MVRT

In order to maintain coverage at the level of the 1.25x ABT, the structure could tolerate a large 20% drop in MVRT revenues, 6.7x the scenario results and 2x the largest actual revenue decline in the review period.

Fiscal 2016 pledged MVRT revenues of $9.8 million are up for the seventh consecutive year and cover MVT bond maximum annual debt service (MADS) by 1.8x.

Based on the county's 16-year combined pledged net revenue history, Fitch's analytical sensitivity tool (FAST) generates a 4.6% scenario decline in aggregate pledged residual MVRT and HOT revenues.