The rating on Ocean City, N.J.'s bonds reflects: * The tourism based economy of the resort community; * Above-average wealth and income indicators; * Good finances; and * A moderate to high debt burden, partly mitigated by a rapid amortization schedule and manageable future capital needs. Ocean City, population 15,500, is a primarily residential community located in Cape May County near the southern tip of New Jersey's Atlantic coastline. Tourism is Ocean City's dominant industry, as the city is a popular summer resort, particularly for families residing in the Philadelphia area and other parts of New Jersey. Unemployment rates typically exceed the national average due to the seasonal cyclicality of the local economic base. Within Cape May County, unemployment averaged
