No date for V-Day? Mama Morton, Elphaba and the Phantom still love you! In honor of the most romantic day of the year, we’ve created eight Broadway Valentines to print or share via Facebook, Twitter and e-mail (just drag, drop and it’s delivered). Best of all, they’re free—no schlepping to the Hallmark store for you! Send them to your loved ones, significant others, family members, stalkees, community theater pals, secret crushes, and of course, people you barely tolerate but feel obligated to send a card to anyway. Happy Valentine’s Day from Broadway.com! View Comments
Fitch Ratings assigns an ‘AA’ rating to the following 2011 Vermont Municipal Bond Bank bonds, issued under the 1988 General Resolution:–$9,500,000 (federally taxable qualified school construction bonds) 2011 series 1.The bonds are expected to sell via negotiation on March 9, 2011. Bond proceeds will be loaned to two local school districts for capital improvements.In addition, Fitch affirms $516,930,000 in outstanding general resolution bonds at ‘AA’.The Rating Outlook is Stable.RATING RATIONALE:–The program’s pledged reserves and loan repayments, excluding federal subsidies, allow the bonds to withstand borrower defaults of up to 17.22% for four years without causing an interruption in bond payments. This is consistent with Fitch’s criteria for assigning an ‘AA’ rating given the loan pool’s borrowers’ credit quality, size and diversification.–The program, which consists of more than 260 borrowers, is diverse with low single-borrower concentration.–The program’s loan security is strong, with approximately 97% of all loans backed by a general obligation pledge and additional protection from borrower defaults through a state-aid intercept mechanism.KEY RATING DRIVERS:–The bond bank’s ability to balance future leveraging with program resources to maintain borrower default tolerance levels that pass Fitch’s ‘AA’ stress test scenarios is important to maintain the rating.–Credit quality of the bonds is also linked to repayment performance on the program’s loan portfolio.SECURITY:Program bonds are secured by borrower loan repayments and debt service reserve funds. A state moral obligation on the reserve fund and a state-aid intercept provision for borrowers provide additional credit enhancement.CREDIT SUMMARY:Established in 1970, The Vermont Municipal Bond Bank (VMBB) is a quasi-state agency. It is administered by a five-member board consisting of four gubernatorial appointees and the state treasurer. The bond bank issues bonds and uses the proceeds to make loans to local government borrowers throughout the state. Virtually all of Vermont’s eligible municipalities use the bond bank as their primary borrowing vehicle because it offers local government borrowers the lowest cost of capital.The loan pool consists of more than 260 borrowers from cities, towns, counties, school districts and other local governments throughout the state. Approximately 97% of all loans are backed by a general obligation pledge; the remaining are backed by utility pledges from five borrowers. About 52% of the loans are to school districts, which are further backed by an intercept mechanism that includes any state funds payable to borrowers. State aid is reportedly over 90% of school district debt service. The loan portfolio’s largest borrower, Springfield School District, comprises only 5% of the portfolio. The top 10 borrowers account for 32% of the total outstanding loan balance.Fitch analyzed the default tolerance of the VMBB loan pool using a stress test it also applies to state revolving funds and other municipal loan pools. The stress test considers loan quality, single risk concentration, reserve fund size, and debt service requirements. The program’s pledged reserves and loan repayments, excluding the federal subsidies, allow the bonds to withstand borrower defaults of up to 17.2% for four years without causing an interruption in bond payments. This is consistent with Fitch’s criteria for assigning an ‘AA’ rating given the loan pool’s borrowers’ credit quality, size and diversification (17.09%).With the 2011 -1 issue, VMBB offers its fourth series of federally subsidized bonds, Qualified School Construction and Recovery Zone Economic Development, which provide 0% and 45% in interest rate subsidies, respectively, offsetting the pool participants’ cost of borrowing. However, as the pool continues to leverage these issues, the program’s cash flow margins become tighter under Fitch’s stressed scenarios, which assume that no scheduled federal debt service subsidies are received. Per its report ‘Build America Bonds Broaden Municipal Market – Credit Considerations’ dated April 27, 2010, Fitch assesses the ability of the issuer to pay full interest on the BABs, regardless of the subsidy. While Fitch believes there could be offsets to some annual subsidy payments, it believes that VMBB management would take action to address the reasons for the offset and avoid multiple years with no subsidy, including the use of certain optional redemption provisions for its federally subsidized bonds. Nevertheless, the bond bank’s ability to balance future leveraging with program resources to maintain borrower default tolerance levels that pass Fitch’s ‘AA’ stress test scenarios is important to maintain the rating.The program’s debt service reserve fund, which is sized at the least of maximum annual debt service, 125% average annual debt service, or 10% of bond proceeds, is funded with bond proceeds and invested in U.S. treasury and agency securities. Pledged reserves, currently total $49.9 million, or 9.7% of bonds outstanding. In addition, the bank maintains approximately $10.9 million in unrestricted general fund reserves, which are not pledged to bondholders but may be used if a deficiency occurs. The bonds are also supported by a state moral obligation to replenish the debt service reserve fund if it falls below its minimum specified level. Neither the intercept nor the moral obligation has ever been utilized, because no borrower has defaulted on a loan repayment since the bond bank began operations in 1970.Loan payments are due 15 days before the bond payment dates. Under Vermont’s state intercept provision, if a borrower fails to make its scheduled loan repayment, the bond bank will certify the failure of that payment with the state treasurer. The state treasurer would then pay the defaulted loan amount to the bank’s trustee from amounts appropriated and payable by the state to the defaulted borrower, if available. If sufficient state aid is unavailable, it will be paid from subsequent interceptable state aid payments, with bond bank reserves covering the temporary shortfall. To date, this mechanism has not been tested as there have not been any loan defaults in the history of the program.Additional information is available at www.fitchratings.com(link is external).Applicable Criteria and Related Research:–‘Revenue-Supported Rating Criteria’ (Oct. 8, 2010);–‘State Revolving Fund and Municipal Loan Pool Rating Guidelines’ (April 28, 2008);–‘Build America Bonds Broaden Municipal Market – Credit Considerations’ (April 27, 2010).For information on Build America Bonds, visit www.fitchratings.com/BABs(link is external).Applicable Criteria and Related Research:Revenue-Supported Rating Criteriahttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=5…(link is external)State Revolving Fund and Municipal Loan Pool Rating Guidelineshttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=3…(link is external)Build America Bonds Broaden Municipal Market — Credit Considerationshttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=5…(link is external) CHICAGO–(BUSINESS WIRE)–
Harmful particulates, toxic chemicals and smog-forming gases result from fuel burning, from primitive dung-fired cooking stoves to massive coal-burning power plants.These and other forms of pollution promote asthma, heart disease, stroke, lung cancer and other maladies.Premature death is only one problem.Long-term impairment before death also results in human misery and material impoverishment. Developing nations, many of which lack strong environmental enforcement, are much worse off than developed countries, the study found.Poor and middle-income nations account for 92 percent of the premature deaths globally.Pollution drives a full quarter of deaths in some lower-income countries. Categories: Editorial, OpinionThe following editorial appeared in The Washington Post. A major study published last month in the Lancet, a British medical journal, found that there is a global killer responsible for more yearly deaths than AIDS, malaria and tuberculosis combined.Pollution.The problem is pervasive, affecting every country on the planet.It is expensive, costing the globe a whopping $4.6 trillion a year — about 6 percent of global gross domestic product — in hours not worked, premature deaths, health spending and eroded quality of life.The study associated pollution with 1 in 6 premature deaths, 9 million people in 2015.Even if the numbers are off a bit, the magnitude is striking.Air pollution is the leading culprit, linked to 6.5 million deaths, followed by water pollution, with 1.8 million. The study’s authors argue that this human toll is not the inevitable price of development, nor a problem that will simply disappear with growth; countries should not “wait for an economy to reach a magical tipping point that will solve the problems of environmental degradation and pollution-related disease,” they write. Instead, the authors insist, developing nations should look to the United States.The creation of the Environmental Protection Agency in 1970 and the enforcement of the Clean Air Act and the Clean Water Act, each passed in the early 1970s and updated since, resulted in dramatic reductions in harmful pollution, over a period of time in which the economy more than doubled in size.Not every pollution restriction that environmentalists dream up makes sense.But mandating relatively cheap pollution controls or, when possible, simply taxing polluters for the damage they do can result in a good value proposition for developing and developed nations alike. Poor countries struggling to pull their citizens out of abject poverty may yet find it tough to take the long view.Many Americans, including those in the Trump administration, still fail to do so. Conservative critics of environmental rules often overstate the potential costs of pollution controls and discount the benefits.The Trump administration is on this basis weakening pollution rules across the board, sending an early signal about its approach by tapping Scott Pruitt, a climate-change denier, to lead the EPA.Yet the United States has hardly finished the job; the nation still sees tons of pollution pumped into the air, directly harming people and contributing to global warming.Meanwhile, the federal government has not yet addressed other forms of pollution, such as toxic chemical exposure, with needed rigor, and the Trump administration has sent negative signals about its intentions to do so. The Lancet study should remind leaders in the United States and elsewhere that, though there are costs associated with restricting pollution, countries also incur costs by failing to do so.Finding the right balance requires acknowledging both sides and weighing them carefully.More from The Daily Gazette:EDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Find a way to get family members into nursing homesEDITORIAL: Beware of voter intimidationEDITORIAL: Thruway tax unfair to working motoristsFoss: Should main downtown branch of the Schenectady County Public Library reopen?