City Of Coppell Retains ‘AAA ’ Bond Rating

From City of Coppell:

The City of Coppell is pleased to announce that both Moody's Investor Services and S&P Global Ratings have reaffirmed the City of Coppell's AAA bond rating. This excellent rating, which is given to only a handful of cities in Texas, recognizes the City's continued high level of financial stability, even in uncertain times.

"The reaffirmation of the AAA bond rating from both agencies feels more significant this year, considering the economic impacts that have resulted from the pandemic," said Jennifer Miller, Director of Finance. "This recognition is the result of the City Council's conservative fiscal approach and dedication to financial responsibility. The reaffirmation of our ratings recognizes the sound approach that Council takes when handling taxpayer money."

The 'Aaa' rating from S&P Global Ratings and 'AAA' rating from Moody's Investor Services are also significant because they lower the cost of borrowing for Coppell taxpayers.

"Because the City has maintained its AAA bond rating, we will realize significant savings over the life of Certificates of Obligations issued for projects," said Miller. "This means that we are able to be better stewards of public monies while still taking on projects that have a positive impact on the community."

The City Council is scheduled to vote to authorize the issuance of Certificates of Obligation at the August 11, 2020 meeting. If approved, the City plans to issue debt in the amount of $28.5 million. A portion, $2.8 million, of the Certificates of Obligation will be used for the cost of land associated with the construction of Fire Station 4. These funds will also be used for costs related to the design of Fire Stations 1 and 4.

Further, the certificates of obligation will be allocated to fund various waterworks, sewer system, streets and drainage projects, including:

• Intersection improvements ($3 million)
• Drainage projects ($2 million)
• Reconstruction of Plantation and Mossy Oaks ($7.8 million)
• Sandy Lake Lift Station rehabilitation ($6 million)
• Water System Redundancy project ($5 million)
• Generator at Village Parkway Pump Station ($1.5 million)

For more information, contact the Finance Department at 972-304-3691.

This press release was produced by City of Coppell. The views expressed here are the author’s own.