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MISSOURI HIGHWAY & TRANSPORTATION COMMISSION CERTIFICATES OF PARTICIPATIONS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 MISSOURI HIGHWAY & TRANSPORTATION COMMISSION CERTIFICATES OF
 PARTICIPATIONS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 7 /PRNewswire/ -- Missouri Highway and Transportation Commission's $6.56 million Certificates of Participation (Logo Sign Project), Series 1992, are rated 'AA-' by Fitch. The certificates, offered for bids Aug. 13, will be serials due Mar. 15, 1993-2000, in amounts ranging from $665,000 to $1,005,000; noncallable. Interest will be subject to state and federal taxation.
 The certificates will be payable from net rentals due under a lease with the Missouri Highway and Transportation Commission, the governing body of the Highway and Transportation Department. The department receives all highway user fees and taxes, federal funds, and other revenues and interest income, all of which flow to the road fund, net of administrative expenses and $7 million monthly.
 While monies to the road fund, the source of rental payments and the department's operating fund, must be appropriated by the state, they are constitutionally dedicated to highway purposes and the bulk "stand appropriated," requiring no further legislative action. The program, the installation of business information signs at interchanges, has been affirmed by the state's Supreme Court; revenues are expected to be recaptured from participants. As the sole debt of the commission, debt service is a very minor claim against the resources and cash flow of the department.
 Administrative involvement is afforded by the state, offering protection, although the lease obligation is one step removed. While the certificates mature in eight years, asset security, in the form of personal property signs, is slight.
 -0- 8/7/92
 /CONTACT: Ruth Corson Maynard 212-908-0596 or Claire G. Cohen, 212-908-0552 both of Fitch/ CO: Missouri Highway and Transportation Commission ST: Missouri IN: SU: RTG


LD -- NY053 -- 8216 08/07/92 18:13 EDT
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Publication:PR Newswire
Date:Aug 7, 1992
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