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FULTON COUNTY (GA.) $75 MILLION TAX ANTICIPATION NOTES RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 1 /PRNewswire/ -- Fulton County (Ga.)'s $75 million General Fund Tax Anticipation Notes are rated `F-1+' by Fitch. The highest short-term rating reflects the county's strong cash flows, accurate cash flow estimating track record, and strong long-term credit characteristics. The notes are selling competitively on April 7. Principal and interest are due Dec. 31, 1993.
 The notes are issued to cover general fund requirements until property taxes are collected in the second half of the calendar fiscal year. Property taxes comprise over 75 percent of general fund revenues. This year's issue is at the same level as last year's issue because of larger cash balances held. However, it is substantially larger than pre-1991 note issues, reflecting much higher property tax levels needed to support operations. Historically, the county has met or exceeded its cash flow projections, in part because of the predictability and stability of property taxes and accurate overall estimating.
 The property tax base revaluation is complete, with an increase in total assessed value exceeding 40 percent. Individual taxpayer appeals are still being heard, but no significant reductions to the base are expected. The county will roll back the tax rate accordingly to avert a tax windfall when the tax digest is approved by the state in late May or June. However, last year's digest will be used if more than five percent of taxpayer appeals and total assessments remain in dispute by that time, which is unlikely. This year's adopted budget is larger, and contains more flexibility, than 1992's tight budget. Sufficient cash margins and budgetary flexibility and the very strong long-term credit factors warrant the highest short-term rating. The county's general obligations carry an `AA' Fitch rating.
 -0- 4/1/93
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/


CO: ST: Georgia IN: SU: RTG

SM -- NY078 -- 2087 04/01/93 14:00 EST
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Publication:PR Newswire
Date:Apr 1, 1993
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