The 'A+' rating on Orange County, Fla.'s public service tax refunding and improvement revenue bonds series 2003 reflects: Strong underlying economic base Strong debt service coverage Good growth in public service tax collections Offsetting factors include a release provision among the legal provisions that effectively drops revenue coverage of maximum annual debt service (MADS) to 1.35x. The bonds are secured by a first lien pledge of a public service tax collected within the unincorporated portion of the county. Proceeds will be used to refund a portion of the series 1994A and 1995 public service tax bonds and to refund all of the county's series 1996 sales tax revenue refunding bonds. As well, proceeds will go to prepay certain amounts to
