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FRISCO ECONOMIC DEVELOPMENT CORPORATION, TX - Moody's Research Report

Moody's assigns Aa3 rating to the Frisco Economic Development Corporation's $29.8 million Sales Tax Revenue Bonds, Series 2012

Posted on: August 3, 2012, 6:44 pm

NEW YORK, August 03, 2012 --Moody's Investors Service assigns a Aa3 rating to the Frisco Economic Development Corporation's $29.8 million Sales Tax Revenue Bonds, Series 2012. Concurrently, Moody's affirms the Aa3 rating on the corporation's $11 million in outstanding parity, net of the current issue. The bonds are special obligations of the corporation payable from and secured by a lien on and pledge of certain pledged revenues which include the gross proceeds of a one-half (½) of one percent (1%) sales and use tax levied within the City of Frisco, Texas for the benefit of the corporation. The corporation was created in 1991 pursuant to Section 4A of the Development Corporation Act of 1979. Proceeds from the sale of the bonds will be used to acquire 86 acres of land for economic development purposes...

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