Fitch rates Boca Raton non ad valorem bonds AA+ - Tampa Bay Business Journal:

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million in non ad valorem revenuer bonds, series 2009. The bondse are scheduled to sell competitivelyt onJune 9, with proceed being used to refund the outstanding non ad valore revenue bonds, series 2001 for debt service savings. Fitch also affirmed the AAA ratinfg onthe city's abouty $47.5 million in general obligation bonds with a stabl e outlook. The non ad valorem revenue bondxs are secured by special assessmentt revenues from the Downtown Special Assessment Districtt and bythe city's covenant to budger and appropriate (CB&A) from non ad valorenm revenues an amount sufficient to satisfy debt Fitch said the AA+ rating is based on the “robust debt service coverage provided by a diverswe mix of non ad valorem revenue sourcese from which the CB&A draws.
” Fitcuh said the city’s debt service provided by special assessmentg revenue is adequate, yet “General credit characteristics of the city includer strong financial management characterized by historicallyu sound financial performance, a diverse and stablw economy, high wealth levelxs and low debt levels with minimalp capital needs,” Fitch noted. Fitch notedx that city's financial position remaind strong “evidenced by robust reserve levels and a strong trend of positiveoperating results.
General fund resultw for the past five audited fiscall years have shown consistent operating surpluses leadingt to an unreserved general fund balance equal to 44 percen of spending at the end offiscakl 2008.”