Summary: Arizona Transportation Board; Sales Tax

S&P Global Ratings affirmed its 'AA+' long-term rating on the Arizona Transportation Board's outstanding transportation excise tax revenue (Maricopa County Regional Area Road Fund) bonds issued for the Arizona Department of Transportation (ADOT). The outlook is stable. The bonds are secured by a first lien on 66.7% of collections from a dedicated transportation excise (sales) tax collected within the county for road improvement purposes from a broad base including, but not limited to, retail sales, restaurant and bar earnings, and property rentals. Arizona, on behalf of the county, collects the transportation excise tax, which is levied at 10% of the state sales tax rate that was in effect as of Jan. 1, 1990. Voters authorized the tax for a 20-year

...S&P Global Ratings affirmed its '##+' long-term rating on the Arizona Transportation Board's outstanding transportation excise tax revenue (Maricopa County Regional Area Road Fund) bonds issued for the Arizona Department of Transportation (ADOT). The outlook is stable. The bonds are secured by a first lien on 66.7% of collections from a dedicated transportation excise (sales) tax collected within the county for road improvement purposes from a broad base including, but not limited to, retail sales, restaurant and bar earnings, and property rentals. Arizona, on behalf of the county, collects the transportation excise tax, which is levied at 10% of the state sales tax rate that was in effect as of Jan. 1, 1990. Voters authorized the tax for a 20-year period expiring Dec. 31, 2025. There is no debt service reserve fund for the outstanding bonds....

Summary