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Week of Thursday, November 14, 2002Township credit rating lowering bond costs Savings already are being realized from Ypsilanti Township’s improved credit rating, officials said last week. Standard & Poors raised the township’s credit rating from "A-" to "A+" following a meeting in Chicago between credit analysts and township officials, including Supervisor Karen Lovejoy Roe, Clerk Brenda Stumbo and Treasurer Larry Doe. Last Thursday, the Ypsilanti Community Utility Authority Board received bids on $14.8 million in bonds to fund the township’s share of improvements at the wastewater treatment plant. YCUA Director Larry Thomas reported that three bids to purchase the 30-year bonds were received. The lowest interest rate, 4.91 percent was from ABN AMRO, the parent company of Standard Federal Bank. "The number of bids received and the low interest rate indicate the market has great confidence in the township’s ability to manage its affairs," said the township’s financial adviser, Stauder, Barch & Associates. Stumbo said the savings resulting from the improved credit rating and resulting lower interest rate could be in the range of $15,000 to $20,000 per year on the bonds, and Lovejoy Roe said she expected the township to realize additional savings on future bond sales, as well. "Our improved credit standing will result in lower interest payments on our bonds and significant savings to Ypsilanti’s residents," said Doe. The township also has an "A1" credit rating from Moody’s Investor Service. |
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