Denver, CO $15 Mil GO Water Bonds Rated `AA' by Fitch IBCA.NEW YORK--(BUSINESS WIRE)---Sept. 13, 1999-- 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 assigns its `AA' rating to the City and County of Denver, CO's $14,530,000 general obligation water refunding bonds, series 1999, scheduled to sell competitively on Sept. 16 and mature through Oct. 1, 2029. Also, Fitch IBCA affirms its `AA' rating on $453 million outstanding Denver general obligations. The new issue will refund GO-backed debt of the quasi-independent municipal water agency, Denver Water. Economic trends are clearly positive, and financial performance strong for both general government and Denver Water. General fund balance has grown with strong recent sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. growth to $150 million, 25% of spending and will remain healthy even after a planned $40 million drawdown Drawdown The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Notes: for capital projects. The city's strong compulsory and contingency fund balances are needed, given potential year-to-year fluctuations in the sales tax base, which provides 54% of general fund revenues and remains subject to competition with suburban jurisdictions. City debt policies are sound, with the `AA' GO rating supported by above average amortization and major pay-as-you-go spending, as well as the city's visionary investment throughout the 20th Century in a huge mountain water supply for both itself and its suburbs. Enplanement trends and financial results have improved at Denver International Airport This article is about Denver International Airport. For other uses, see KDEN (disambiguation). Denver International Airport (IATA: DEN, ICAO: KDEN, FAA LID: DEN), often called DIA (DIA), whose $4 billion in debt, rated `BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. +', will remain the most significant long-term city liability by far. Offsetting these positive developments, resulting in an overall stable rating outlook, are financial constraints of the Taxpayer's Bill of Rights (TABOR), which was inserted into the state constitution by voters in 1992. In 1997 and 1998, the general fund millage mill·age n. A tax rate on property, expressed in mills per dollar of value of the property. rate was reduced to ensure the city remained within constitutional revenue and expenditure limits. Significant near-term general government, recreation, and transportation capital needs of the city and the overlapping Regional Transportation District The Regional Transportation District, or RTD, was organized in 1969 and is the regional authority operating public transit services in eight of the twelve counties in the Denver-Aurora-Boulder Combined Statistical Area in Colorado. also exist. Likely debt issuance, while substantial, should continue to result in a moderate burden on the tax base, assuming continued growth in the regional economy. |
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