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08/09/2002 14:19 ET RU: N0007193.0000 FR:MOOOYS TO:7049202&&l Page 3 of 4 level, is expected to transition to a local revenue in fiscal 2004 (and possibly in January 2003) and, pending approval at the county level, would provide a supplement to local budgets and, it is estimated, would total in excess of what officials currently receive from the state reimbursements. MANAGEABLE DEBT POSITION At 1.4% of full valuation, the county's debt burden is manageable. Additional future plans call for roughly $40 million for additional school construction within the next year and $20 million for a jail expansion planned for 2006 or 2007. Amortization of principal is above average with 61% of'principal repaid within i0 years. KEY STATISTICS: Population: 136,316 2001 Full Valuation: $11 billion Full value per capita: $75,904 Overall debt burden: 1.4% FY01 General Fund balance: $55 million (48.8% million) FYO1 Undesignated General Fund balance: $24.8 million (21.9% of revenues) ANALYSTS: Rebecca Blackmon Joyner, Analyst, Public Finance Group, Moody's Investors Service Patrick Mispagel, Backup Analyst, Public Finance Group, Moody's Investors Service CONTACTS: Journalists: (212) 553-0376 Research Clients: (212) 553-1625 Copyright 2002 by Moody's Investors Service 99 Church Street, New York, NY 10007. All rights reserved. ALL INFORMATION CONTAINED HEREIN IS COPYRIGHTED IN THE NAME OF MOODY'S INVESTORS SERVICE, INC. ("MOODY'S"), AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHER%~ISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of hu/nan and mechanical error as well as other factors, however, such information is provided "as is" without warranty of any kind and MOODY'S, in particular, makes no representation or warranty,. express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such information. Under no circumstance shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole, or in part caused by, resulting from, or relating to any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, interpretation, cou.u=nication, publication or delivery of any such