Summary: Akron, OH; Tax Secured, General Obligation Sep 02
- ID: 2084033
- September 2002
- Standard & Poors
The 'AA-' rating on Akron, Ohio's special assessment GO bonds reflects the city's: Diversifying economic base, Strong fiscal management, Diverse revenue sources, and Moderate debt burden. These strengths are offset by a budgetary reliance on income tax revenues (which declined in 2001 but should be flat in 2002) and below-average income levels. The bonds are unvoted general obligations of Akron. Special assessments are the intended source of revenues securing the debt service on these bonds. To the extent that the special assessment revenues will be insufficient, the city will levy ad valorem property taxes, within a 10.5-mill limitation, against all taxable property. Akron's economy continues to broaden and diversify away from a heavy dependence on tire manufacturing. Between 1990 and...
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Action: New Rating
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