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Posted on: November 28, 2017

Village Prepares for Bond Reissuance in Bid to Realize Additional Savings to Residents

The Mayor and Village Board recently approved a bond sale aimed at saving Woodridge tax payers money. The Village is currently preparing to reissue $3.8 million in bonds to take advantage of favorable interest rates and realize savings. After an interview between Village officials and Moody’s Investor Services, the agency has announced that they have reaffirmed the Village’s bond rating of Aa1.

This high rating is a testament to the Village’s leadership and sound fiscal management. Moody’s cites the Village’s large and affluent tax base located within the Chicago region, stable financial profile, substantial fund balance, revenue raising flexibility, and modest debt burden as reasons for the rating. According to Moody’s press release, the Village’s tax base is expected to continue to benefit from proximity to employment throughout the Chicago metropolitan region and ongoing residential and commercial development activity within the Village. Over the last two years, the Village’s tax base has grown by a cumulative 10% to its current $3.3 billion. “We are proud to receive this Aa1 rating,” said Mayor Gina Cunningham. In practical terms, a higher bond rating equals lower borrowing costs for the Village, which translates into savings for our taxpayers.”

Previously, the Village reissued $9,075,000 in bonds to take advantage of favorable interest rates in 2014. That reissue helped the Village realize interest savings of $680,706. This upcoming planned reissuance of $3.8 million in bonds will provide an additional savings of at least $250,000. Members of the Village staff are working with bond advisors to coordinate the day of the sale in order to maximize interest savings.

Read the full Moody’s Investor Services press release at the link below.

Moody's Investor Services Press Release....
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