City bond rating holds steady at ‘AA’ ahead of sale
The Lake City City Council got good news about the city’s credit-worthiness at its regular meeting July 13.
On the recommendation of financial advisor Mike Bubany of David Drown Associates, the city obtained a new credit rating ahead of the sale of about $6.25 million in bonds to pay for the North Garden Street reconstruction and other items.
Bubany said that although obtaining a credit rating is expensive, it pays for itself many times over because it allows the city to borrow money at a lower interest rate.
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