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BOSTON METROPOLITAN DISTRICT $3.6 MILLION GENERAL OBLIGATION REFUNDING BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 17 /PRNewswire/ -- Boston Metropolitan District, Massachusetts' $3.6 million general obligation refunding bonds, 1993 series A and B, offered for bids Aug. 19, are rated 'A' by Fitch. Dated Sept. 1, 1993, the bonds mature serially on Dec. 1, 2002-2014, and will be optionally callable beginning Dec. 1, 2003 at 102 precent.
 Although the bonds are general obligations of the district, supported by the unlimited ad valorem taxing authority of the 14 member cities and towns that bear a joint and several obligation for the district's debt, the ultimate security rests with the commonwealth. If at any time the district lacks sufficient funds for debt service, by statute it requisitions the commonwealth for the required amount, the payment of which is a general obligation of the commonwealth to which its full faith and credit is pledged. Specific statutory provisions ensure lenders the aid of the courts in requiring that needed advances are made as a right enforceable against the commonwealth. Fitch rates the general obligations of Massachusetts 'A'.
 Created to finance and plan rapid transit facilities for the city of Boston and 13 surrounding communities, this organizationally complex district has functioned since 1964 solely in a refunding mode. In practice, it issues bonds as necessary to meet maturities on its debt to the extent that the annual, statutorily defined payments from the Massachusetts Bay Transportation Authority (MBTA) are insufficient to provide for the full annual principal maturities of the district's bonds. All interest due on the district's bonds is fully met by annual MBTA payments. The district has never been required to requisition funds from the commonwealth.
 -0- 8/17/93
 /CONTACT: Ruth Corson Maynard, 212-908-0596, or Claire G. Cohen, 212-908-0552, both of Fitch/


CO: Boston Metropolitan District ST: Massachusetts IN: SU: RTG

SM -- NY090 -- 3759 08/17/93 17:26 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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