Lower Moreland Township, Pa.'s bonds are secured by an unlimited ad valorem tax pledge. The rating on the bonds reflects: * High income levels; * A small, affluent, primarily residential tax base; * Strong financial performance and reserves; and * Moderate debt level. The township is located in eastern Montgomery County within commuting distance to Philadelphia. It is primarily a small, residential community that has been experiencing moderate tax base growth. Income levels are high at twice the state and nation. In 1998, the county unemployment rate was 3.3% which was below both the state (4.8%) and the nation (4.6%). Financial performance has been strong with the unreserved general fund balance ranging from 13%-17% of operating expenditures in recent years.
