I wanted to share an article with you that was published in the Digital Journal

"The city expects to benefit significantly from a $1.5 billion Computer Chip Commercialization Center constructed on the SUNY Polytechnic Institute campus that is expected to open in spring 2015 and attract between 1,500 and 2,200 new jobs. Additionally, the city has been aggressively pursuing and attracting new economic development to the downtown and harbor areas. However, as of this writing, these initiatives have yet to materialize into either employment or tax base gains."

April 17, 2015

NEW YORK--(Business Wire)--Fitch Ratings has affirmed the 'BBB' rating on the following Utica, New York (the city) securities: -- $15 million unlimited tax general obligation (ULTGO) bonds, series 2007, 2008A, 2010A, and 2010B.

The Rating Outlook is revised to Stable from Negative.

SECURITY

The city has pledged its full faith and credit and unlimited taxing power for debt service on outstanding GO bonds. This pledge is subject to the 2011 state statute limiting property tax increases to the lesser of 2% or an inflation factor (the tax cap law). This limit can be overridden annually by a 60% vote of the city council. No exemption is made under the tax cap law for debt service on outstanding GO debt; however, the constitutionality of this provision has not been tested.

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