The Wheaton City Council has authorized the refunding of the city’s 1998A TIF 1 bond issue and its 2004 library bond issue. The refunding is intended to take advantage of the current low borrowing rates. The city’s financial consultants estimate that the actual and net present value savings for the City’s 1998A bond issue will be $24,000. The 2004 bond refunding will produce an actual savings of $1,660,000 and a net present value savings of $1,400,500.
Moody’s Investment Service has assigned an Aaa rating, its highest rating, to these refunding issues. In providing the city with the Aaa rating, Moody’s Investment Service noted the city’s strong financial management, its ample reserve levels, its demonstrated record of tight budget management and its financial flexibility resulting from its status as a home rule municipality.
The City’s financial advisors will be seeking competitive bids for these refinancings on June 27, 2012, if market conditions are appropriate.
Information provided by the City of Wheaton.