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PASADENA, CALIF. $11.1 MILLION REFUNDING GOs RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Oct. 27 /PRNewswire/ -- Pasadena, Calif.'s $11.1 million 1993 police building and jail refunding general obligation bonds are rated 'AA' by Fitch. The bonds are expected by negotiation through a syndicate led by Lazard Freres & Co. during the week of Nov. 2. The credit trend is stable.
 Financial management is strong. Pasadena continues to maintain solid budgetary reserves despite pressures caused by the continued recession affecting Southern California and state actions to shift property taxes to school districts. The general fund reserve for contingencies and other available moneys represent 8.4 percent of operating expenditures. The city adopted a two-year budget for the first time and took a combination of expenditure reductions and revenue enhancements to close a projected budget shortfall in fiscal 1994.
 New debt issuance slowed in recent years as the city completed various major projects to address past deferral of capital requirements. Debt levels are moderate and remain affordable given above-average income levels and light general issuance projections. Overall debt per capita is $1,936, and overall debt as a percent of the large market value of property is 3.4 percent.
 Despite the prolonged recession, Pasadena's economic base has performed somewhat better than the region's. Wealth indicators are above average, and the unemployment rate, while higher than the national average, is below state and regional levels. Voters repealed the 1989 growth limitation last November and adopted a general plan that targets development. The recession has had more of an impact on development than the limitation, although significant new construction has occurred during this period. Several projects exempt from the limitation were completed and additional commercial projects are planned or underway as the city is a desirable place for businesses and residents.
 -0- 10/27/93
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/


CO: ST: California IN: SU: RTG

TM -- NY110 -- 7498 10/27/93 16:26 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
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