Moody's Investors Service has assigned a Aa1 rating to the town of Clarence, N.Y.'s $7.3 million general obligation serial bonds - 2012, and upgraded to Aa1 from Aa2 rating on the town's $8.5 million in outstanding parity debt.

The bonds are secured by a general obligation pledge as limited by the Property Tax Cap -- Legislation (Chapter 97(Part A) of the Laws of the State of New York, 2011). The proceeds of the bonds will be used to provide new financing and redeem BAN's maturing on July 13, 2012 for land acquisition and various other equipment purchases and improvements.

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