While future parity bond
issuance is likely given the system's capital plan and ongoing review of facility needs, Fitch expects coverage to remain well above the additional bonds test level.
The HRB resolution pledges to the parity bonds
all the mortgages in the loan portfolio (other than those made or purchased from stand-alone bonds) consisting of multifamily (currently approximately 97%), single family (currently one loan), and group homes (currently approximately 3%) as well as the additional funds pledged under the legal provisions of the resolution.
Additional parity bonds
may be issued upon satisfying certain terms and conditions.
The city expects to issue an additional $22 million in parity bonds
in fiscal 2008 to finance the acquisition of the water treatment plant as originally planned when the city entered into the design/build/operate with purchase option contract in 2003.
1 million in outstanding parity bonds
for a net present value savings estimated at 4%.
15x debt service coverage on all parity bonds
including the proposed issue.
Fitch also affirms the 'A' rating on Montclair State University's (MSU) outstanding parity bonds
Coverage is strong for the new and parity bonds
, as well as the remaining issuance under the program.
692 million of outstanding parity bonds
payable from non-ad valorem revenues 'AA+';
In addition, the Tribe may issue up to $50 million in parity bonds
to fund construction of a tribal museum.
Fitch also affirms the 'A+' rating on outstanding New York State appropriation bonds, including DASNY Department of Education (DOE) parity bonds
issued under a separate 1991 resolution.
Fitch also affirms the 'AA' rating on the county's $117 million of outstanding parity bonds
payable from non-ad valorem revenues and the 'AA+' rating on the county's $25 million of general obligation debt.