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<br /> <br /> ••cors rage N2 <br /> <br /> <br /> <br /> <br /> <br /> <br /> Moody s Municipa <br /> <br /> <br /> Daily Rating Recap <br /> <br /> <br /> Hawaii County, Hawaii Rating date: January 31, 1996 <br /> Moody's rating: A <br /> Public Improvement Bonds, 1996 Series A <br /> <br /> Sale: $30,000,000 Contraction Of Tax Base, Follows Rapid Growth <br /> Date of Sale: February 6 Early In The Decade <br /> Type: Competitive The 1996 data reflects additional - albeit small - contrac- <br /> Security: General obligation, unlimited tax. Under the lion of the tax base, leading to declining property tax <br /> state constitution, debt service is a first charge on the collections. Following five years of double-digit tax base <br /> county's General Fund and the county is obligated to expansion - including 26% growth in 1993 - appeals <br /> levy unlimited ad valorem taxes to pay such debt service. have sharply curtailed this trend. <br /> Use of Proceeds: Fund public improvements author- Rapid Payout, Absence Of Borrowing Plans, Offset <br /> ized in the fiscal 1994, 1995 and 1996 Capital Budget High Per Capita Debt <br /> ordinances. <br /> Last Rating change: October 1940: Aa to A Per capita debt levels are significantly above medians for <br /> Credit Comment: The County's A rating has been counties of this size, especially in light of the absence of <br /> reviewed and confirmed in conjunction with the sale of overlapping debt borrowers and the limited level of local <br /> general obligation bonds to fund portions of the services. However, payout is rapid and there are no <br /> county's capital improvement plan: additional borrowing plans. <br /> Growing Fund Balances, Despite Slower Tax Agriculture In Transition And Resort Industry <br /> Collections Developing <br /> Three years of operating surpluses have pushed the gen- The agriculture industry on Hawaii is undergoing rapid, <br /> eral fund balances to nearly 16% of general fund rove- fundamental change as the last of the sugar plantations is <br /> esignated. due to close within the next year. A major employer, <br /> noes, with nearly 9% of this amount und <br /> Budgeting of unfilled positions has helped create these agriculture has historically employed one in 10 workers. <br /> Tourism continues to grow. <br /> surpluses despite slower tax collections. <br /> analyst: Nikolal J. Sklaroff <br /> (415) 274-1741 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> ag&.. s <br /> at~rr• <br />