What We Normally Buy

• BBB to A-/A3 Rated bonds or better.
• 8-18 years average maturity.
• 3 1/2% to 4 1/2% current yield.
• Occasionally discounted bonds to Face Value.
• GO Bonds: States, Districts, Counties.
• Revenue bonds of Essential Services: Water, Power, and Sewer.
• Senior Debt.
• Property Tax Bonds: Loan to Value coverage of normally 10 times or better rolled back to 2002.
• Redevelopment Agency Bonds: Debt-to-service coverage of normally 115% or better.