FFGAFull Funding Grant Agreement
FFGAFirst Financial Group of America (Houston, TX)
FFGAFund for Global Awakening (Stevenesville, MT)
FFGAFoundation for Global Awakening
FFGAFlorida Fern Growers Association
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GAO identified (1) the number of projects that were evaluated, rated, and proposed for new FFGAs and how recent changes to the process were reflected in ratings; (2) the proposed funding commitments in the administration's budget request and legislative reauthorization proposals; and (3) the extent to which amounts appropriated since 1998 fulfilled FFGAs.
The CA provides two key alternative means of financing for the remaining costs of Phase 1 should the anticipated FFGA amount not materialize.
Credit strengths for both series of notes include the contractual nature of the FTA's funding obligation, a comprehensive project development and approval process that is required prior to the execution of the FFGA, the efficiency of FTA's electronic reimbursement system and NJT's experience in constructing large scale capital projects and the commitment of local funds to the two projects.
Grant receipts for 2004 are expected to be 98% of the amount assumed in the FFGA and scheduled to be available about six months later than initially estimated, while FTA's 2005 budget recommendation includes 100% of the FFGA grant receipts for that year.
An FFGA is a project- specific contractual commitment executed between the FTA and a local transit authority to provide federal funds that cover a portion of costs for a qualifying 'New Start' transit project such as a new rail line.
Fitch identifies the fact that FFGA disbursements are subject to annual congressional appropriation as a key program risk, noting that congressional intervention or local political opposition could significantly affect the amount and timeliness of grant payments.
Fitch also assigns a 'BBB+' rating to NJT's $110,000,000 capital grant anticipation notes, series 2000C, which are separately secured by another FFGA between the FTA and NJT to provide federal financial assistance for the Newark-Elizabeth Rail Link Minimum Operable Segment One (Newark MOS-I).
The series 2000A notes are secured by FTA payments under that FFGA, but without support from the New Jersey transportation trust fund authority or any other source.
The FFGA was issued by the Federal Transit Administration in July 1997.
The federal commitment, under the FFGA, is for $750 million to be appropriated on a year-to-year basis over the next six years.
The FFGA represents the Federal commitment of financial participation in the BART-Airport Extension which is estimated to cost $1.
GAO identified (1) the number of projects that were evaluated, rated, and proposed for new FFGAs and the proposed funding commitments in the administration's budget request; (2) changes FTA has made to the New Starts application, evaluation, rating, and oversight processes since the fiscal year 2001 evaluation cycle and how these changes have been communicated to project sponsors; and (3) how FTA developed the measures used to evaluate and rate projects from the criteria outlined in TEA-21 and how those measures are used in the rating process.