Summary: Hudson County Improvement Authority, New Jersey; General Obligation

S&P Global Ratings assigned its 'AA' long-term rating to Hudson County Improvement Authority, N.J.'s series 2020 county-guaranteed special acquisition refunding bonds (830 Bergen Avenue Acquisition Project) and series 2020 county-guaranteed lease revenue refunding bonds (Skye Golf Course at Lincoln Park West Project), issued for Hudson County. The outlook is stable. The special acquisition and lease revenue bonds are a special obligation of the authority, payable from and secured by rental payments made by the county to the authority, that are sufficient to pay bond debt service under an installment purchase agreement and lease agreement, respectively. The county's obligation to make these payments is absolute and unconditional. If the county cannot make these payments from other sources, however, they are payable

...S&P Global Ratings assigned its '##' long-term rating to Hudson County Improvement Authority, N.J.'s series 2020 county-guaranteed special acquisition refunding bonds (830 Bergen Avenue Acquisition Project) and series 2020 county-guaranteed lease revenue refunding bonds (Skye Golf Course at Lincoln Park West Project), issued for Hudson County. The outlook is stable. The special acquisition and lease revenue bonds are a special obligation of the authority, payable from and secured by rental payments made by the county to the authority, that are sufficient to pay bond debt service under an installment purchase agreement and lease agreement, respectively. The county's obligation to make these payments is absolute and unconditional. If the county cannot make these payments from other sources, however, they are payable from tax revenue collected pursuant to its unlimited-ad valorem-taxing power. The county's unconditional and irrevocable general obligation (GO) pledge ultimately secures the...

Summary