Fitch Rts Carroll County, MD's $33.2MM Refunding GOs 'AA+'.Business Editors
WASHINGTON--(BUSINESS WIRE)--April 16, 2003
Fitch fitch: see polecat. Ratings-Fitch Ratings assigns Individuals to whom property is, will, or may be transferred by conveyance, will, Descent and Distribution, or statute; assignees.
The term assigns is often found in deeds; for example, "heirs, administrators, and assigns to denote the assignable nature of a 'AA+' rating to Carroll County Carroll County is the name of thirteen counties in the United States of America. All except Carroll County, Tennessee, are named for Charles Carroll of Carrollton, a signer of the United States Declaration of Independence from Maryland:
A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. , series 2003.
The offering is scheduled to sell April 25 via a negotiated sale with A.G. Edwards & Sons, Inc. The bonds are issued on a forward purchase contract expected to be dated August 5, 2003 and will mature serially Nov. 1, 2004-2013. The proceeds will currently refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid.
2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies the remaining portion of the series 1993 consolidated public improvement and refunding bonds for net present value savings of approximately $1.4 million. The bonds are backed by the county's full faith and credit pledge. Fitch also affirms the 'AA+' rating on the county's $141.1 million of outstanding general obligation debt. The Rating Outlook for Carroll County is Stable.
The 'AA+' rating reflects Carroll Car·roll , James 1854-1907.
British-born American physician noted for his research on yellow fever. In 1900 he deliberately infected himself with the disease for experimental purposes. County's strong financial management policies, solid reserves, steady tax base growth, and manageable debt levels. The county's conservative financial management and steady growth in its property tax base contribute to the strong general fund reserves reported over the past few years. The capital improvement plan (CIP (1) (Common Isochronous Packet) The packet format used in time-based (real time) FireWire transmission. See FireWire, IEC 61883 and mLAN.
(2) (Common Industrial P ), financed largely from current resources, should adequately support the growing, residentially-driven economy. Further, with moderate borrowing planned over the near term, the county's direct debt levels should remain manageable as outstanding debt is retired very rapidly.
Situated in the north central part of Maryland lying south of the Pennsylvania state line, Carroll County is bordered by Baltimore, Howard, and Frederick counties Frederick County is the name of several counties in the United States.
Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. contributes to its large 21.5% population growth between 1990-2000. Consistent with the national rise in unemployment rates over the past two years, Carroll County's unemployment rate rose to 3.9% as of January 2003, from a low 2.8% annual rate in 2000 and 2001. However, the county's unemployment rate remains below the Baltimore metropolitan statistical area (5.0%), state (4.5%) and national (6.5%) averages. County 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. personal income grew 31.9% between 1995-2000 and stood at $31,456 in 2000, slightly below the state's level but above the national average. The county's economy is diverse as top employers represent sectors ranging from education and health care to warehousing and retail services. Additionally, the top ten taxpayers represent only 4.1% of the total tax base.
Financial management is strong, as evidenced by a formal reserve policy and comprehensive multiyear forecasting. In fiscal 2002, the unreserved fund balance rose to $50.7 million, or 21.7% of spending and transfers, up from $25.2 million, or 15.4% of expenditures, in fiscal 1998. Strong assessed valuation growth, coupled with Maryland's property value phase in rules, should provide steady increases to property tax revenues over several years. Income taxes remain the county's second largest revenue source, typically totaling about one-third of general fund revenue.
For fiscal 2003, the county's property tax rate equaled a competitive $1.048 per $100 of assessed value and its income tax rate equaled 2.85%, below the state mandated cap of 3.2%. Fitch believes that the county's ample reserves and tax capacity provide sufficient flexibility to maintain current levels of service delivery or to address additional state aid reductions or fluctuations in local revenue the county may face over the next few years.
Direct debt burden is moderate at $1,237 per capita and 1.9% of property market value. Amortization rates are rapid as the county will retire 76% its current debt over the next 10 years. Similar to other Maryland counties Maryland County is the southern and easternmost county of Liberia's 15 counties and shares a border with Côte d'Ivoire. It is named after the state of Maryland in the United States. The county comprises some 5,350 km²., its capital city is Harper. , Carroll County confronts the greatest capital burden in the area of education. By policy, a portion of local income tax collections is earmarked for public school construction. The county's $288.6 million CIP for fiscal years 2003-2008 is financed primarily from pay-as-you-go sources. Bond proceeds contribute 24.5% of the plan with the remaining portion financed through impact fees and state grants.