Fitch Rates Las Vegas, NV $20.0 MM LTGO Medium-Term Recreation Bonds 'AA'.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 'AA' rating to $20.0 million City of Las Vegas
The City of Las Vegas , Nevada, general obligation (limited tax) medium-term recreation bonds (Centennial Hills Centennial Hill is a relatively new neighborhood located at the northern edge of downtown Atlanta, Georgia. The name was originally coined by Hines Interests and applied only to their planned development in the area. Project), series 2004C. Fitch also affirms the 'AA' rating on all outstanding general obligation bonds, which total $299.1 million. The Rating Outlook on all bonds is Stable. Bond proceeds will be used to fund recreation projects within the city. The bonds will be sold competitively on Sept. 21 with Hobbs, Ong & Associates, Inc. acting as the city's financial advisor. The 'AA' rating reflects sustained growth in Las Vegas's large and diversifying economic base and the city's sound reserves and prudent debt and financial policies. These factors are balanced somewhat by a decreasing but still significant reliance on tourism and gaming, as well as recent fiscal pressure on the general fund. Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. maintains healthy fund balances, which help offset concerns over a somewhat volatile revenue base, while preserving substantial flexibility in the city's operating property tax levy. The Las Vegas area represents a substantial portion of Nevada's tax and employment base, which has benefited from the region's expanding population and economic growth. Recent development, both within the city and throughout Clark County Clark County is the name of twelve counties in the United States of America:
Assessed valuation gains have been substantial due to new building as well as rising property values. Assessed values rose a strong 10.8% in fiscal 2005 and averaged 9.0% per year from fiscal years 1999-2005. Building permit activity remains strong and fairly stable. City wealth indicators are slightly above average, trending higher than both state and national averages. Las Vegas and Clark County unemployment levels have historically remained slightly above national levels, but recent data indicate a trend reversal. Financial operations are marked by sound reserve levels despite recent general fund operating deficits and good fiscal management policies. The total general fund balance, most of which is unreserved, ended fiscal 2003 at a healthy 15.2% of expenditures, transfers out, and other uses. Preliminary data for fiscal 2004 expect a second 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: of the general fund in so many years, with the fund balance ending the year at 13.0% of spending. While the general fund balance has been on a downward trend recently, these drawdowns funded recreation projects and are one-time in nature. Although a continued fund balance drawdown is a cause for concern, the risk is 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. somewhat by the city's ability to increase its operating tax levy if needed. Fitch expects the general fund balance level to remain at or above the 12.0% board-mandated minimum and looks for the city to begin replenishing the fund balance in fiscal 2006 as recreation projects will have been completed. The city's debt burden is low to moderate and will likely remain so given the rapid amortization of outstanding obligations. In addition, a substantial portion of general obligation debt outstanding is supported from nonproperty tax revenue. Amortization is rapid, with more than 74% of debt retired in 10 years. Including overlapping debt Overlapping Debt The debt of a political entity such as a state where its tax base overlaps the tax base of another political entity such as a city within the state. Notes: If the issuer of a municipal bond has overlapping debt, it should be considered. , total overall debt ratios are moderate, at $1,646 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. and 2.6% of market value. |
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