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PEORIA (ARIZ.) IMPROVEMENT DISTRICT 8801 BONDS RATED 'BBB+' BY FITCH -- FITCH FINANCIAL WIRE --

PEORIA (ARIZ.) IMPROVEMENT DISTRICT 8801 BONDS RATED 'BBB+' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, May 20 /PRNewswire/ -- Peoria Improvement District No. 8801 (North Valley Power Center), Ariz.'s $5.3 million Improvement Bonds are rated "BBB+" by Fitch. The bonds are expected to sell by negotiation through Peacock, Hislop, Staley & Given, Inc. on or about May 20. The rating on these special assessment bonds rests with Peoria's general credit characteristics and its requirement to make up assessment shortfalls. The credit trend is stable.
 The bonds are payable in the first instance from special assessments imposed currently on one property owner developing a shopping center. Foreclosure for delinquent assessments is very rapid. Under state law, the city is responsible for making up delinquent assessments from its general fund. City finances are sound with a large fiscal 1991 general fund balance and the likelihood of at least breakeven operations for the current year. After a period of rapid growth in population and area during the 1980s, the city's growth should continue, but possibly at slower rates. Financing this growth has resulted in debt levels that are generally high, but about average for rapidly growing area cities. Future issuance of authorized debt will be tied to actual tax base growth.
 -0- 5/20/92
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/ CO: Peoria Improvement District No. 8801 ST: Arizona IN: SU: RTG


SH -- NY026 -- 2223 05/20/92 09:50 EDT
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Publication:PR Newswire
Date:May 20, 1992
Words:238
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