OH Public Facilities Comm $100M Bds Rtd 'AA-' By Fitch IBCA.NEW YORK--(BUSINESS WIRE)--July 22, 1999-- -Ohio Public Facilities Commission's (OPFC OPFC Old Pauline Football Club (UK) ) $100 million higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. capital facilities bonds, series 1999A, selling competitively on July 27, are rated 'AA-' by Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals . The bonds, due serially Nov. 1, 1999-2013, are callable Callable Applies mainly to convertible securities. Redeemable by the issuer before the scheduled maturity under specific conditions and at a stated price, which usually begins at a premium to par and declines annually. on or after Nov. 1, 2008 at par. Additionally, approximately $2.1 billion in outstanding OPFC higher education capital facilities bonds are affirmed at 'AA-'. The rating reflects OPFC's role as a principal financing vehicle of Ohio, providing funds for higher education, mental health, and parks and recreation projects. The higher education bonds are payable pursuant to a lease with the Board of Regents An independent governing body that oversees a state's public Colleges and Universities. All 50 states have governing bodies that oversee the administration of public education. for higher education capital facilities. Although lease payments are subject to the availability of appropriations made by Ohio's General Assembly, the state's uniform lease appropriation process and long history of lease financing support the rating. Furthermore, the lease documents are strong, the financed projects are for broad and essential state purposes, and the authority to issue these bonds rests in the state constitution. The rating also reflects the state's credit quality; Ohio's general obligation bonds are currently rated 'AA+'. Bond proceeds will be used to finance capital projects at various state higher education institutions. Funds appropriated by the state's 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 are the intended source of lease payment; however, certain revenues are pledged. The commission covenants that if the lease payments are insufficient to provide for debt service, it will require the higher education institutions to charge and collect a special student fee to cover any shortfall. In addition, student fees, charges, and tuition are pledged to bond repayment. These additional resources have never been needed to cover debt service. Ohio is among the largest states and continues to be one of the most important contributors to the national manufacturing sector. While the manufacturing dependence can lead to volatility, for the past several years, growth has been strong, enabling successive general fund surpluses. At June 30, 1999, the fund balance was $976.8 million; revenues were again ahead of estimates. Surpluses have been used to fund a reserve to 5% of revenues, creating a financial cushion, for tax relief and targeted expenditures, especially for schools. Net tax-supported debt amounts to $7.6 billion, equal to a low to moderate $682 per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. and 2.7% of personal income. Amortization, inclusive of inclusive of prep. Taking into consideration or account; including. general obligation and lease bonds, is very rapid. |
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