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<br />. . <br />MORONEY, BEISSNER & CO., INe. <br />Municipal Financial Advisors <br /> <br />RECEIVED <br /> <br />Two Post Oak Central Bldg. <br />1980 Post Oak Blvd., Suite 2100 <br />Houston, Texas 77056 <br /> <br />JUN 1 8 1998 <br /> <br />CITY SECRETARY'S <br />OFFICE <br />713/960-8900 <br />713/960-8904 Facsimilie <br /> <br />June 16, 1998 <br /> <br />Honorable Mayor Norman Malone <br />City of La Porte <br />604 West Fairmont Parkway <br />La Porte, Texas 77571 <br /> <br />Dear Mayor, <br /> <br />I want to thank you, Bob Herrera, John Joems and Jeff Litchfield for accompanying Moss <br />and me on our recent trip to New York City to present our request for Bond Ratings to Moody's <br />Investors Service, Inc. and Standard & Poor's. The presentations made to both rating services <br />were most thorough and professional, clearly demonstrating the high caliber of management both <br />politically and administratively that the City of La Porte possesses. <br /> <br />It has been 'our experience that both Moody's and Standard & Poor's weigh their rating <br />decision heavily on their judgment of the quality of management that a municipality demonstrates. <br />This is a subjective judgment I know and it is our experience that having the City's management <br />team personally involved in the rating interviews is very persuasive, particularly when <br />management demonstrates the expertise of La Porte's Mayor, City Manager and staff <br /> <br />The presentation booklet prepared by Bob, John and Jeff is excellent and most completely <br />demonstrates the superb level of management guiding the City to the excellent financial condition <br />it ha~ today. I know the rating analysts at Moody's and Standard & Poor's were very imp:-essed <br />with this presentation. <br /> <br />We have been informed by Standard & Poor's that they have assigned ratings of "A+" to <br />the General Obligation Bonds and "A" to the Water & Sewer Revenue Bonds. The General <br />Obligation Bond rating is the same as the last rating and the rating on the Revenue Bonds is an <br />upgrade from "A-". <br /> <br />Moody's has assigned ratings of "Aa3" to the General Obligation Bonds and "A2" to the <br />Water & Sewer Revenue Bonds. The General Obligation Bonds rating is an upgrade from "A" <br />and the rating on the Revenue Bonds is an upgrade from "Baa 1 " . <br /> <br />Established in 1919 <br />