Fitch Rates Baldwin Park USD (California) $15.0MM GOs 'A-'; Outlook Stable.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- 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. assigns an 'A-' rating to Baldwin Park Baldwin Park, city (1990 pop. 69,330), Los Angeles co., S Calif., a suburb of Los Angeles, in the fertile San Gabriel valley; settled 1870, inc. 1956. Its industries include metal fabrication, printing, and plastics manufacturing. Unified School District A unified school district is a school district which includes both primary school (kindergarten through middle school or junior high) and high school (grades 9-12). In Illinois, these districts are called unit school districts. (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), California's $15.0 million election of 2006, series 2008 general obligation bonds (GO). In addition, Fitch affirms the district's approximately $80 million in outstanding GO debt. The new bonds will sell by negotiation during the week of May 12. The Rating Outlook is Stable. The 'A-' rating reflects the district's strong assessed value (AV) growth, stabilized enrollment, an adequate unreserved general fund balance and a diversified tax base. These strengths are offset by the district's high debt levels, reliance on state funding, the area's relatively low income levels and the district's debt service tax rate that nearly reaches the Proposition 39 limit. The district encompasses nine square miles, serving as a mature bedroom community within the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. area. The district includes the city of Baldwin Park, parts of the cities of Irwindale, Industry and West Covina and unincorporated areas of the county. The local economy benefits from its proximity to viable transportation options and diverse employment opportunities in the Los Angeles County area. However, unemployment levels are relatively high and income levels remain well below state and national averages. Baldwin Park's population growth has been slow, reflecting the community's maturity. However, the district has experienced several years of high AV growth, reflecting infill development and property turnover. Taxpayer concentration is low. The district's financial operations are adequate, with two of the past three fiscal years generating operating surpluses. The fiscal 2007 total fund balance was a solid $14.7 million (11.0% of expenses and transfers out) and its unreserved fund balance was $7.5 million (5.6%). However, the district projects an operating deficit of $7.8 million in fiscal 2008 due to proposed state funding cuts and the spending down of legally restricted, one-time money received in fiscal 2007. The district receives a high 81% of its revenues from the state. Labor contracts for fiscal 2008 were settled earlier this year. The series 2008 bonds represent the second issuance from a Proposition 39 GO bond authorization approved by a wide margin of voters in November 2006. Following the issuance of the bonds, the district's debt burden will rise to a high $2,154 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. or 4.6% of AV. Payout on total debt is below average at 35% in 10 years. As part of an extensive capital improvement plan, the series 2008 bonds will finance renovations of various school facilities. The district intends to issue another series of bonds in fiscal 2009. However, the district has reached its $60 per $100,000 AV Proposition 39 tax limit, so further GO issuance will depend on the degree of AV growth. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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