MOODY'S ASSIGNS Aa3 RATING TO THE CITY OF EAST MOLINE'S (IL) $9.8 MILLION GOULT REFUNDING BONDS, SERIES 2010A, 2010B, 2010C, 2010D

Posted on: June 24, 2010, 5:47 pm

NEW YORK, Jun 24, 2010 -- Moody's Investors Service has assigned Aa3 rating to the City of East Moline's (IL) $4.46 million General Obligation Refunding Alternate Bonds (Waterworks and Sewerage System Alternate Revenue Source), Series 2010A, $1.04 million General Obligation Refunding Alternate Bonds (Motor Fuel Tax Alternate Revenue Source), Series 2010B, $1.75 million General Obligation Refunding Alternate Bonds (Tax Increment and State Revenue Sharing Alternate Revenue Source), Series 2010C and $2.555 million General Obligation Refunding Alternate Bonds (Tax Increment and State Revenue Sharing Alternate Revenue Source), Series 2010D. In conjunction with the rating assignments, Moody's has affirmed the city's Aa3 rating on its outstanding general obligation unlimited tax debt. The City of Moline has $24.7 million post-sale general obligation unlimited tax debt. All 2010 series of debt are secured by the city's general obligation unlimited tax pledge. Debt service on the 2010A bonds are expected to be paid from net revenues derived from the Waterworks and Sewerage system, 2010B bonds are expected to be paid from the Motor Fuel Tax revenues, 2010C and 2010D bonds are expected to be paid from tax increment revenues derived from the Riverfront Redevelopment Project Area and Kennedy Drive-Avenue of the Cities Redevelopment Project Area, respectively. In addition to tax increment revenues, debt service on the 2010C and 2010D bonds are also expected to paid with State sharing income tax revenues...

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