General Revenue Bonds and Notes
|A2 (Stable) uninsured||A (Stable) uninsured|
|A2 (Stable) insured||
AA insured (Assured Guaranty Municipal – formerly FSA)
|Series H||796,920,000||National Public Finance Guaratee - formerly MBIA, FGIC|
|Series K||743,865,000||Assured Guaranty Municipal - formerly FSA|
|Total:||$3,292,475,000||1Portions of each series are insured, unless otherwise noted.|
PURPOSE: The Series H bonds were issued to refund portions of the outstanding Series E bonds and fund a portion of the Authority's Capital Construction Program. The Series I Bonds were issued (i) to fund a portion of the cost of the Authority's 2012-2015 Multi-Year Capital Program, (ii) to provide funds to pay the principal and interest at maturity of the Authority's General Revenue Bond Anticipation Notes, Series 2011A, (iii) to make a deposit to the Senior Debt Service Reserve Fund, and (iv) to pay the Costs of Issuance of the Series I Bonds. The Series J Bonds were issued (i) to fund a portion of the cost of the Authority's Multi-Year Capital Program (ii) to provide funds to refund a portion of the Authority's General Revenue Bonds, Series F and Series G (iii) make a deposit to the Senior Debt Service Reserve Fund, and (iv) pay the Costs of Issuance of the Series J Bonds. 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.
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 2014 net revenues of $404.4 million provided 1.61 times coverage of annual debt service requirements of $250.9 million.