It's Tiding-Over Time as Houston Offers Up $175M Note Sale

Albanese, Elizabeth
June 2003
Bond Buyer;6/26/2003, Vol. 344 Issue 31665, p5
Trade Publication
Houston, Texas on June 26, 2003 will sell $175 million of tax and revenue anticipation notes. This auction marks the fourth electronic note sale by Houston. The deal has won the highest short-term ratings possible from all three ratings agencies, landing Standard & Poor's Corp.'s SP-1-plus, Moody's Investors Service Inc.'s MIG-1, and Fitch Ratings Inc.'s F1-plus. Like most U.S. cities, Houston has found itself in a budget crisis for the past few years, but has managed to remain fiscally sound through a combination of one-time balances and budget reductions. In addition, the city deducted $10 million of surplus funds from its debt service funds and used $15 million of disaster relief funds from 2001's tropical storm Allison.


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