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Preliminary
<br />STANDARD
<br />.SPOOR'S
<br />Public Finance
<br />Secondary Market Review
<br />ISSUER: COLTOK CA
<br />UPGRADED: To From
<br />October 6. 1998
<br />million Colton (CI Yard Pro cert 1st gar. B-
<br />Ol TLOOK REVISED: To From
<br />Offices:
<br />PosltIyc Stable
<br />RATIONALE
<br />:'Iain Office:
<br />The rating on Colton. CYoutstanding COPS has been raised to B-- from B based on the following:
<br />• Colton'; fiscal restructuring and ability to follow through on deficit reduction plans under new
<br />25 Broadway
<br />managerial leadership.
<br />New Fork. NY 10004
<br />Other credit tactor include:
<br />• Sta,nant property valuation despite potential future economic de-,elopment.
<br />(2 1 2) 208-8000
<br />• t,nemployment levels that have fallen from double-digit Ieyels earlier in the decade but still remain
<br />hl, -,her than national le%els following closure of Morton and George .-fir Force bases which cost
<br />Regional Offices:
<br />12.400 area jobs.
<br />Low income;eyels relati%e to state and national a%era,,es.
<br />State Street, 6th Floor
<br />• Vc- poor, but improved, general fund financial position and high debt service carrying char -es.
<br />n
<br />Boston, MA 02109
<br />Although most leading employers and taxpayers in Colton (pop. 45,500) are stable, 1998 valuation
<br />(617) 371-0300
<br />growth remains stagnant. Colton'; total %aluation is equal to 51.38 billion but represents only an 0.200
<br />increase o%er 1997 values and is the third consecutive year of poor growth. Leading taxpayers represent a
<br />10 South Wacker Drive
<br />di%crsc I(N'o of total assessed valuation and include a mix of ;e%cral residential developments, industrial
<br />Suite 2915
<br />-)arccis. 41 sfioppin`, center. and an office building, along with vacant land for future development.
<br />Chicano. IL 60606
<br />l_. prom n`, dc,.elopment include` the opening of the .-arrowhead Regional Medical Center during October
<br />(3 12) 831-0-100
<br />190N' «filch could stimulate further cconomi,; development and provide additional jobs in the nearby and
<br />surroundin, arra. i-nemployment Ic%els in June IQ97 were at `+.7600 as compared to the 5.o90o national
<br />500 North Akard Street
<br />,r% cr:I_e. Income Ie\ rls are roughly 7t)" Int the state and national a\ eragc's.
<br />Suite 3200
<br />Fiscal I')97 audited general fund operations resulted in a small SIO k operating deficit due to a decline in
<br />crty nd sales tax receipts. Onr, _oinelectric turd transfers ;nto the general tuna helped the city
<br />city 1,rpa
<br />r
<br />Dallas. TX '52�� l
<br />rcducc the I,cncral fund f,alanCe deticit, as anticipated, to rou`,hly 54.4 million (2 -too of expenditures).
<br />(2 14), 1400
<br />Colton's deficit reduction plan was jeopardized due to the loss of a utility users tar which ended in April of
<br />10w�. Howc,cr, the cite l,aianccLl its fiscal budget ti%ithout the tax.
<br />5,;5 California Street
<br />2 I tit Floor
<br />OUTLOOK:
<br />San Francisco. C:\ 94104
<br />Pic rc% inion to a hositi%e 1ultlook rcflccrs Colton's anticipated successf;li imprm cl»ent of its ne,aMe turd
<br />(-1 I �) -6>-�I)00
<br />�aliurcc ition. Further upward ratings .idiustnicnt o%cr the next two .cars ��ill reflect Colnon'; ability to
<br />return to .1 posl(l%c ,lcncr•ai tL1nd balance i)t1sitik)n .Ind maintain hal;meed budgetary operations.
<br />Anal%;ts:
<br />Standard & Poor's y Yolanda Clemons
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