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Summary: Farmington Community Library, Michigan; General Obligation
Standard & Poors, May 2011
Standard & Poor's Ratings Services raised its long-term and underlying rating (SPUR) to 'AA' from 'AA-' on Farmington Community Library, Mich.'s outstanding general obligation (GO) debt. The outlook on all bonds is stable. The raised rating reflects our view of the library district's maintenance of very strong fund balances as well as the implementation of a contingency plan to maintain reserves in spite of an anticipated decline in tax capacity. Additional revenue flexibility is provided from the 1.0 mill operating levy approved by voters in 2005 that led to a much-improved financial position, increased reserve levels, and the elimination of reliance on appropriations. The rating further reflects our view of the library district's: Access to the metropolitan Detroit-area economy and...
Companies mentioned in this report are: Farmington Comnty Lib
Action: Outlook: Stable
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Farmington Comnty Lib