New Lenox earns higher credit rating
By Erin Gallagher Correspondent September 15, 2013 9:42PM
Updated: October 17, 2013 6:03AM
The Village of New Lenox earned a higher credit rating of AA+, village adminsitrator Kurt Carroll said. This drove down the rate to 3.65 percent for the new $9.95 million bond, which the board approved earlier this month.
“Our financial house is in order,” Mayor Tim Baldermann said later. “We have a real solid financial forecast for how to pay our debt.”
Previously, the village’s rating was a AA stable. The board also approved an ordinance to restructure $7.55 million in old bonds in order to achieve a better rate.
“We have built our reserves back over 90 days,” the mayor credited to a main reason for the improved credit rating. “In bad times, we had only a month in reserves, now we have over three months.”
The new bond is to finish off public works building and start the new police station.