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ARVADA (COLO.) SALES TAX BONDS RATED 'A+', HIGHWAY BONDS 'A' BY FITCH -- FITCH FINANCIAL WIRE --

ARVADA (COLO.) SALES TAX BONDS RATED 'A+', HIGHWAY BONDS 'A' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Sept. 11 /PRNewswire/ -- Arvada, Colo.'s $41.7 million sales and use tax revenue improvement and refunding bonds, Series 1992 are rated 'A+' by Fitch. The city's $5.8 million highway users tax fund revenue bonds, Series 1992A are rated 'A'. Both series of bonds are scheduled to sell competitively Sept. 21. The credit trend is stable.
 The 'A+' rating on the sales and use tax bonds reflects the stable tax performance record, strong projected coverage levels, and very ample additional bonds test. The 'A' rating on the highway user tax fund bonds reflects the stable and reliable source of state highway moneys received by the city. Projected coverage levels based on historical distribution trends are strong, as is the additional bonds test.
 The city, located just northwest of Denver, has good general credit characteristics, including average debt levels, sound finances with a strong financial position, and above average income levels. Continued population and economic development growth prospects are good.
 The Arvada Urban Renewal Authority (AURA) is a separate, self- governing entity created by the city in 1981. Tax increments have not been sufficient to fully repay $54 million in tax increment refunding bonds issued by the authority in 1987. As a result, reserves have been used to make debt service payments. Bond counsel opines that the city has no obligation to AURA in the event of default.
 A proposed tax and spending limitation initiative, if approved, could affect the city's general finances. However, the limitation's impact is uncertain and the limit will likely be subject to court interpretation.
 -0- 9/11/92
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/ CO: ST: Colorado IN: SU: RTG


AH -- NY065 -- 8618 09/11/92 16:23 EDT
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Publication:PR Newswire
Date:Sep 11, 1992
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