The 'AA+' standard long-term rating assigned to Minnesota's 911 revenue bond series 2008 reflects: A stable statewide fee base that has experienced steady growth over time; The high essentiality of the emergency 911 system and a demonstrated history of legislative support for the program; High coverage of debt service on all bonds secured by the 911 fee, with fiscal 2008 revenues of $50.8 million covering new maximum annual debt service (MADS) by 3.9x; Limited additional debt planned and authorized, which should ensure high debt service coverage levels well above the additional bonds test requirement; and A rapid amortization of debt payable from pledged revenue with all bonds (current and future) to be retired by 2026, although this amortization speed has
