Printer Friendly

DUPAGE COUNTY (ILL.) GENERAL OBLIGATION REFUND BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 19 /PRNewswire/ -- Dupage County, Illinois $160.3 million general obligation refunding bonds are rated `AAA' by Fitch. The bonds are being offered through negotiation on or about March 22 through a syndicate led by William Blair and Co. and Rodman & Renshaw, Inc. This issue includes $53,520,000 (alternate revenue source - jail project) due serially Jan. 1, 1994-2008; $7,880,000 term maturities due Jan. 1, 2012, and $25,435,000 term maturity due Jan. 1, 2021; $76,935,000 (alternate revenue source - storm water project) maturing serially 1994-2008; $11,325,000 term due Jan. 1, 2012; and $36,555,000 term due Jan. 1, 2021; $29,890,000 general obligation refunding bonds maturing serially Jan. 1, 1994-2003. The jail and stormwater bonds are subject to optional redemption on or after Jan. 1, 2003 at 102 percent and declining thereafter. The credit trend is stable.
 Each issue is secured by the county's full faith and credit and unlimited ad valorem taxing power. The jail and stormwater bonds are additionally secured by pledged revenues.
 DuPage is an affluent suburban Chicago county, containing a substantial, diversified, and growing economic base. Tax base growth has been very rapid and significant amounts of current revenues and property taxes have been allocated to capital outlays contributing to moderate debt levels. Fund balances are extremely large. Litigation regarding the constitutionality of a gas tax imposed in 1990 could affect funding of the county's capital program and could present some financial liability. A tax limit, instituted by the state in 1991, restricts growth in the operating levy excluding new construction. However, exceptionally large fund balances and high levels of new construction provide flexibility. The refunding will achieve debt service savings which will be taken on a level basis.
 -0- 3/19/93
 /CONTACT: Richard Raphael of Fitch, 212-908-0506/


CO: Dupage County, Illinois ST: Illinois IN: SU: RTG

SM -- NY072 -- 8070 03/19/93 17:25 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 19, 1993
Words:322
Previous Article:STATE FARM HOMEOWNERS CLAIMS FROM MONSTER STORM MAY TOTAL $177 MILLION
Next Article:ADVERSE PRE-TRIAL RULINGS IN TEXAS LITIGATION UNDER APPEAL BY IMC FERTILIZER


Related Articles
COOK COUNTY, ILL. $30 MILLION REFUNDED BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
HOWARD CO. (MD.) GENERAL OBLIGATION BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
MIDDLESEX COUNTY, N.J. $29.5 MILLION GO BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
GEORGIA GO REFUNDED BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
MISSOURI $319 MILLION G.O. REFUNDING BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
MIDDLESEX COUNTY (NJ) GO BONDS RATED 'AAA' BY FITCH --FITCH FINANCIAL WIRE--
PENNSYLVANIA REFUNDED GO BONDS RAISED TO 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
SAN ANTONIO, TEXAS' REFUNDED BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
DUPAGE WATER COMMISSION 'AA+' GOS AFFIRMED BY FITCH, TREND NOW IMPROVING -- FITCH FINANCIAL WIRE --
Fitch Rates Harris County, Texas's $79 Million Astrodome Refunding Bonds 'A' & 'AA'

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters