Orange County, Fla.'s bonds are special obligations of the county. The bonds are secured by the tourist development tax (TDT) levied at a rate of 5% of each dollar charged for tourist rentals, which is comprised of the 4% TDT and the fifth-cent tax. However, under certain conditions, all or a portion of the fifth-cent tax may be released from paying debt service on the bonds. The rating reflects: The security pledge of the TDT, which for the fiscal year-ending Sept. 30, 1999, generated $79.4 million from the first four cents and a total of $99.2 million from the total five cents, providing 1.5 times (x) coverage of future maximum annual debt service (MADS) on these bonds and outstanding bonds,
