Sectors

Air transportation enterprises responsible for operating and/or maintaining a public airport, system of airports or combined port facility. Airports exist at the state, regional, county and municipal levels, and are often operated by the facility itself or a port authority. Common revenues may consist of landing fees, terminal leases, passenger facility charges and various concessions, such as car rentals and parking.

Autonomous public primary or secondary schools chartered by a local school district or non-profit group, which require periodic renewal of its charter. Operated independently from the state board of education or local school district, often the curriculum and educational philosophy varies from the schools in the chartering or surrounding district. Funding primarily consists of state aid on a per-pupil basis, as no tuition is charged to the students.

A municipality that provides a broad range of services to its residents, including general government, public safety, culture, education or recreation. Debt obligations are most often payable through the collection of taxes (primarily property) or fees.

Community, junior or technical colleges governed at the state or local level that are typically at least 2-year, but less than 4-year institutions. Some combination of associates degrees, vocational or technical education, training, certificates, and adult and continuing education are typically provided. Revenues are primarily derived from federal, state and local appropriations, property taxes, grants and/or contracts, in addition to student tuition and fees.

Underlying entities are not 501(c)(3) tax-exempt nonprofit organizations. Typical bond issuances address pollution control, environmental improvement, solid waste, economic development and airport special facilities. Debt obligations are payable from revenue and operations of the corporate entity.

Administrative divisions of a state that provide services to residents including general government, public safety, culture, education or recreation. Debt obligations are payable through their collection of taxes (primarily property) or fees. A county may contain cities, towns, townships, villages or other municipalities.

Programs with a dedicated source of tax revenues sourced to repay tax-exempt bond issues. Bonds are often issued to provide funding for a specific public improvement. Typical funding comes from a variety of tax sources including; sales and use, motor vehicle/fuel, income, hotel/tourist, utility or other taxes.

Stand-alone or combined utilities whose primary deliverable is retail and wholesale customer gas. Debt obligations are payable from revenue and operations of the gas utility.

Health care providers operating one or more acute care facilities. Providers can be a single local or regional facility, or a state or nation-wide health system. The types of facilities include general acute care, children’s, critical-access, teaching and hospital districts. Most debt obligations are payable from general revenues of the facility, while hospital districts may issue general obligation debt secured by property taxes collected in the district.

Government or quasi-government entities that are established to provide limited functions directed at development or redevelopment of land. Funding for land districts consists primarily of property taxes, assessments and fees levied by the district.

Long-term health care providers who operate an assisted living, independent living, continuing care retirement community or combined long-term care facility. Debt obligations are payable from general revenues of the life care entity.

Multi-family housing projects, including senior and lower-income projects. Funding for these projects typically originates from bond proceeds, tenant-collected rent, and financial assistance from federal, state and/or local governments.

Long-term health care providers that operate one or more nursing homes. Debt obligations are payable from general revenues of the nursing home entity.

Any obligors or revenue sources for debt obligations that do not fall within another defined credit sector.

Transportation enterprises involved in operating or maintaining a port facility that excludes any airport operations. Revenues are often derived from user charges.

Not-for-profit colleges and universities that are operated by a private or non-government agency. The primary sources of revenue are tuition and fees, private gifts, grants and contracts, investment earnings, auxiliary enterprises and government sources.

Primary and secondary schools that are privately operated and funded. The primary sources of revenue are student tuition, private gifts and grants and endowment/investment earnings. Examples of private schools may include college prep schools, parochial schools and all girl or all boy schools.

Colleges and universities that are chartered and operated by a state government. Sector also includes state systems of higher education. Primary sources of revenue include tuition and fees, auxiliary enterprises, state appropriations and government grants and contracts.

Stand-alone or combined utilities whose primary deliverable is retail customer electricity. Debt obligations are often payable from revenue and operations of the retail electric utility.

Special-purpose districts that operate public primary and secondary schools. Most school districts have taxing authority and collect primarily property taxes to repay general obligations, annual appropriations, certificates of participation and/or lease revenue bonds.

Housing facilities that issue bonds to finance the acquisition of single-family homes by directly purchasing mortgage loans or allowing lenders to purchase mortgage loans. These mortgage loans must often meet certain income and debt criteria to qualify for inclusion.

Utilities that primarily operate and maintain solid waste systems. Debt obligations are payable from revenue and operations of the solid waste utility.

Limited purpose and autonomous local government agencies designed to deliver specific public services within a defined geography. Common types of special districts are fire districts, park & recreation districts and library districts. Among common services provided by special districts are fire protection, jails, libraries, parks and recreation. Districts are funded primarily through the collection of property taxes, assessments and/or other fees.

Housing projects with a specialized purpose such as mobile homes or providing housing for military, senior living (non-healthcare providing) or students. Revenues from these projects are primarily from rental revenues.

U.S. states and territories that provide services for residents including; agriculture and natural resource management, economic development programs, education, health and human services, infrastructure improvement, judicial services and public safety. The government is funded primarily through the collection of sales taxes, income taxes, fuel taxes, fees and grants.

Entities involved in the issuance of tax-exempt debt to finance student loans. Debt obligations are often payable from the receipts of college loan payments.

Funds or Corporations that are established at the state and/or local level to receive tobacco settlement payments. Created as the result of the Tobacco Master Settlement Agreement (MSA) in 1998, the four largest tobacco companies agreed to compensate 46 states, the District of Columbia and five U.S. territories for the health-related costs of smoking.

Transportation enterprises involved in operating or maintaining a toll road or bridge system. Revenues consist primarily of funds derived from user charges.

Stand-alone or combined utilities whose primary deliverables are water and sewer services to retail and wholesale customers. Debt obligations are often payable from the revenue and operations of the water and sewer entity.

Utilities whose primary deliverable is wholesale customer electricity. Sector may also include cooperatives or an individual project for a power agency when debt service is payable only from that project. Debt obligations are payable from revenue and operations of the wholesale electric utility.