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FOR IMMEDIATE RELEASE
The City of Springfield plans to issue approximately $41 million of bonds for sewer system improvements, which have been rated Aa2 by Moody’s Investor’s Service. Moody’s also affirmed the Aa1rating on the City’s outstanding general obligation debt. The rating reflects the solid financial position of the City.
“We anticipate the city’s financial operations and reserve position will remain stable in the near-term given continued improvement in financial metrics including liquidity and General Fund balance,” Moody’s said in a news release issued about the bonds.
The bond proceeds will be used to complete sewer improvement projects outlined in both the Early Action Plan and the Overflow Control Plan, the latest of which was approved by City Council in December 2014.
The bond sale will finance an expansion of the anaerobic digester at the Southwest Wastewater Treatment Plant to replace aging equipment and accommodate community growth, as well as rehabilitation of approximately 100,000 linear feet of clay pipe to reduce excessive inflow and infiltration within selected sub-basins.
The bonds will be repaid with sewer revenues. The bonds are expected to be offered to the public the week of May 11. The City is offering local individual investors who are interested in purchasing these bonds priority access. An order period will be established on the day of the sale specifically for retail investors. Interested persons may contact their broker or the local office of Oppenheimer at 417-886-8005.
For more information, please contact Cora Scott Director of Public Information & Civic Engagement for the City of Springfield, 417-864-1009 (office) | 417-380-3352 (cell), firstname.lastname@example.org.