Jacksonville Transportation Authority, FL – Local Option Gas Tax Surveillance Report
Rating Summary
The long-term rating continues to reflect comfortable coverage of the gas tax revenue bond debt service from Local Option Gas Tax (LOGT) revenues, the adequate legal framework supporting bond repayment, and the depth and diversity of the County’s economic base. Counterbalancing the aforementioned strengths is the vulnerability of Pledged Revenues to changes in traffic levels, fuel price volatility and/or vehicle fuel efficiency. In addition, certain standard bondholder protections, notably a debt service reserve fund, are absent. Favorably, the Senior Lien Bonds have a short average life, with a final maturity of August 1, 2036.
Jacksonville Transportation Authority (“JTA” or the “Authority”) is an agency of the State of Florida, codified under the Constitution of the State, Chapter 349 Florida Statutes, which allows it to issue revenue bonds to address transportation needs in the City of Jacksonville (the “City”), Duval County, FL and the metropolitan area. The City and…
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