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FLORIDA $300 MILLION PRESERVATION 2000 BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 11 /PRNewswire/ -- Florida Department of Natural Resources' Preservation 2000 Revenue Bonds, Series 1993A, are rated A' by Fitch. The bonds, to be offered for competitive bids on 24 hours notice, are dated March 1, 1993 and will be due July 1, 1994-2013 with maturity structure of 2008-2013 at bidders' option, with terms requiring mandatory sinking fund redemption. The rating also applies to $594.5 million parity outstanding Preservation 2000 Revenue bonds. The credit trend is stable.
 Preservation 2000 bonds were authorized in the amount of $3 billion in 1990 and subsequently validated, for the purpose of land acquisition for outdoor recreation and natural resource conservation, a priority in a state with a sizable recreational sector and long coastline. Security emanates from a pledge of a portion (now 71.29 percent but declining to 62.63 percent on July 1, 1995) of revenues derived from certain excise taxes on documents. Taxes transferred to the Land Acquisition Trust Fund and securing these bonds are limited to $90 million in fiscal 1993, ranging upward annually to $300 million in fiscal 2000. Payment of the Preservation 2000 bonds is subordinate to $7.2 million outstanding Outdoor Recreation Revenue Bonds, due finally July 1, 1998, which bear a pledge of all moneys deposited into the Land Acquisition Trust Fund. Portions of the documentary stamp taxes are also used to secure separately $32.6 million Conservation and Recreation Revenue Bonds and $268 million Save Our Coast Revenue Bonds. The distributions of the taxes for the various purposes are on a parity basis after debt service on the first lien bonds. The excess of the portion pledged to the Preservation 2000 bonds, after payment of debt service, is transferred back to the state's general revenue fund.
 Coverage of maximum debt service from available documentary stamp taxes, based on fiscal 1992 collections, is 4.28 times(x), declining to 3.75x based on the 1995 distributional change. While coverage is broad, the source of the securing revenues is narrow and economically driven, and the portion pledged to these bonds is subject to legislative alteration.
 -0- 2/11/93
 /CONTACT: Claire Cohen, 212-908-0552 or Ruth Corson Maynard, 212-908-0596, both of Fitch/


CO: Florida Department of Natural Resources ST: Florida IN: SU: RTG

SM -- NY055 -- 5737 02/11/93 13:08 EST
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Date:Feb 11, 1993
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