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UTGOUnlimited Tax General Obligation
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In his June 14, 2013 proposal for creditors, Emergency Manager Orr rattled bondholders (and markets) by categorizing these obligations as unsecured, such that all UTGO bonds (other than those additionally secured by a state intercept payment) would be treated on a pari passu basis with all general fund obligations, then proposing a plan of reorganization that would have meant a substantial haircut for bondholders.
The UTGO bonds are secured by the city's full faith and credit and its ad valorem tax, without limitation as to rate or amount.
Tax Levy Limit: The LTGO bonds are rated on parity with outstanding UTGO debt because the county may exceed the tax cap in any one year with 60% approval of the governing board.
In addition Fitch affirms roughly $2 billion in outstanding UTGO and LTGO bonds at 'AAA'.
The UTGO refunding bonds, 2010, series A will refund the fiscal 2011-2016 maturities of UTGO bonds, 2000 series ($20.
Proceeds from series 2010 F and G will refinance a portion of the district's outstanding UTGO bonds.
The full faith, credit, and taxing power of the town have been irrevocably pledged to the payment of debt service for the UTGO pledge.