds, effective as of the date of issuance of the bonds. The insurance policies will extend to the maturity date of the bonds. The series 2003C bonds mature July 1, 2025 and the series 2003D bonds mature July 1, 2032. The short-term 'F1+' rating assigned to the bonds is based on the support of two separate standby bond purchase agreements (SBPAs), provided by Dexia Credit Local, acting through its 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 Agency. Each SBPA SBPA Simple Branch Prediction Analysis SBPA Scottish Beer and Pub Association (UK) SBPA School of Business and Public Administration SBPA School-Based Performance Award SBPA School-Based Performance Awards provides for the payment of the purchase price of tendered bonds during the weekly interest rate mode, and is sized to cover the principal portion of the purchase price and 35 days of interest at the maximum rate of 12%, based upon a year of 365 days. The SBPAs will expire on the stated expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of April 8, 2013, or upon the occurrence of other events of termination as specified in the SBPA. Fitch's short-term ratings on the bonds will expire upon any expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created or termination of the SBPAs. The underwriter underwriter n. a company or person which/who underwrites an insurance policy, issue of corporate securities, business, or project. (See: underwrite) UNDERWRITER, insurances. One who signs a policy of insurance, by which he becomes an insurer. and remarketing agent for the bonds is UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System PaineWebber. The sale date of the bonds is expected to be on or about April 8, 2003. The bonds initially bear interest in the weekly rate mode, but may be converted to a daily, commercial paper, auction rate or a term interest rate mode. While bonds bear interest in the weekly and daily rate modes, interest is payable on the first business day of the month, commencing May 1, 2003. Also during the daily and weekly interest rate modes, bondholders have the option to tender their bonds on any business day, following required notice to the tender agent, Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank, N.A. The bonds are subject to mandatory tender: (1) on the day next succeeding the last day of each commercial paper rate period; (2) on the first day of each interest rate period; and (3) upon termination, expiration or substitution of the SBPA, including following the tender agent's receipt of notice from the bank of an event of default under the SBPA stating that the SBPA will terminate in no less than 25 days. Mandatory and optional redemption provisions also apply to the bonds pursuant to the terms of the documents. The proceeds of the sale of the series 2003C bonds will be used to refund outstanding bonds of the Authority. Proceeds of the series 2003D bonds will be used to finance costs of improvements to the expressway system. |
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