The 'AAA' rating on Columbus, Ohio's limited-tax GO refunding bonds series 2005C reflects the city's: Large and diverse economic base, including a significant governmental component; Buildup of large reserves in the general fund and special revenue fund, which is now helping mitigate against weak income tax collections and the drawdown of these reserves; Moderate tax-supported debt burden; and Well-managed capital improvement program, which continues to address ongoing capital needs while maintaining strong debt service coverage levels. In 2005, Columbus continues to see economic expansion as evidenced by year-to-date income tax collections through July that are up 4.36% from July 2004. Columbus saw income tax collections grow 4.52% in 2004 over 2003, a sign its economy is in full recovery mode....
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