City’s Bond Rating Upgraded Ahead of Bond Issuance

As announced during the Tuesday, October 8, 2024 City Council meeting Moody’s Ratings upgraded the City’s General Obligation bond rating from an Aa2 to Aa1, just one notch behind the Moody’s rating of Aaa and first in more than a decade.  This bond rating upgrade comes as the City prepares for the upcoming process of bond issuance for up to $35 million in debt for several critical and strategic infrastructure and public safety projects.   Included within the anticipated bond financing are the City’s share of the cost for the Motts Water Treatment Plant expansion, the purchase of two replacement fire trucks, a new fire station, and the design for several wastewater treatment system improvement projects.