Colleyville sewer and waterworks bonds go AAA

03/31/2014 2:55 PM

03/31/2014 2:56 PM

The city of Colleyville now has three AAA-rated bonds, an achievement that will save the city a lot money as it moves forward.

Standard & Poor’s Rating Services recently upgraded the city’s waterworks and sewer system revenue refunding bonds from AA+. With the rating joining the city’s already AAA-rated general obligation and drainage utility bonds, the city has obtained a AAA trifecta, something it celebrated at the March 18 City Council meeting.

“Achieving a third AAA rating is a testament to the hard work by city leadership and staff to manage our projects and budgets effectively,” mayor David Kelly said via press release. “It allows us to do more with our tax dollars, and that’s good for Colleyville citizens and businesses.”

Colleyville and Arlington are the only two Lone Star cities to have achieved a trifecta.

Obtaining the highest bond rating allows the city to issue debt or refinance existing debt for city capital projects at lower interest rates when borrowing money.

According to a media release, the upgrade mirrors effective coverage and liquidity levels and a rapid debt amortization schedule.

“Congratulations to the mayor and City Council for setting and guiding the community’s high financial expectations and, of course, to Terry Leake our assistant city manager and chief financial officer, who has been our consistent tenacious steward of our city's finances now for more than 23 years,” City Manager Jennifer Fadden said at the council meeting.

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