Fitch Rates Fairfax County Redvel & Hsg Auth (Virginia) Revs 'AA'; Outlook Stable.
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 assigns an 'AA' rating to approximately $8.4 million Fairfax County Redevelopment and Housing Authority, Virginia (RHA RHA Residence Hall Association
RHA Regional Health Authority
RHA Road Haulage Association
RHA Rental Housing Association
RHA Royal Horse Artillery (a British Regiment)
RHA Royal Hibernian Academy ) revenue bonds (Braddock Glen Adult Day Health Care Center and Southgate Neighborhood Community Center) series 2006. The bonds are scheduled for bids on August 8, 2006 and will be payable semiannually May 1 and November 1, beginning Nov. 1, 2006, with final maturity in 2013. Fitch also affirms the 'AAA' rating on Fairfax County's outstanding $1.7 billion general obligation (GO) bonds and the 'AA' rating on the Fairfax County Economic Development Authority's series 2005 (School Board Administration Project - Phase 1) bonds. The Rating Outlook is Stable.
The 'AA' rating on the series 2006 bonds is based on Fairfax County's (the county) obligation to make basic and additional contract payments (referred collectively as contract payments) under an installment purchase contract with the RHA. The county's obligations under the contract, while subject to annual appropriation by its board of supervisors, are otherwise absolute and unconditional. There is no security interest in the projects being financed and thus no recourse for bondholders against the properties being acquired. Also, no debt service reserve fund will be established. However, Fairfax County is an experienced issuer of appropriation-backed obligations and payment of debt is centrally administered. The county also has a long history of timely budget adoption.
Fairfax County's 'AAA' rating reflects its strong, diverse economic base, with high wealth levels and low unemployment, excellent financial planning Financial planning
Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against and management, and a low debt burden. Benefiting from its location near Washington, D.C., a highly educated regional labor force, and increasing international investment, the county is one of the nation's major suburban office markets. Sector strengths include health care, telecommunications, general government and defense contracting, and related professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . Recent Base Realignment and Closure Base Realignment and Closure (or BRAC) is a process of the United States federal government directed at the administration and operation of the Armed Forces, used by the United States Department of Defense (DoD) and Congress to close excess military installations and realign (BRAC Brač (bräch), Ital. Brazza, island (1991 pop. 13,824), 152 sq mi (394 sq km), off the Dalmatian coast in the Adriatic Sea, Croatia. It is a popular summer resort and tourist spot. Supetar (Ital. ) commission announcements will bring approximately 21,300 jobs to Fort Belvoir Fort Belvoir is a United States military installation and a census-designated place (CDP) in Fairfax County, Virginia, United States. The population was 7,176 at the 2000 census. which lies within the county. Housing demand remains strong, leading to a sixth consecutive year of double-digit property assessment growth. Significant road and transit investments planned over the next several years support future development prospects.
The county's finances are well managed, adhering to long-standing policy guidelines, and include detailed planning for capital and operating needs. Audited fiscal-year (FY) 2005 results reflect continued operating gains and healthy increases to reserves from previous years. For the period, the county recorded a $43 million general fund surplus, up almost $4 million from the prior year, and maintained an unreserved general fund balance of 7.5% of total expenditures and transfers out, compared to a 6.2% balance recorded in FY2004. While audited figures are not yet available, the county expects positive operations for FY2006 and anticipates meeting its goal of maintaining at least $90 million in its revenue stabilization fund Stabilization fund may refer to:
County debt levels are low and amortization is rapid. Annual general obligation borrowing is limited by debt affordability guidelines to $1.0 billion over five years, or $200 million annually, an amount that is currently weighted two-thirds to school projects. A temporary increase of $75 million per year through 2011 will fund rising construction costs. Overall debt levels are a low 0.9% of market value, or $2,131 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. Amortization is also favorable, with 69% of all outstanding tax-supported debt retired within the next 10 years.
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