Ba3 2009 revenues:
$7,059,000 2009 debt ($000s):
$10,098,000 Median household income:
Salem guaranteed bonds issued to finance an office building downtown. The city planned to pay for the bonds with revenues earned from leasing office space in the building. However, revenue fell short of what was projected when construction delays caused lease payments delays. “The project’s debt service reserve fund has been drawn down numerous times,” Moody’s reports. “Once the reserve fund has been exhausted, the city is obligated to pay debt service for the life of the bonds.”
(AP Photo/Mel Evans) More From 24/7 Wall Street: Most Expensive Tickets in Major League Sports The States Losing the Most Jobs in China 10 Signs the Double Dip Recession Has Begun The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.