Highway and Bridge Trust Fund Bonds
|AA uninsured||AA uninsured|
|AA insured||AA insured|
First General Resolution Trust Fund Bonds (as of 4/01/12) - There are no longer any First Resolution Bonds outstanding.
|2003B||41,045,000||Assured Guaranty Municipal - formerly FSA|
|2005B||2,574,245,000||Ambac, FGIC, Assured Guaranty Municipal - formerly FSA|
|2010B (Federally Taxable Build America Bonds)||276,970,000||Uninsured|
|Total Second General Bonds||$6,991,450,000||1Portions of each series are insured unless otherwise noted.|
FUTURE BOND ISSUANCES: All new money issuances will be under the Second General Bond Resolution.
PURPOSE: Under the terms of the State's Multi-Year Capital Program, the Bonds will be used to fund capital improvements for State highways and bridges. NOTE: Legislation enacted in 2005 increased the aggregate principal amount of Bonds authorized to be issued to $16.5 billion.
SECURITY: The Bonds are payable from and secured by revenues of the Dedicated Highway and Bridge Trust Fund held in the joint custody of the Commissioner of Taxation and Finance and the State Comptroller subject to appropriation by the State Legislature. The revenues are estimated to be derived from eight tax fee, and subsidy sources for the State Fiscal Year 2011-12 as listed below and reflect the estimates contained in the 2012-13 Executive Budget.
|Motor Vehicle Fees||38|
|Petroleum Business Tax||30|
|Motor Fuel Tax||19|
|Highway Use Tax||7|
|Auto Rental Tax||3|
|Other Sources (a)||3|
|(a) Includes Build America Bonds subsidy, Certain Special Revenues, and Transmission and Transportation Taxes.|
Note that in the event the State Legislature fails to appropriate, the State Comptroller is then prohibited from transferring any available revenues from the Local Government Assistance Tax Fund (1% sales tax fund) to the State's General Fund. Also note, however, that Local Government Assistance Corporation funds are not pledged for payment of these Bonds.
DEBT SERVICE RESERVE FUND: The Second General Resolution Bonds are not secured by a debt service reserve fund.
DEBT SERVICE COVERAGE: In accordance with the Additional Bonds Test, as of March 22, 2012, Trust Fund Revenues of $2.102 billion were available to pay debt service, representing 2.3 times the maximum annual Aggregate Debt Service for all outstanding Trust Fund bonds.