Update on City of Cudahy Bond Ratings and City Borrowing for improvements.
On the evening of Wednesday April 2, 2014, the Common Council approved the final sale and resolutions of 2014 General Obligation Promissory Notes and General Obligation Street Improvement Bonds. This sale and approval, allows the City to move forward on a plan to provide infrastructure, equipment and capital improvements in the City of Cudahy. These efforts are part of an overall financial plan updating providing for various road improvements, sewer improvements, infrastructure improvements, building improvements, and equipment for the city.
Moody’s Investors Service and Standard & Poor’s agencies provided a financial review of the city and the impending borrows. Standard and Poor’s provided an AA-/stable rating for the City of Cudahy, an A+ / stable rating for the Cudahy Water & Sewer Utility, an AA- / stable rating for the Cudahy Storm Water Utility. Moody’s Investor Service also provided a rating for the City of Cudahy at an Aa3 rating.
“I am very pleased with the ratings provided by these agencies and with the sales on April 2nd,” stated Mayor John Hohenfeldt. “These strong ratings reflect the strong city finances and prudent financial management by the City of Cudahy. My administration and the Common Council collectively will continue to invest in the aging infrastructure of our community in a prudent manner.” The second phase of this process for the sale and approval of Water and Sewer System Revenue Bonds and the sale of Storm Water System Revenue Bonds will be considered at the April 15, 2014 Common Council meeting.
Mayor John Hohenfeldt
City of Cudahy
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