Investor Presentaiton
Income Tax -Secured Credit Features
Strong Flow of Pledged Revenues
Supported by a statutory first lien on the District's personal income and
business franchise taxes
• The pledged revenues have been less prone to economic downturn than certain
other revenue streams of the District
Independent Collection Agent and Trust Account
.
Business franchise taxes are collected daily by an independent Collection Agent
and transferred immediately to the Trustee; no commingling with the General
Fund
Advance Debt Service Set-Asides
•
Retention provisions provide for the debt service due in the next ensuing fiscal
year to be set aside during the current fiscal year commencing April 1 of each
year
High Coverage Ratios
• Debt service coverage of 6.65x for the period FY2015
Projected Debt Service coverage of MADS (FY2023) of 6.63x
Additional Bonds Test
• The CFO must certify that Available Tax Revenues provide at least 3x MADS
coverage
District of Columbia
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