There was some good news as Clinton County officials got ready to sell the bonds for the new jail and law center. (link to report included)
Moody’s, a financial ratings firm, upgraded the county’s bond rating. The firm graded Clinton County as a ‘double A-two’ from the previous ‘double-A-three.’ The county will be selling 22-million dollars in bonds for the project.
Moody’s stated thee upgrade reflects significant growth in the county’ moderately-sized tax base, history of maintaining ample reserves, and manageable debt and pension liabilities. The firm said it also reflected the county’s average demographic profile and stagnant economic trends including erosion of the work force and population decline.
County Board Chair Dan Srp said it is good news and hopes for a lower interest on borrowing the money.
He called it a ‘positive outcome.’ Srp said the improvement should attract more bidders for the bond sale which means they expect lower interest rates. The County Board Chair said that would save money for the taxpayers. Srp says even a small drop in the interest rate could save money on the jail project.
The bond sale is scheduled for next Tuesday October 25th.
