The ratings for the State’s General Obligation Bonds and the Texas Transportation Commission’s Highway Improvement General Obligation Bonds are underpinned by the State’s strong financial position, very affordable fixed costs, and broad, growing economy. The rating for the Texas Transportation Commission’s State of Texas General Obligation Mobility Fund Bonds reflects these strengths, in addition to protections provided to bondholders by the pledge of the State’s Mobility Fund. The most significant revenues of the Mobility Fund include motor vehicle license, registration, inspection and title transfer fees. Upon their deposit to the Mobility Fund, these dedicated revenues are available for debt service without further appropriation. Before each issuance, the State Comptroller must certify that projected revenues will provide at least 1.1x debt service coverage on existing and proposed Mobility Fund Bonds.
Proceeds of the currently offered Texas Transportation Commission…
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