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Issuer Type: Transit
Revenue Improvement and Refunding Bonds, Series 2020A-C
On behalf of DART, I would like to welcome you to our new investor relations website. We appreciate your interest and investment in bonds issued by the Authority, as it allows us to make critical investments in public transportation infrastructure throughout Dallas. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.
I hope you find this website useful as you seek to better understand the credit fundamentals of DART. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thanks again for your interest in our bond program.
Joseph G. Costello, Chief Financial Officer
August 25, 2016 -- Issue: Senior Lien Sales Tax Revenue Refunding Bonds, Series 2016B; Rating: Aa2; Rating Type: Underlying LT; Sale Amount: $221,000,000; Expected Sale Date: 09/14/2016; Rating Description: Special Tax: Sales;
Summary Rating Rationale
Moody's Investors Service has assigned a Aa2 rating to Dallas Area Rapid Transit's, TX (DART) $221 million Senior Lien Sales Tax Revenue Refunding Bonds, Series 2016B. The bonds are expected to sell on September 14.The Aa2 rating reflects sound legal provisions including the bonds' senior gross lien on a 1% sales tax collected in Dallas (Aa2 stable) and 12 other surrounding municipalities; trustee intercept of those revenues; a two times additional bonds test; the strength of the DART service area economy and our expectation that it will perform well going forward; and debt service coverage that is satisfactory but has declined in recent years reflecting DART's acceleration of its bonding program.
DART has been named the American Public Transportation Association's (APTA) 2019 Innovation Award winner.
The Innovation Award is given to a public transit agency demonstrating innovative concepts in the provision of public transportation services. Entries this year had to show how their transit system demonstrated excellence within the three-year period of 2016-2018.
DART's winning entry was their GoPass app, the first public transit ticket-purchasing app in the nation that involved multiple agencies and different types of transportation by combining efforts between DART in Dallas County, the Fort Worth Transportation Authority (now Trinity Metro) in Tarrant County and the DCTA in Denton County.