$35,000,000 IDA Excise Tax Bonds

AUSTIN, Texas--(BUSINESS WIRE)--Nov. 1, 2005--Fitch assigns an initial 'A-' rating to the $35 million Industrial Development Authority of the County of Yavapai (AZ) convention center facilities excise tax revenue bonds, series 2005 (taxable). The Rating Outlook is Stable. The bonds are scheduled to sell the week of Nov. 7 via negotiation to M. L. Stern & Co.


The bonds are secured by a loan agreement to the borrower, Prescott Valley Events Center LLC, which will construct and operate the facility. Loan repayment resources include net operating income from the facility, as well as transaction privilege (sales) taxes (TPT) from the facility and generated within a designated entertainment district where the facility will be located. Further repayment support includes the TPT from an additional geographic area adjacent to the entertainment district. Bond proceeds will be used to construct a 5,000-seat convention and events center and provide for capitalized interest and a debt service reserve fund.

The 'A-' rating is based primarily on the historical and prospective growth of sales taxes within the Town of Prescott Valley, including the potential for increased dedicated sales tax revenues within the entertainment district; ....More

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