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FLORIDA FACILITIES POOL REVENUE REFUNDING BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

FLORIDA FACILITIES POOL REVENUE REFUNDING BONDS RATED 'A+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 14 /PRNewswire/ -- Florida Department of Management Services Division of Facilities Management's $167.2 million Florida Facilities Pool Revenue Refunding Bonds, Series 1992 are rated 'A+' by Fitch. The bonds are expected to be sold competitively next week and will mature serially on Sept. 1, 1993- 2017. The bonds are callable on or after Sept. 1, 2002, at 101 percent and declining thereafter. The credit trend is stable.
 Bonds are payable from revenues derived from the leasing to state agencies of a pool of state office buildings under the jurisdiction of the Division of Facilities Management. Proceeds will refinance two of three series of bonds issued to fund office facility construction projects. While bond payment is dependent upon annual legislative appropriations, the pool of 49 facilities includes the large majority of state-owned office buildings, which includes new facilities that were financed through this program beginning in 1986, as well as pre-existing facilities. The state legislature authorized the program and specifically approved each project and the bonds issued to finance the projects.
 Central controls are strong. The Division of Facilities Management oversees the leasing of office space by state agencies. Additionally, should an agency fail to make payments when due, the controller shall withhold the unpaid amounts from general revenues of the agency and allocate it to the Division.
 The state is rated 'AA' and may be characterized by rapid growth, economic broadening, and diversification. The economy has been transforming from a narrow base of agriculture and seasonal tourism into a service and trade economy with substantial insurance, banking, and export participation as well as greater year-round attraction. This has brought pressures for more infrastructure, educational facilities and other needs required in the state, which is now the fourth largest in the country. Yet, debt has remained moderate and financial operations in balance although the over- dependence on the sensitive sales tax creates vulnerability both to recession and to longer-term slower growth in the taxable base.
 -0- 8/14/92
 /CONTACT: Richard Raphael, 212-908-0506, or Claire Cohen, 212-908-0552, both of Fitch/ CO: Florida Department of Management Services Division ST: Florida IN: SU: RTG


LR -- NY061 -- 0103 08/14/92 14:56 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
Words:376
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