Fitch Affirms Onondaga County IDA, New York's Onondaga Free Library Project at 'A-'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has affirmed its 'A-' rating on the Onondaga County Industrial Development Agency (IDA Ida (ē`dä), city (1990 pop. 91,859), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural market and railway junction. ), New York's civic facility revenue bonds (Onondaga Free Library Project), series 2008. The Rating Outlook is Stable. The 'A-' rating reflects the annual set-aside of a dedicated library tax to pay debt service, the limited-purpose nature of the library, strong coverage of maximum annual debt service, and guaranteed property tax collections by Onondaga County. These credit factors are tempered by the library's need to support both debt service and the majority of its operations from a dollar-fixed tax levy, and the uncertainty created by the library's lack of audited financial statements. The bonds are secured by the pledge and assignment of a dollar-fixed property tax levy upon all taxable real property within the Town of Onondaga. The town, on behalf of the Onondaga Free Library, annually levies and collects a $475,000 library tax as a separate line item on the town's tax bill. Full tax collections are guaranteed by Onondaga County, however, delinquent tax receipts are returned to the county on April 1 and bonds are payable March 1. Pursuant to a fiscal agency agreement between the issuer, the town, the library and the fiscal agent, the town remits the library tax directly to the fiscal agent for payment of annual debt service, and then forwards the net library tax receipts to the library for operational purposes. The library tax levy, which provides 2.5 times (x) coverage of maximum annual debt service, can only be increased by voter referendum. The library is an independent corporate body and free association library chartered by the New York State Education Department The New York State Education Department is the state education department in New York State. It is responsible for the supervision for all public schools in New York State and all standardized testing, as well as the production and administration of state tests and Regents . The library is not required to maintain audited financial statements, only bookkeeping records. Library operations are supported primarily from the net library tax levy, which accounted for 66% of total operating revenues in fiscal 2008. Funding is also provided by three local school districts that together accounted for 25% of operating revenues. For fiscal 2008, the library generated a robust 34% operating surplus Operating surplus is an accounting concept used in national accounts statistics (such as United Nations System of National Accounts (UNSNA) and in corporate and government accounts. It is also used in macro-economics as a proxy for total pre-tax profit income. through a combination of under-budgeting net library tax receipts and over-budgeting labor costs. Historically, the library generated much smaller operating margins. Although the library currently generates operating surpluses, future budgets likely will become strained due to mounting expenditures limited by a finite revenue source. Onondaga Free Library, whose borders are coterminous co·ter·mi·nous adj. Variant of conterminous. Adj. 1. coterminous - being of equal extent or scope or duration coextensive, conterminous with the Town of Onondaga, serves a bedroom residential community located adjacent to the City of Syracuse. Economic indicators Economic indicators The key statistics of the economy that reveal the direction the economy is heading in; for example, the unemployment rate and the inflation rate. are on par with state averages. Population figures have been stable and currently stand at 21,589 residents. As the region did not experience unsustainable property value growth during the housing boom, the region is also not experiencing the precipitous declines. Additional information is available at 'www.fitchratings.com'. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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