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The most recent estimate of the Fed's basic debt service ratio reached 13.
RACI, which now operates as a profitable simulcast operation, has already forwarded approximately $600,000 to the bond trustee for the next debt service payment, $2.
Given the importance of these fees for this credit and moderately escalating debt service requirements in the medium term, continued growth in TRF revenues is a material credit factor for these bonds.
The commodity swap is essential to the structure and the rating in that the commodity swap hedges any difference between index-based revenues the Authority will receive from monthly natural gas sales to the city and the fixed debt service the Authority must pay on the bonds.
As a result, actual debt service coverage exceeds the 1.
8 million will be retained as a surplus fund for debt service on the authority's debt, if necessary.
Fitch analyzes the default tolerance of Maine HHEFA's portfolio using a stress test that considers credit quality, single-risk concentration, reserve fund size, debt service requirements, and historical default and recovery rates for health care and higher educational facilities.
The county believes that the audits and resulting financial liability will not affect the county's ability to meet debt service payments.
The plan initially entered into by management in fiscal 2003 reduces debt service in predetermined periods by depositing general fund monies into an escrow account.
In addition, the detention center fund had to rely on support from other funds, most notably a sizable transfer from the water and sewer fund in fiscal 2004, to meet operational and debt service needs.
The purposeful draw on both the senior and subordinate lien debt service reserve fund stemmed primarily from management's attempt to garner control over excess funds released over time from the subordinate debt service reserve account.
1 2006, fare revenues have failed to grow to levels sufficient to pay debt service and available internal liquidity is expected to be drained more rapidly than was previously estimated.
The bonds are secured by a lien on gross system revenues subordinate only to debt service on the first general resolution (FGR) bonds and are scheduled for negotiated sale on Oct.