S&P Rates Rio Rancho Pub Sch Dist No. 94, NM Bnds A+.NEW YORK--(BUSINESS WIRE)--Aug. 20, 1998--Standard & Poor's CreditWire 8/20/98 - Standard & Poor's today assigned its single-'A'-plus rating to Rio Rancho ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. Public School District No. 94, N.M.'s G.O. school building bonds series 1998B. In addition, Standard & Poor's 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. its single-'A'-plus underlying rating (SPUR) on the district's G.O. school building bonds series 1998A and its single-'A'-plus rating on the district's outstanding unenhanced G.O. bonds. The rating reflects: -- Participation in the Albuquerque metropolitan area's diverse economy, -- Stable financial operations with considerable state support, and -- Moderately low and rapidly maturing debt. Offsetting these strengths are growth-related capital needs and limited bonding flexibility. The district (population 54,400) was established in 1994. It serves the rapidly growing city of Rio Rancho and adjacent portions of unincorporated Adj. 1. unincorporated - not organized and maintained as a legal corporation unorganised, unorganized - not having or belonging to a structured whole; "unorganized territories lack a formal government" Sandoval County, just north of Albuquerque in central New Mexico The center of the U.S. state New Mexico. In the center of this region is Albuquerque, the largest city and only metropolitan area. External links
Rio Rancho's income levels are 124% of the state average on a 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. basis and 144% on a median household basis, reflecting the city's proximity to Albuquerque, the state's economic center. Intel's chip manufacturing plant (6,000 employees) is by far the largest local employer. Assessed valuation (AV) totals $557.2 million, with strong growth reflecting sustained construction activity. Preliminary estimates indicate an 8% AV increase for fiscal 1999. Concentration in the predominantly residential tax base is low -- the four largest assessees represent 3.7% of AV. The property tax rolls exclude Intel through 2010, when tax abatements expire. The district posted a $589,000 operating surplus 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. and general fund balance increase in fiscal 1997. Ending unreserved general fund balances --$1.7 million in fiscal 1997 -- averaged 6.8% of expenditures during the district's initial three years of operation. State aid provides 97% of operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. . Preliminary fiscal 1998 results indicate another operating surplus and fund balance increase. The 1998B bonds are the third issuance under a $22.2 million G.O. authorization approved by voters in 1997, bringing total outstanding debt to $35.1 million. Principal amortization is rapid -- 89% in 10 years and final maturity in 2011. 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. is moderately low at $969 per capita and 2.9% of property market value. The district plans to issue the remaining $3 million authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: debt in 1999 and seek additional G.O. bonding authorization in 2000. Given state debt limitations, AV growth will continue to dictate the amount and timing of bond sales. OUTLOOK: STABLE The outlook reflects ongoing expansion of the local economic base, the high level of state funding which stabilizes the district's financial performance, and legal limits that will keep the debt burden from increasing significantly, Standard & Poor's said. -- CreditWire CONTACT: Jonathan Jacobson, 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 , 212/208-1231 Parry Young, New York, 212/208-1725 For more information on criteria or subscriptions: http://www.ratings.standardpoor.com |
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