CA Public Works Brd's $15 Mil Bonds Rated `A' by Fitch IBCA.NEW YORK--(BUSINESS WIRE)--Nov. 8, 1999-- The State Public Works public works pl.n. Construction projects, such as highways or dams, financed by public funds and constructed by a government for the benefit or use of the general public. Noun 1. Board of the State of Calif.'s $15,000,000 lease revenue bonds (Department of Veterans Affairs Veterans Affairs is a term of the business that deals with the relation between a government and its veteran communities, usually administered by the designated government agency. ) 1999 series A (Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, Veterans Home-Chula Vista Facility) are rated `A' by Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals . The bonds will be sold through negotiation by a syndicate led by Redwood Securities Group Inc. on or about Nov. 17. Credit strength is based on the state's obligation, through its Department of Veterans Affairs (the department), to make lease payments for an essential project and the state's overall credit quality. The leased asset is a veterans home providing residential, assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. , and skilled nursing care. Fitch IBCA rates the state's general obligation bonds `AA', reflecting California's strong economic expansion, anticipated slower growth, and a return to sound reserve levels. The rating also considers limitations presented by restructuring initiatives, including mandated strict property tax limits and the share of the budget that must be devoted to education. California's general obligation rating reflects the extent of economic recovery and the return of fiscal stability. Both employment and personal income show good growth, with increases of 3.5% and 6.1%, respectively, in 1998. Similar gains are expected in 1999, with slowing projected for 2000. State personal income growth was faster than the nation in 1997 and 1998, reversing the trend shown in 1991-96 and on a per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. basis, the state's gains have matched or exceeded the U.S. for three consecutive years. The economic resurgence was reflected in the May revision, the basis for the 1999-2000 budget. Revenues were revised upward by 2.9% for 1998-99 and 4.5% this year. The new estimates provided $4.3 billion in additional revenue. The general fund at June 30, 1999 had a $2.4 billion balance, including $1.9 billion in the reserve. Revenues for 1999 are expected to increase more than 8%, with the personal income tax rising 7.9%. Expenditures are up by a like amount, creating a $742 million draw from the opening balance. At year end, a $1.7 million balance is projected, including $881 million, or 1.4% of revenues, in reserves, and an additional $300 million set aside for employee compensation and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . Some $1.7 billion of expenditures are classified as one-time, so the operating deficit is not automatically ongoing. California's stronger financial position also is reflected in the reduction of operating borrowing, down from $1.7 billion to $1.0 billion. The state's debt position continues to be favorable, with net tax-supported debt equaling $749 per capita and 2.6% of personal income, both moderate ratios. California has some $12.8 billion general obligation bonds authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: but unissued, mostly school bonds approved by the voters in 1998. |
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