Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 08 - Greater Arizona Development Authority › Article 2 - FINANCIAL ASSISTANCE › Section R20-8-201 - Definitions

Current through Register Vol. 30, No. 28, July 12, 2024
In addition to the definitions prescribed in A.R.S. §
									41-2251,
				  the following definitions apply in this Article:
"A rating" means an applicant has been assigned a credit
				  rating of A1, A2, or A3 by Moody's or A+, A, or A- by Standard &
				  Poor's.
"Access to capital" means an applicant's ability to obtain
				  funding based on the security of the revenues to be pledged, the general
				  financial condition of the applicant and other factors outside of the
				  applicant's control.
"Administrative fee" means any and all costs and expenses
				  associated with processing, preparing or executing a financial assistance
				  application or related bond transaction, including costs and expenses
				  associated with staff, the Board, professional services, service providers,
				  vendors or other entities involved in the transaction.
"Administratively complete" means that an applicant has
				  completed the application for financial assistance and provided all of the
				  information and documents that the staff determines are applicable.
"Applicant" means a political subdivision, special district,
				  or Indian tribe that applies to the Authority for financial assistance.
"Baa rating" means an applicant has been assigned a credit
				  rating of Baa1, Baa2, or Baa3 by Moody's.
"BBB rating" means an applicant has been assigned a credit
				  rating of BBB+, BBB, or BBB- by Standard & Poor's.
"Category I" means a rating indication assigned by Moody's
				  that applies to applicants that have credit ratings determined to fall into
				  category of A3 or higher.
"Category II" means a rating indication assigned by Moody's
				  to applicants that have credit ratings determined to Baa3, Baa2, or
				  Baa1.
"Coverage ratio" means the ratio produced by the fraction in
				  which pledged revenues are the numerator and debt service is the
				  denominator.
"Debt service" means annual principle and interest payments
				  on all loans from the Authority plus any principle and interest payments on
				  other debt secured with an equal pledge on the same revenues pledged to the
				  Authority's loans.
"Dedicated revenue source" means the origin of money
				  committed by an Indian tribe to be used for repayment of a loan.
"Financial assistance round" means a period of time
				  established by the Board during which applications for financial assistance are
				  sent to potential applicants, returned to the Authority, analyzed by Staff, and
				  submitted to the Board for approval or disapproval.
"General obligation" means a pledge by the applicant's voters
				  of the full faith and credit and unlimited taxing ability to secure a loan. The
				  applicant must have the ability to levy and increase property taxes for payment
				  of debt obligations.
"Moody's" means Moody's Investors Service, Inc., its
				  successors and their assigns.
"Project" means the whole, or any distinguishable segment or
				  segments, of publicly owned infrastructure for which financial assistance is
				  being requested or provided.
"Staff" means the Executive Director and other employees of
				  the Water Infrastructure Finance Authority.
"Standard & Poor's" means Standard & Poor's Ratings
				  Service, its successors and their assigns.