The rating on Kansas Department of Transportation's (KDOT) highway revenue bonds 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, which is 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 and 1999; Very strong legal provisions highlighted by a historical additional bonds test requiring gross revenues of the highway fund to cover MADS outstanding and proposed at least 3x; KDOT's experienced management team, which maintained strict oversight and internal control of the state's previous comprehensive highway program; The relative importance of
