Issuance and Sale of General Obligation Refunding Bond

Home Browse Search

WHAT COULD MOVE THE RATING UP �' - Strengthening of the demographic profile - Significant e�ansion of the tax base WHAT COULD MOVE THE RATING DOWN - Decline in reserves or liquidity - Significant increase in the city's debt burden - Continued decline in the tax base KEY STATISTICS 2010 Census population: 2,162 (128% increase since 2000) 2012 Full value: $237 million 2006-2010 Per capita income: $21,628 (79% of US) 2006-2010 Median family income: $44,911 (71 % of US) Fiscal 2011 General Fund balance: $1.3 million (73.4% of General Fund revenues) Fiscal 2011 unassigned General Fund balance: $836,000 (46.8% of revenues) Direct debt burden: 0.2% Overall debt burden: 2.2% `. Payout of principal: (10 years): 50.7% Post-sale total general obligation debt outstanding: $1.3 million RATING METHODOLOGY The principal methodology used in this rating was General Obligation Bonds Issued by U.S. Local Governments published in October 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology. REGULATORY DISCLOSURES The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 SFA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com. For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from e�asting ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. \.. Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, and public information.