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MONMOUTH COUNTY IMPROVEMENT AUTHORITY (N.J.) $11 MILLION BONDS 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 3 /PRNewswire/ -- Monmouth County Improvement Authority, NJ's $11 million Capital Equipment Pooled Lease Revenue Bonds, Series 1993 are rated 'AA+' by Fitch. The bonds are expected through negotiation next week by syndicate led by The First Boston Corp. The rating rests with Monmouth County's very strong credit fundamentals as the county unconditionally and irrevocably guarantees punctual payment of debt service on the bonds. Fitch rates the county's general obligations 'AA+'. The credit trend is stable.
 Each local governments' rental payment represents the applicable portion of debt service on the bonds. Lease payments are general obligations of municipal governments. School district lease payments are subject to annual appropriation and guaranteed by the municipality in which they are located. As authorized by state law, municipal and school district payment deficiencies are ultimately guaranteed by the county upon notification by the authority of a debt service fund shortfall. Sufficient notification is provided to the county to meet its debt service guarantee in a timely manner.
 As one of the state's fastest-growing counties in the 1980s, Monmouth's population increased by nearly 10 percent to 553,124 in 1990. Income indicators are above average. Per capita personal income, at $27,391 in 1990, is 110 percent of the state average and 146 percent of the national level. The per capita market value of property is high at about $73,000. Population growth and development have slowed significantly since the recession's onset in 1990. Employment in the county has fallen and resident unemployment rates have risen to about the national level, although they continue to be below the state average. Moderate growth is expected to resume once the regional economy recovers.
 Debt levels are affordable. Overall debt per capita is about average at $1,210, but the debt burden on the large tax base is a below-average 1.7 percent. Direct debt payout is very rapid at over 75 percent in 10 years. Financial management and operations are strong, with continued additions to the fund balance despite the recession's effects. The county's $17.9 million 1992 current fund balance represented 6.3 percent of revenues. The county's 1993 budget is conservative. It provides for a 6 percent property tax rate increase due to assessed value declines and selective hiring authorizations. Nonpersonnel costs are frozen at 1992 levels.
 -0- 6/3/93
 /CONTACT: Stewart Simon, 212-908-0508, of Fitch/


CO: Monmouth County Improvement Authority ST: New Jersey IN: SU: RTG

LR -- NY053 -- 4949 06/03/93 11:43 EDT
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Date:Jun 3, 1993
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