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Summary: Louisville, Colorado; General Obligation <br />management policy that is more restrictive than the state's but does not include reporting to the board. The district <br />does not have a formal debt management policy beyond the state's limit on GO debt to 3% of the actual value of all <br />taxable property within the city. <br />Louisville's direct- debt burden is average on a per capita basis at $1,187, hut high as a percent of market value at <br />5.4 %. For capital projects, the city operates on a five -year capital improvement plan, with $40.6 million in <br />expenditures projected from 2008 to 2012. The city does not plan to issue additional debt in the near term. <br />Outlook <br />The stable outlook reflects our expectation of continued strong financial performance, including maintenance of <br />high general fund reserves. The stable outlook also reflects the expectation that high income indicators and the <br />economic strength afforded by access to Boulder and Denver will continue to provide stability and strength for the <br />city's tax base. <br />Complete ratings information is available to subscribers of RatingsDirect, the real -time Web -based source for <br />Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings affected by this <br />rating action can be found on Standard & Poor's public Web site at www.standardandpoors.comn; under Credit <br />Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search. <br />www.standardandpoars . /ratingsdireet 3 <br />Standard & Poor's All rights reserved No reprint of russem without S &Ps permrssion Seet7 of Use /D sctalmer on the last page <br />