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MINNEAPOLIS-ST. PAUL METROPOLITAN COUNCIL METRODOME REFINANCING RATED 'A' BY MOODY'S

 MINNEAPOLIS-ST. PAUL METROPOLITAN COUNCIL
 METRODOME REFINANCING RATED 'A' BY MOODY'S
 NEW YORK, Aug. 7 /PRNewswire/ -- Effective today, Moody's Investors Service assigned an "A" rating to the Minneapolis-St. Paul Metropolitan Council's sports facilities revenue refunding bonds. The rating applies to $42,865,000 of bonds scheduled to be priced on Aug. 10.
 "This current offering is a refinancing of all outstanding Series 1979 bonds and achieves favorable present value savings with no adverse alteration of debt structure. Original bond proceeds financed construction of the Metrodome. Bonds are secured and payable from the Metropolitan Sports Facilities Commission's revenues and the first lien pledge of unlimited hotel-motel and liquor taxes levied within the city of Minneapolis. The taxes which are not being levied at present, are required to be imposed if balances in debt service funds are not at required amounts.
 Vulnerability associated with the escape clause in Minnesota Twins Stadium Use Agreement is mitigated by the existence of a two-year debt service reserve, the historically tested tax levy mechanism, and the commission's favorable financial record including adequate historical debt service coverage levels met from revenues generated solely by Metrodome operations."
 -0- 8/7/92
 /CONTACT: Dan Aschenbach, 212-553-0880, or Dina W. Kennedy, 212-553-7738, both of Moody's/ CO: Minneapolis-St. Paul Metropolitan Council ST: Minnesota IN: SU: RTG


PS -- NY039 -- 8094 08/07/92 14:55 EDT
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Publication:PR Newswire
Date:Aug 7, 1992
Words:223
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