Raleigh,N.C. Ser 1997 COPs Rtd AA by S&P;Outlk Stable.NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 7/7/97-- Standard & Poor's Monday has assigned its double-'A' rating to the City of Raleigh, N.C.'s $6.74 million certificates of participation (COPs) series 1997. The triple-'A' rating on the city's outstanding G.O. debt has been affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. . The rating on the COPs reflects the city's triple-'A' G.O. credit characteristics, strong project essentiality, a lease structure that meets Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index criteria, and the annual appropriation nature of the lease payments securing the COPs. The series 1997 COPs will be used to refund an outstanding series 1990 COP, which funded the construction of the Cabarrus Street parking deck. Net present value savings are estimated to be over $300,000 and include use of the $719,000 series 1990 debt service reserve fund to pay down debt. Annual lease payments are expected to average $645,000, for which the city has covenanted to budget annually through COP maturity in 2012. The parking deck is a 10-story facility located in the business district in downtown Raleigh, with 560 parking spaces plus storage, office, vehicle maintenance, and other parking areas. The city's triple-'A' G.O. rating reflects: -- A diverse and growing economic base anchored by the state government and the Research Triangle Park Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. , -- Strong financial management and position, and -- Moderate debt levels with manageable capital needs. As the state capital of North Carolina Noun 1. capital of North Carolina - capital of the state of North Carolina; located in the east central part of the North Carolina Raleigh NC, North Carolina, Old North State, Tar Heel State - a state in southeastern United States; one of the original 13 and its proximity to the 7,000-acre Research Triangle Park, Raleigh continues to attract high-tech employers seeking an educated work force and enjoys steady residential and commercial development. Following slight economic softness reflective of the state and national trends, the economy has rebounded strongly. Retail sales activity and sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. revenues have averaged 11% annual increases over the past three years. Further, building permit activity continues to strengthen to levels seen in the late 1980s, and totaled over $490 million in 1995. This growth, along with strong financial management and sound reserve levels, has allowed the city to reduce property tax rates by 12% over the past two years while maintaining the level and quality of municipal services This article or section deals primarily with the United Kingdom and does not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Several consecutive general fund operating surpluses Operating surplus is an accounting concept used in national accounts statistics (such as United Nations System of National Accounts (UNSNA) and in corporate and government accounts. It is also used in macro-economics as a proxy for total pre-tax profit income. have increased the city's reserve levels at June 30, 1996 to over $100 million in total, and $28.2 million, or 17% of budget, on an undesignated basis. Additionally, the city's utility enterprise operations continue to exhibit strong financial performance, and through user fees, support over $50 million water and sewer SEWER. Properly a trench artificially made for the purpose of carrying water into the sea, river, or some other place of reception. Public sewers are, in general, made at the public expense. Crabb, R. P. Sec. 113. related G.O. debt. Through a sound mix of pay-go financing, identified revenue sources, and debt issuances, the city's proposed capital program totals over $150 million, is manageable, and is not expected to increase debt levels or carrying charges Payments made to satisfy expenses incurred as a result of ownership of property, such as land taxes and mortgage payments. Disbursements paid to creditors, in addition to interest, for extending credit. Consumer Protection laws require full disclosure of all carrying charges. significantly. OUTLOOK: Stable. The outlook reflects the expectation that the economy will continue to expand, and that strong financial management and position will provide the city with superior capacity to pay bond debt service, Standard & Poor's said. -- CreditWire CONTACT: Bernhard H Fischer, 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 , 212/208-8102 Art Dial, New York, 212/208-1816 |
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