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General Revenue Bonds and Notes


General Revenue Bond Resolution PDF 

RATINGS
Moody's S&P
A1 (Positive) uninsured A+ (Stable) uninsured
A2 insured

AA insured


DEBT OUTSTANDING (As of 03/15/24)
Series Amount Insurer1
Series K $598,515,000 Assured Guaranty Municipal - formerly FSA
Series L $366,285,000 Uninsured
Series M $511,130,000 Uninsured
Series N $450,000,000 Uninsured
Series O $540,090,000 Uninsured
Series P $1,024,320,000 Uninsured
Total: $3,490,340,000 1Portions of each series are insured, unless otherwise noted.

PURPOSE: The Series K Bonds were issued (i) to provide funds to refund certain of the Authority's outstanding bonds and (ii) to pay Costs of Issuance of the Series K Bonds. The Series L Bonds were issued (i) to provide funds to refund certain of the Authority's outstanding bonds and (ii) to pay the Costs of Issuance of the Series L Bonds. The Series M Bonds were issued (i) to provide funds to refund certain of the Authority's outstanding bonds and (ii) to pay the Costs of Issuance of the Series M Bonds. The Series N Bonds were issued to (i) fund a portion of the Authority’s Multi-Year Capital Program, (ii) make a deposit to the Senior Debt Service Reserve Fund, (iii) fund capitalized interest on the Series N Bonds, and (iv) pay the Costs of Issuance of the Series N Bonds. The Series O Bonds are being issued to (i) fund a portion of the Authority’s Multi-Year Capital Program, (ii) make a deposit to the Senior Debt Service Reserve Fund, (iii) fund capitalized interest on the Series O Bonds, (iv) refund certain outstanding Bonds, and (v) pay the Costs of Issuance of the Series O Bonds. The Series P Bonds were issued (i) To fund a portion of the Authority’s multi-year Capital Program, (ii) make a deposit to the Senior Debt Service Reserve Fund, (iii) fund capitalized interest on the Series P Bonds, (iv) refund certain outstanding Bonds, (v) purchase, through a voluntary tender process, certain outstanding Bonds, and (vi) pay the Costs of Issuance of the Series P Bonds.

SECURITY: The Bonds are direct and general obligations of the Authority secured by a pledge of revenues and funds established under the Resolution. The Senior Debt Service Reserve Fund Requirement is equal to the Maximum Annual Debt Service.

DEBT SERVICE COVERAGE: Calendar Year 2021 net revenues of $447.4 million provided 1.86 times coverage of annual debt service requirements of $240.5 million.