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SALT LAKE COUNTY MUNICIPAL BUILDING AUTHORITY (UT) BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

SALT LAKE COUNTY MUNICIPAL BUILDING AUTHORITY (UT) BONDS RATED 'A+'
 BY FITCH -- FITCH FINANCIAL WIRE --
 NEW YORK, Sept. 25 /PRNewswire/ -- Salt Lake County Municipal Building Authority's (UT) $7.8 million lease revenue bonds, Series 1992A are rated 'A+' by Fitch. The bonds are offered through negotiation by Lehman Brothers on or about Oct. 6. The credit trend is stable.
 Rental payments on the authority's Riverbend Golf Course project are subject to annual lease renewals and appropriations by Salt Lake County. Salt Lake County exhibits the highest credit quality fundamentals, including low debt levels, very good financial management, and large fund balance reserves. Prospects are good for continued economic growth given the well balanced economic mix and the stability provided by government, health, religious, and educational institutions.
 Rental payments are expected to be funded from golf course operating revenues. The county currently operates three public golf courses and recently retired 20-year golf course revenue bonds. The golf course system has had a record of positive financial operations and the unreserved enterprise fund balance was $2.8 million in 1991. Lease provisions are good, including the covenant to seek an annual appropriation for the rental payments. If needed, the county has substantial governmental fund resources to meet its lease rental obligations.
 -0- 9/25/92
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/ CO: Salt Lake County Municipal Building Authority ST: Utah IN: SU: RTG


AH -- NY055 -- 3643 09/25/92 16:38 EDT
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Publication:PR Newswire
Date:Sep 25, 1992
Words:240
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