And from Moody's:
New York, February 04, 2019 -- Moody's Investors Service has assigned an A1 general obligation unlimited tax rating to the town of Templeton, Massachusetts's General Obligation Municipal Purpose Loan of 2019 Bonds.
RATINGS RATIONALE
The A1 rating incorporates a small but growing tax base, vastly improved financial position from just a few years ago, elevated debt burden, and above average pension liabilities.
RATINGS OUTLOOK
Moody's does not usually assign outlooks to local government credits with this amount of debt outstanding.
FACTORS THAT COULD LEAD TO AN UPGRADE
- Improvements to the tax base
- Sustained improvement in reserve levels
FACTORS THAT COULD LEAD TO A DOWNGRADE
- Significant decline in tax base
- Significant drop in reserves
LEGAL SECURITY
The bonds are secured by the town's general obligation unlimited tax pledge as debt service has been voted exempt from the tax levy limits of Proposition 2.5.
USE OF PROCEEDS
The bonds will fund elementary school construction and police station renovations.
PROFILE
Templeton, MA is a rural community located about 60 miles northwest of Boston. The town is home to approximately 8,100 people.
Did Moody just tell Templeton to thank everyone for voting to build a school and police station and encumber millions in unrated debt for lowering our credit rating to bond out the debt.
ReplyDeleteSo it was sold at $1.74 per thousand. Can I lock my $1.74 now.
We all already over $20.00 per 1000 but just haven't got the bill yet. Ask Mr Caplis. Maybe Diane can tell us how much higher taxes draw in people and commercial entities??????
12.25 million right now for school. Rates were -.25 when we voted in 2015. 3.35% today.
$400,000 minimum to keep roads in the shitty shape they are in, $700,000 for improvement.
NRSD looking for $800k to $2.4 million this year.
Anyone else seeing $$$$$$...............We should have a lottery to see who can pick the tax rate in 2021.