The 'AA' rating on the city of Portland, Maine's GO bonds reflects: Portland's role as the commercial and industrial hub for the state's southern region; Sound financial operations, although planned drawdowns from the general fund have reduced the undesignated fund balance to 6% of expenditures in fiscal 2001 from 10% in fiscal 1999; Average wealth indicators; and A moderate debt burden and capital improvement plan. The bonds are secured by the city's full faith and credit pledge. Portland, population 66,421, is located on the southeastern coast of Maine, roughly 100 miles north of Boston, Mass. The diverse economy is anchored in the health care, retail, and financial sectors. Its deep-water port is the largest in New England in terms of...
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