Fitch Removes $164.2MM of Florida TIF Bonds from Rating Watch Negative.TAMPA, Fla. -- Fitch Ratings has removed from Rating Watch Negative each of the Florida Tax Increment Financing Tax Increment Financing, or TIF, is a tool which has been used for redevelopment and community improvement projects throughout the United States for more than half a century. (TIF) revenue bonds it rates and affirms the following ratings with a Stable Rating Outlook: --City of Hollywood, Florida Community Redevelopment Agency's $40 million series 2007 and $18.2 million series 2004 (Beach CRA See Community Reinvestment Act. ) redevelopment revenue bonds rated 'BBB+'; --City of Maitland, Florida Community Redevelopment Agency's $13.9 million series 2005 community redevelopment revenue bonds rated 'A+'; --City of Orlando, Florida Community Redevelopment Agency's $14.9 million series 2002 and 2004 (Downtown District) tax increment revenue refunding bonds rated 'A+'; and --City of West Palm Beach, Florida West Palm Beach, also known as West Palm, is the most populous city in Palm Beach County, Florida, USA. The city is also the oldest incorporated municipality in South Florida. According to the University of Florida's 2006 estimates, the city had a population of 107,617. Community Redevelopment Agency's $77.2 million series 2006A (City Center Community Redevelopment Area) tax increment revenue bonds rated 'A+'. Fitch's decision to remove the Rating Watch Negative reflects the Florida Supreme Court's revised opinion in the case of Dr. Gregory L. Strand vs. Escambia County, Florida Escambia County is the westernmost county in the U.S. state of Florida. The 2000 population was 294,210. The U.S. Census Bureau 2005 estimate for the county is 296,772.[1] Its county seat is Pensacola, Florida. , which states that 'bonds issued or validated prior to this opinion becoming final... are unaffected'. The revision removes the uncertainty resulting from the original opinion as to the constitutionality of outstanding tax increment financing revenue bonds that had not been validated. 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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