Fitch Ratings of San Francisco has reaffirmed its previous rating of the bonds of the Los Angeles County Regional Park and Open Space District at its highest long-term credit rating of AAA. The rating reflects Fitch’s confidence that the District’s bonds still represent best quality investments and that the Open Space District is a reliable and stable entity.
In their analysis, Fitch credited the Open Space District with sound debt service coverage and stable revenues; strong reserves; and strong financial operations and moderate debt levels.
The AAA rating reflects the sound planning that went into the formation of the Open Space District. The rating also reflects the efforts of the Open Space District, the Los Angeles County Treasurer/Tax Collector and Auditor-Controller for their prudent management of the assets and liabilities of the Open Space District over the years.
The voters of Los Angeles County created the Open Space District when they approved Proposition A in the November 3, 1992, General Election. Proposition A authorized an annual assessment on nearly all of the 2.25 million parcels of real property in the County. Proposition A funded $540 million for the acquisition, restoration or rehabilitation of real property for parks and park safety, senior recreation facilities, gang prevention, beaches, recreation, community or cultural facilities, trails, wildlife habitats, or natural lands, and maintenance and servicing of those projects.
On November 5, 1996, the County’s voters approved another Proposition A to fund an additional $319 million of parks and recreation projects and additional funds for maintenance and servicing of those projects.