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CALIFORNIA PUBLIC WORKS BOARD BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 3 /PRNewswire/ -- The State Public Works Board of the State of California's $33.65 million Lease Revenue Bonds 1993 Series A (Library and Courts Annex Building Complex) are rated 'A+' by Fitch. The bonds will be sold through negotiation on or about Feb. 9, by a syndicated led by Artemis Capital Group, Inc. The credit trend is uncertain.
 Bond proceeds will be used to finance an annex building for the existing Library-Courts Building in Sacramento, a tunnel connecting the two facilities, furniture and equipment for the new building, and related improvements. The annex will be leased by the board to the Department of General Services. The department is responsible for the lease rental payments, but will be reimbursed by the California State Library, which will occupy the building. The library is a division of the Department of Education. The library will sublease one floor in the five-story building to the Third Appellate District, Courts of Appeal. Nonetheless, the department remains the ultimate obliger, responsible for the rental payment regardless of reimbursement. The lease documents are strong and typical of Public Works Board transaction. Interest is capitalized six months beyond the estimated April, 1994 completion.
 The state's economy remains depressed, as the recession continues to be deeper than expected. Financial operations continue to deteriorate as well, and the fiscal 1993 budget is now out of balance. The proposed 1993-94 budget carries the 1991-92 level deficit forward and attempts to reach balance by June 30, 1994, through deep expenditure cuts and other measures. California's debt position does remain favorable.
 -0- 2/3/93
 /CONTACT: Amy S. Doppelt, 212-908-0514, or Claire G. Cohen, 212-908-0552, both of Fitch/


CO: California Public Works Board ST: California IN: SU: RTG

LD -- NY095 -- 2649 02/03/93 18:00 EST
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Date:Feb 3, 1993
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