The underlying rating on Orange County, Fla.'s bonds reflects the following factors: * The strength of the statewide guaranteed entitlement revenue sharing trust, which totaled nearly $393 million in fiscal 1997-1998, covering all county guaranteed entitlements 4.13 times (x); * Adequate 1.04x maximum future debt service coverage based upon the county's pledged $5.449 million annual state guaranteed revenue sharing entitlement; * Healthy economic and population growth, which has resulted in increased state revenue sharing receipts; and * Weak legal provisions as evidenced by a 1x additional bonds test and no debt reserve. The refunding bonds are secured by a pledge of the first and second state guaranteed revenue sharing entitlement monies, which total $5.449 million annually. Eligible Florida counties receive
