The ratings on Kansas Department of Transportation's (KDOT) bonds reflect the very strong structural features of the bonds, as well as liquidity support provided by the Pooled Money Investment Board of the state of Kansas (PMIB). The 'AA+' portion of the rating reflects: High coverage of 6.5 times (x) maximum annual debt service (MADS), and 4.8x coverage when added federal reimbursements are excluded; A diverse and economically resilient pledged revenue stream largely made up of motor fuel taxes, registration and license fees, certain state sales taxes, and federal reimbursements; Strong growth in these revenues, increasing 92% between 1990-1999; Very strong legal provisions highlighted by a historical additional bonds test requiring gross revenues of the highway fund to cover outstanding and
