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Fitch Rates Marana, Arizona Improv Dist Bonds 'BBB+'.

Publication: Business Wire
Publication Date: 08-DEC-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
AUSTIN, Texas -- Fitch has assigned a 'BBB+' rating to the Town of Marana, Arizona, Tangerine Farms Road Improvement District (the district) $26.1 million improvement bonds. The bonds are scheduled to be sold via negotiation the week of Dec. 11 through Stone & Youngberg LLC. The Rating Outlook is Stable.

The bonds will be secured and payable only from a special fund established by the town that will contain special assessments imposed by the town on real property located with the boundaries of the district. Bond proceeds will be used to finance the construction of roadway improvements within the district (including sidewalks, landscaping and drainage), and to pay capitalized interest and issuance costs.

The 'BBB+' rating reflects the overall sound financial profile of the town and its obligation to make up any assessment shortfalls from the general fund. General fund reserves presently are very healthy and likely would be sufficient to make debt payments in the event of a delay in the disposal of delinquent...



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