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PASADENA (CALIF.) $30.1 MILLION REFUNDING CERTIFICATES OF PARTICIPATION RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, April 21 /PRNewswire/ -- Pasadena (CA)'s $30.1 million 1993 Refunding Certificates of Participation (Old Pasadena Parking Facilities Project) are rated `A+' by Fitch. The certificates are expected by negotiation through a syndicate led by The First Boston Corp. next week. The credit trend is stable.
 Despite the prolonged recession affecting southern California, Pasadena's economic base has performed somewhat better than the region. City voters repealed the limitation that constrained new commercial and residential projects.
 Financial management is strong. Pasadena continues to maintain healthy budgetary reserves, despite budgetary pressures caused by the recession and state actions to shift property taxes to school districts. The general fund reserve for contingencies represents 8.4 percent of operating expenditures. The city is taking steps to close a projected $9.3 million budget shortfall in fiscal 1993-1994, which represents 8 percent of general fund resources. About half of this budget gap has been already addressed without targeting reserves, which remain considerable, and other resources and expenditure cuts have been identified to close the remainder of the gap.
 Debt issuance has slowed in recent years as the city has completed various major projects to address the past deferral of capital requirements. Debt levels are moderate and remain affordable given above-average income levels and light general issuance projections. Overall debt per capita is $1,953 and overall debt as a percent of the large market value of property is 3.4 percent.
 Wealth indicators are above average and the unemployment rate is below state and county averages. Voters repealed the 1989 growth limitation at last November's election and adopted a general plan that targets development. The recession has had more of an impact on development than the limitation, although significant new construction has occurred during this period. Several projects that were exempt from the limitation have been completed and additional commercial projects are planned as the city is a desirable place to locate business and reside.
 The city's covenant to budget and appropriate the rental payments is a positive credit consideration. The parking facilities conform to the state's stringent earthquake construction code.
 -0- 4/21/93
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/


CO: ST: California IN: SU: RTG

WB -- NY121 -- 9029 04/21/93 17:41 EDT
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Date:Apr 21, 1993
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