The rating on Philadelphia, Pa.'s TRANs reflects a stable liquidity position and strong debt service coverage by net ending general fund cash balances on the debt service segregation date and the TRAN maturity date. The TRANs are secured by fiscal 1999 general fund receipts. The note repayment fund will be held by the trustee (Commerce Bank) and invested in U.S. obligations. The city is required to deposit principal of $350 million on June 1, 1999 and the interest payment on June 29, 1999. Projected debt service coverage by net ending general fund cash balances is very strong at 2.61 times (x) on June 1 and 1.54x at maturity on June 30, 1999. With additional monies from other funds, the coverage
