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FLORIDA $141.5 MILLION SAVE OUR COAST BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 10 /PRNewswire/ -- Florida Department of Environmental Protection Save Our Coast Refunding Revenue Bonds, Series 1993A are rated 'A' by Fitch. The bonds, to be offered for competitive bids on 24 hours' notice, are dated July 1, 1993 and will be due July 1, 1994-2012, with bidders' option of term bonds with mandatory sinking fund redemption for 2004-2012 maturities. The rating also applies to $268 million parity outstanding Save Our Coast bonds. The credit trend is stable.
 This program was initiated under the Department of Natural Resources in 1982 as a means of controlling coastal areas for public recreation, conservation, and related purposes, a priority in a state with a sizable recreational sector and long coastline. In 1993, the legislature consolidated the departments of Natural Resources and Environmental Regulation into the Department of Environmental Protection. Security emanates from a pledge of a small portion (8.724%) of revenues derived from certain excise taxes on documents transferred to the Land Acquisition Trust Fund (LATF) subordinate only to $6.2 million outstanding Outdoor Recreation Revenue Bonds, due finally July 1, 1998, and which bear a pledge of all moneys deposited into the LATF. Portions of the documentary stamp tax are also used to secure separately $32.6 million Conservation and Recreation Revenue Bonds and $894 million Preservation 2000 Revenue Bonds. The distributions of the taxes for the various purposes are on a parity basis after payment of debt service on the first lien bonds.
 Coverage of maximum debt service from the securing 8.724% portion of the documentary stamp taxes, based on fiscal 1993 collections, is 2.0 times (x) through fiscal 2008, rising to 8.0x in fiscal 2012, the final maturity. No additional new money issues are planned, as the functional operation has been assumed under the broader Preservation 2000 program. While coverage is adequate, the source of the securing revenues is narrow and economically driven, and the portion pledged is subject to legislative alteration.
 -0- 12/10/93
 /CONTACT: Ruth Corson Maynard, 212-908-0596 or Claire G. Cohen, 212-908-0552, both of Fitch/


CO: ST: Florida IN: SU: RTG

WB -- NY089 -- 2815 12/10/93 17:33 EST
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Date:Dec 10, 1993
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