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Fitch Assigns Initial Rating of `A-' to La Plata County Authority COPs.
AUSTIN, Texas -- Fitch Ratings assigns an initial rating of 'A-' to La Plata County Finance Authority, CO's $3.9 million certificates of participation, series 2004, which are scheduled to be sold competitively on July 15. The Rating Outlook is Stable.
The certificates are payable solely from revenues received by the trustee, U.S. Bank, N.A. The source of trustee revenues is semiannual lease payments of La Plata County. Lease payments are a general fund expense of the county and are subject to annual appropriation. The county intends to budget and appropriate its lease payments from its general ad valorem tax and sales tax revenues, although such revenues are not pledged or dedicated for this purpose. Certificate proceeds will be used to acquire and improve an office building, purchase a financial guaranty insurance policy, and pay issuance costs.
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Source: HighBeam Research, Fitch Assigns Initial Rating of `A-' to La Plata County Authority...
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