Politics & Government
New Lenox Credit Rating Goes Up
The Village of New Lenox has earned a better credit rating, due to financial policies.
The Village of New Lenox has achieved a better credit rating. It's climbed slightly from AA stable to AA positive and now it's AA+.
"The current rate upgrade was a definite plus. The policies that the board has adopted," such as boosting the reserves from one month to three months has worked to boost the credit rating, said Kurt Carroll, village
administrator.
What that means for the village:
Due to the improved credit rating, the village is eligible for better interest rates on bonds and refinancing efforts, said Carroll. Last month, the village got a 3.661 rate for 20 years on its $9.95 million bond for work already underway on the construction of the police station and the planned public works buildings.
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Carroll said when he got word about the improved credit rating he had anticipated the Village would get a rate in the 3.66 range.
A bond restructuring policy was implemented a year ago, when the board approved a plan to sell bonds in the form of bank qualified loans rather than a lump sum amounts for projects that stretch over a period of years.
Find out what's happening in New Lenoxwith free, real-time updates from Patch.
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