Broward's Big Refund

Sigo, Shelly
June 2003
Bond Buyer;6/26/2003, Vol. 344 Issue 31665, p1
Trade Publication
Broward County, Florida officials on June 30, 2003 will entice investors interested in Florida paper with nearly $190 million of refunding bonds. Some $90 million of revenue refunding bonds, Series 2003K, for Fort Lauderdale-Hollywood International Airport will be insured by Financial Guaranty Insurance Co. Another $98.4 million of water and sewer utility revenue refunding bonds, Series 2003B, will be insured by Ambac Assurance Corp. Standard & Poor's Corp. raised its rating on Broward's outstanding $518 million of airport system revenue bonds to A-plus from A and raised the rating to A from A-minus on $156 million of outstanding passenger facility charge and airport system revenue convertible-lien bonds. The airport's passenger base grew at an average annual rate of 8.1% between 1995 and 2002, making it the fastest growing large hub airport in the nation during this period, which included the nationwide decline in air travel following the September 11, 2001, terrorist attacks.


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