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SAN BERNARDINO COUNTY, CALIF.'S $300 MILLION TAXABLE NOTES 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 16 /PRNewswire/ -- San Bernardino County, Calif.'s $300 million 1993 Taxable Notes are rated 'F-1+' by Fitch. The notes will be sold through negotiation by Seidler-Fitzgerald on or about July 19, and mature July 29, 1994. Interest on the notes is subject to federal and state income taxes.
 The notes' highest rating reflects the strong security provided by the gross funding of the full principal and interest amount due at maturity and the pledge of this account to the notes' repayment. Also, the county agrees to transfer additional funds into the note repayment account from all available sources, if necessary, to pay debt service. Available sources consist of all funds in the county treasury pool, which had a $1.3 billion borrowable balance near the end of fiscal 1993. The balance at June 30, 1992 was substantial as well, $1.2 billion. The notes also carry the county's general obligation pledge.
 Note proceeds will be deposited into a separate account within the county treasury and will be invested along with the treasury pool. Additional funds will be added at closing from other county sources to bring the total in the account to equal principal and interest due on the notes at their July 29, 1994 maturity. Interest income earned on the account will be deposited in the general fund as long as the amount in the dedicated account equals debt service on the notes, and will be used to fund county operations.
 The county's treasury pool is invested conservatively, maintaining no longer than a 2.5-year average maturity and buying primarily certificates of deposits, U.S. Treasury notes, repurchase agreements, and commercial paper. All purchased securities must carry high ratings. For the last few years, about one-half of the pool has been invested in securities maturing in less than 30 days, with the other half maturing in less than two years.
 -0- 7/16/93
 /CONTACT: Amy S. Doppelt of Fitch, 212-908-0514/


CO: ST: California IN: SU:

SH -- NY029 -- 2474 07/16/93 12:40 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
Words:339
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