Featured Municipal Bond in the Market, Week of 09/19/2016: Florida Revenue Bonds $425 Million – Central Florida Expressway Authority
This week’s featured bond comes from the State of Florida. The Central Florida Expressway Authority (CFX) is scheduled to issue $422 million in revenue bonds the week of September 26, 2016. These bonds are scheduled to be issued as a single series. The bonds are to be used to refund all or a portion of CFX outstanding bonds from the following series: Series 2007A, 2010A, 2010B, 2010C, and 2013C. The bonds are secured by a pledge of and lien on system pledged revenues, which include all tolls, leasehold payments, revenues, rates, and more from the leasing or operation of the tollway system. These details and more on purposes, security, and other matters pertaining to these Florida revenue bonds can the found in the official statement, provided by MuniOS.
The CFX primarily serves the Orlando area. The Orlando-Kissimmee-Sanford Metropolitan Statistical Area has a unemployment rate of 4.6% as of July 2016, up 0.1% from last month, and 0.3% lower than the national rate of 4.6%.
Provided at left is a quick snapshot of financial characteristics of the Central Florida Expressway Authority, along with the medians for other tollway authorities, courtesy of Merritt Research Services, LLC. Merritt has many of the sector medians publicly available and regularly updated on their Benchmark Central page. (Merritt believes the data to be reliable but does not make any representations as to its accuracy or completeness). In addition to the Merritt information related to the featured bond, more information can be found on our municipal bond calendar, city, state, and county pages, and our employment database. These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement. None of the information provided should be construed as a recommendation by MuniNet Guide, MuniNet LLC, Merritt Research Services LLC, or any of their employees. Information and analysis is for informational purposes only.