ThePressReleaseEngine.com

Local news- Press Release
 Muscatine Iowa - Moody s assigns City Aa2 rating bond sale is completed 20 May 2022 ( news )

Muscatine Iowa - Moody s assigns City Aa2 rating bond sale is completed 20 May 2022 ( news )

Muscatine , state Iowa
| 17| 2
   
   MUSCATINE , Iowa
    – The City of Muscatine was assigned an Aa2 rating from Moody’s Investors Service based on the city’s stable population trends , a growing tax base , stable financial operations , and healthy reserves . The rating is for the $6 . 19 million General Obligation Corporate Purpose Bonds , Series 2022 , that the City received bids on Thursday ( May 19 ) .
    The Series 2022 bond issue will be used to fund a variety of City projects that have recently been completed , are curren......tly underway , or will be underway in calendar years 2022 and 2023 . The projects and the proposed bond issue were reviewed with City Council during the budget sessions in January and February .
    The Muscatine City Council approved the issuance of the bonds on March 3 .
    The estimated total bond issue is for $6 . 19 million with $2 . 5 million earmarked for the Grandview Avenue Reconstruction Project . Other projects that are part of the bond issuance include $1 . 08 million for a new fire engine , ambulance , and “demo” ambulance , $200 , 000 for the vehicle wash bay at Public Works , $200 , 000 for building demolition projects , $338 , 500 for playground and Aquatic Center repairs , $450 , 000 to replace the tipping floor at the Muscatine Transfer Station , $725 , 000 for the local share of the Park Avenue 4 - to - 3 Lane Conversion Project , $195 , 000 for the local share of 2019 flood damages , and $274 , 000 for deferred building maintenance projects .
    Moody’s Investors Service also maintained the Aa2 rating on the city’s outstanding general obligation unlimited tax ( GOULT ) debt that will total approximately $17 million .
    Muscatine has had an Aa2 rating since 2010 . Ratings of Aa1 , Aa2 , and Aa3 mean that the bonds are of high quality by all standards , but carry a slightly greater degree of long - term investment risk . The Aa2 rating is also just two steps away from the top rating of Aaa .
    “This is very good news for a community of our size , ” Nancy Lueck , Finance Director for the City of Muscatine said . “We are one of the smallest in population in our group . ”
    Governance factors are a key material consideration for the city according to Moody’s Investors Services .
    “The city’s management team has kept balanced operations since fiscal 2009 , ” the press release stated . “The city has a formal fund balance policy to maintain an unreserved fund balance of at least 16 . 7 percent of expenditures . ”
    Significant economic activity that drives both expansion and diversification of the city’s tax base and improvement in resident incomes are two of the areas that Moody’s cited as factors that could lead to an upgrade in the bond rating along with a reduction in pension burden .  
    The expansion of existing industry and the addition of new businesses to the community are helping to achieve that goal , which will also help a second factor , an improved socioeconomic characteristic to the community . Moody’s noted that the median income is lower than the state and national average but housing costs are also comparatively low .
    Moody’s Investors Service was also encouraged by the city’s response to the coronavirus outbreak while working with local , state , and federal partners to keep the community informed about the coronavirus .
    The sale of the bonds will be used to finance several projects that will continue to add to the benefits of living in Muscatine . Part of the funds will be used for completed projects while other parts will be used for projects underway , or projects that will be underway in the next calendar year .
   Press Release ( PDF )
   





Press release information:
Direct link to press release: Click here .


Was this page helpfull ?



Advertisment

Similar

Muscatine
Local news- Press Release

Muscatine Iowa : Muscatine surplus items on the auction block

Muscatine , state Iowa

MUSCATINE , Iowa– The City of Muscatine is conducting another Public Surplus Auction of items declared as surplus by the Muscatine City Council . The Department of Public Works will conduct the on - line surplus auction through November 7 , 2022 . [ . . . ]

Muscatine
Local news- Press Release

Muscatine Iowa : Council set to vote Thursday on ordinance allowing UTVs

Muscatine , state Iowa

MUSCATINE , Iowa  – The Muscatine City Council will vote on an ordinance revising Title 7 , Chapter 2 of City Code that would permit the use of off - road utility vehicles ( UTV ) on city streets . The vote will be taken following the third and final reading of the proposed ordinance . [ . . . ]

Muscatine
Local news- Press Release

Muscatine Iowa : Council set to vote Thursday on ordinance allowing UTVs

Muscatine , state Iowa

MUSCATINE , Iowa  – The Muscatine City Council will vote on an ordinance revising Title 7 , Chapter 2 of City Code that would permit the use of off - road utility vehicles ( UTV ) on city streets . The vote will be taken following the third and final reading of the proposed ordinance . [ . . . ]

Muscatine
Local news- Press Release

Muscatine Iowa : City Council to begin hour earlier starting Oct 6

Muscatine , state Iowa

MUSCATINE , Iowa –The Muscatine City Council approved an updated “Rules of Council” at its September 15 meeting with one of the biggest changes being the starting time for Council meetings . Starting Thursday ( Oct . [ . . . ]

Muscatine
Local news- Press Release

Muscatine Iowa : Block of West 2nd closed to traffic this weekend

Muscatine , state Iowa

MUSCATINE , Iowa –The 200 block of West 2nd Street will be closed to traffic from noon Friday ( Oct . 7 ) through noon Sunday ( Oct . 9 ) for “Rockin’ On 2nd” . A stage will be set up near the Pearl City Chiropractic Building . [ . . . ]

Muscatine
Local news- Press Release

Muscatine Iowa : Fall cleanup underway at Greenwood Cemetery

Muscatine , state Iowa

MUSCATINE , Iowa - All grave decorations must be removed from Greenwood Cemetery by October 15 , 2022 . All remaining grave decorations will be removed and discarded by Cemetery Staff after that date . This includes , but is not limited to , wreaths , silk flowers , grave blankets , wooden crosses , statuary , toys , cobblestones and potted plants . [ . . . ]

Muscatine
Local news- Press Release

Muscatine Iowa : Families will have a blast at a bewitching bash

Muscatine , state Iowa

MUSCATINE , Iowa– Trunks full of treasure will be emptied of their goodies by costumed characters of all sorts and sizes as the Muscatine Parks and Recreation Department hosts a scary good time this Halloween . [ . . . ]

Muscatine
Local news- Press Release

Muscatine Iowa : Public Safety Open House is set for Sunday Oct 2

Muscatine , state Iowa

MUSCATINE , Iowa –A popular event will return to Muscatine this weekend as the Muscatine Fire Department , Muscatine Police Department , Muscatine Sheriff’s Department , and Muscatine County Joint Communications ( MUSCOM ) join forces to host the 2022 Public Safety Open House . [ . . . ]

Muscatine
Local news- Press Release

Muscatine Iowa : All You Can Play golf special starts October 1

Muscatine , state Iowa

MUSCATINE , Iowa  – The “All You Can Play” fall special is back at the Muscatine Municipal Golf Course with added benefits . Starting Saturday ( Oct . 1 ) golfers will be able to play as many rounds as they would like all day long , with a golf cart , for just $25 per day . [ . . . ]

Muscatine
Local news- Press Release

Muscatine Iowa : Muscatine Firefighters train on two scenarios this week

Muscatine , state Iowa

MUSCATINE , Iowa –Imagine falling down into one of the many ravines that dot the Muscatine landscape , or being trapped inside a home filled with smoke . These were two scenarios used by the Muscatine Fire Department for training exercises this past week . [ . . . ]


Advertisment