Fitch to Rate $106.950MM San Antonio, TX Hotel Tax Sub Lien Rev and Rfdg Bnds, Ser 2004B 'AAApre'.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 -- Effective July 11, 2008, Fitch will assign a rating of 'AAApre' to the $106,950,000 City of San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. hotel occupancy tax subordinate lien revenue and refunding bonds, series 2004B. The bonds will be refunded on July 11, 2008 with funds from the City of San Antonio, Texas hotel occupancy tax subordinate lien variable rate demand revenue and refunding bonds, series 2008. All refunded bonds are escrowed to Aug. 15, 2008. The Escrow Agent escrow agent n. a person or entity holding documents and funds in a transfer of real property, acting for both parties pursuant to instructions. Typically the agent is a person (commonly an attorney), escrow company or title company, depending on local practice. (See: escrow) , The Bank of New York Mellon The Bank of New York Mellon Corporation (NYSE: BK), is a global financial services company formed on 1 July 2007 as result of the merger of The Bank of New York and Mellon Financial Corporation. Trust Company, National Association, Dallas, Texas holds funds and securities in a segregated irrevocable escrow deposit fund in trust for the benefit of refunded bondholders. The escrow agent is directed to use this fund solely for the purpose of paying debt service on the refunded bonds. The 'AAApre' rating reflects the restricted use of this fund and that all amounts held in the fund have been invested in direct obligations of the United States. Grant Thornton verified the mathematical accuracy of debt service computations on the refunded bonds and income from the escrowed funds and securities, contained in schedules provided to them by the Coastal Securities, Inc., financial advisor to the City. In the opinion of Grant Thornton the receipts from the cash and securities deposited in the escrow deposit fund will be sufficient for the timely payment of the principal and interest on the refunded bonds. 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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