The Standard&Poor's underlying rating (SPUR) on Ocean City, N.J.'s bonds reflects: A resort community with a tourism-based economy, Average wealth and income indicators, Good financial performance, and A low to moderate debt burden. The bonds are secured by the city's full faith and credit GO pledge. Ocean City, population 15,760, 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,
