A court order for attachment of the pledged
securities or sale of the pledged
securities rendered by the court can be executed five days from the expiration date of notification.
The easiest and most cost-effective way to do this is to borrow the pledged
shares from the taxpayer and sell them short.
TRFs currently represent 38% of pledged
revenues, while federal highway reimbursement funds equal 40%.
The two attendance-related elements of pledged
revenues, net race track revenues and concessions, make up 91% of pledged
Of the total amount of pledged
revenue, slightly more than half is derived from the utility tax and sales tax.
Strong security is provided by the gross lien on pledged
revenues that are constitutionally dedicated for highway purposes.
The additional bonds test, which conservatively discounts historical GGRT receipts and projected pledged
revenues based on the credit quality of the loans, provide protection against the program becoming too leveraged.
Constitutionally dedicated highway user fees and taxes provide strong coverage and the pledged
revenue stream has been relatively stable, even with rising gas prices.
Due to higher than forecasted collections from the special sales tax revenues pledged
to the bonds and other revenues dedicated to ERB retirement, the bonds, which have a nominal final maturity of July 1, 2023, are now expected to be fully retired by January 1, 2010.
The 'BBB-' underlying rating reflects strong legal provisions including daily deposits of pledged
revenues; stable operating performance of the gaming facility supported by its location on Interstate 5, the major connector between Canada and southern California; limited per capita distributions with a covenant not to reduce set-asides for bond holders; and political stability at the tribe.
This fund is pledged
to the repayment of the notes.
The ratings rest primarily on the security provided for all four series of bonds by the pledged
ballpark fee, a gross receipts fee levied on all businesses in the district with over $5 million in annual gross receipts.