Fitch Rates Fairbanks North Star Borough, Alaska GOs `A+'.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 3, 2001 Fairbanks North Star Borough, AK's (The Borough) $9,050,000 general obligation school bonds 2001 series D are rated `A+' by Fitch. The bonds are scheduled to sell competitively on Jan. 11. Additionally, the underlying `A+' rating on $111.5 million of parity parity or space parity, in physics, quantity that refers to the relationship between an object or process and the image that it can produce in a mirror. general obligation bonds is affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. . The `A+' rating reflects Fairbanks North Star Borough's stable economy, strong financial position and management policies as well as moderate debt levels. The Borough's location in central Alaska makes it a key service center for the state, as well as for the international transportation of goods. A University of Alaska campus and a strong military presence add stability to the area. Concerns about the declining assessed value of the largest taxpayer are mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. due to strong growth in overall values. The Borough has built strong fund balances while adhering ADHERING. Cleaving to, or joining; as, adhering to the enemies of the United States. 2. The constitution of the United States, art. 3, s 3, defines treason against the United States, to consist only in levying war against them or in adhering to their enemies, to a county, voter-imposed tax limitation. Needs for school funding, the largest area of expenditures, are not expected to increase dramatically, as enrollment projections are flat. Fairbanks North Star Borough, with an estimated population of 83,773, is located in central Alaska. The Borough's stable economy is based on its central location, providing transportation facilities for goods within the state, as well as the presence of the University of Alaska at Fairbanks and two sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz  a·ble·ness n. military installations. Unemployment rates are below those of the state but above U.S. rates, as are income levels. Alyeska Pipeline Service Co. is the borough's largest taxpayer and owner of the Trans-Alaska pipeline Trans-Alaska Pipeline or Alaska Pipeline Oil pipeline running 800 mi (1,300 km) north-south across Alaska, U.S. Completed in 1977, it transports crude oil from the oil fields of Prudhoe Bay on the Arctic Ocean to an ice-free port at Valdez. that runs through the Borough. Depreciation of the pipeline will cause its assessed value to continue to decline. However, growth in other properties has been strong, yielding increases in overall values. Despite increases in school funding needs and declines in state funding for non school-related purposes, the Borough has maintained a strong financial position. The Borough receives the bulk of its combined general and debt service and school district funding from the state. State aid for non-education programs, 4.3% of general and debt service fund revenues, is expected to continue to decrease. The unaudited fiscal 2000 unreserved balance was a solid 20.7% of expenditures and transfers, well above the target reserve of 7% -10% of prior-year expenditures. The debt burden should remain moderate, since capital needs are modest and a majority of debt service is reimbursed by the state. This issue is the second of a $29,450,000 voter- approved authorization The right or permission to use a system resource; the process of granting access. See access control. . The Borough does not intend to issue additional debt in 2001. The state will reimburse re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. 70% of the debt service on the series 2001D bonds. |
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