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Surveillance Results In Rating Actions On 37 Midwest Issuers
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<br /> Bourbonnais Village(AA-)
<br /> Bourbonnais Village(estimated population:16,600)is located about 55 miles south of Chicago in Kankakee County,III. A John Sauter
<br /> Village income levels are,in our opinion,good,with median household effective buying income(EBI)at 109%of
<br /> national levels.Market value grew by an annual average of 16.8%in the past four years to$1.02 billion in 2008,or
<br /> $61,670 per capita,which we consider strong.Kankakee County's unemployment rate averaged 12.2%in 2009,up
<br /> from a 2008 annual average of 8.8%.Bourbonnais posted a$610,000 shortfall in fiscal 2008,bringing the unreserved
<br /> general fund balance to$5.5 million or,in our view,a very strong 100%of expenditures.While unaudited results are
<br /> not yet available,management has indicated that it expects a$95,000 general fund surplus for fiscal 2009.In
<br /> addition,we understand that management is expecting close to breakeven operations during fiscal 2010.The
<br /> village's overall net debt burden is,in our opinion,low at 2.1%of market value and$1,323 per capita.The village's
<br /> Financial Management Assessment(FMA)score is"standard".
<br /> DuPage County(AAA)
<br /> DuPage County(2008 estimated population,936,130)is located 20 miles west of Chicago and encompasses 332 AAA Caroline West
<br /> square miles.Income levels in the county are,in our opinion,very strong,with median household EBI at 142%of
<br /> national levels.Market value grew by an annual average of 4.5%since 2007 to$128.7 billion for 2009,which -
<br /> equates to$137,500 per capita,which we consider extremely strong.The county posted a$14.5 million surplus in
<br /> fiscal 2008,bringing the unreserved general fund balance(including designations)to$59.2 million or,in our view,a
<br /> very strong 40%of expenditures and transfers.Management expects to end fiscal 2009 with an unreserved general
<br /> fund balance of at least$53 million,after spending down$7.5 million of designated unreserved fund balance on
<br /> capital improvements.We understand that the budget for 2010 is balanced.Notably,as a result of an increase in the
<br /> sales tax rate,management has not enacted major budget reductions,resulting in steady service levels for county
<br /> residents.The county's overall net debt burden is,in our opinion,low at 2.7%of market value and$3,662 per capita.
<br /> The county's FMA score is"good."
<br /> Northlake Public Library District(A+)
<br /> Northlake Public Library District serves an estimated population of 26,650 in Cook County and is located 13 miles A Sean Hughes
<br /> northwest of downtown Chicago.The library district operates one location and employs 13 full-time staff.Income
<br /> levels in the district are,in our opinion,good,with median household EBI at 106%of national levels.Market value
<br /> grew by an annual average of 9.6%since 2006 to$1.9 billion in fiscal 2009,or$71,319 per capita,which we consider
<br /> strong.The district posted a$311,000 surplus in fiscal 2009,bringing the unreserved general fund balance to$1.1
<br /> million or,in our view,a very strong 77%of expenditures.Management expects at least breakeven results in fiscal
<br /> 2010.The district's direct net debt burden is 0.44%of market value.The district's FMA score is"standard".
<br /> Rock Island County School District No.29(Hampton)(A+)
<br /> Rock Island County School District No.29(Hampton)serves an estimated population of 2,080 on the Mississippi River A- Sean Hughes
<br /> in Rock Island County in western Illinois.Income levels in the district are,in our opinion,strong,with median
<br /> household EBI at 119%of national levels.Market value grew by an annual average of 5.4%since 2006 to$76 million
<br /> in fiscal 2009,or$36,457 per capita,which we consider adequate.Since fiscal 2005,enrollment increased 31
<br /> students to 245 in fiscal 2009.Following a fall 2009 enrollment count of 260 students,management expects level
<br /> enrollment of between 240 and 260.The district posted a$142,000 surplus in fiscal 2009,bringing the unreserved
<br /> general fund balance to$640,000 or,in our view,a very strong 37%of expenditures.Management expects surplus
<br /> operations in fiscal 2010,and has budgeted for breakeven results in fiscal 2011.The district's net debt burden is
<br /> 0.52%of market value and$190 per capita.The district's FMA score is"standard".
<br /> Carmel Clay School Corporation(AA)
<br /> Carmel Clay School Corporation serves an estimated population of 84,040 in southwestern Hamilton County and AA John Sauter
<br /> consists of Clay Township and the city Carmel,located about 15 miles north of Indianapolis.School corporation
<br /> income levels are,in our opinion,very strong,with median household EBI at 175%of national levels.Pay 2010 net
<br /> assessed value totals$6.7 billion while gross assessed value,a more accurate portrayal of true market values,totals
<br /> about$11.6 billion,or$137,668 per capita,which we consider extremely strong.Since the fall 2004 school year,
<br /> enrollment increased 963(6.9%)to 14,898 in the fall 2009 school year,and management expects slight growth in the
<br /> near future.The school corporation completed the 2009 calendar year with an unaudited$5.06 million general fund
<br /> cash balance(6.5%of expenditures),which was a$1 million increase from the unaudited 2008 calendar year cash =
<br /> balance after adjusting for delayed pay 2008 property tax distributions.The corporation began the 2010 calendar year
<br /> with a surplus budget;however,we understand that the state has since announced a midyear reduction in state aid -
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