Bourbonnais, IL – The Village of Bourbonnais earned a high-grade bond rating issued by Standard & Poor’s (S&P), a leading independent bond rating agency. The rating comes as a result of the village’s recent approval of a $5 million general obligation bond. The S&P financial analysis outlined the village’s strong budget flexibility, liquidity and institutional framework. The $5 million bond will support critical infrastructure and other capital improvement projects to progress with continued growth in the village.
According to U.S. News & World Report, bond ratings are independent, forward-thinking opinions on the creditworthiness of a bond issuer. At the bond closing on Thursday, February 20, 2020, the Village of Bourbonnais was able to secure the $5 million bond with a low 1.87% interest rate, due to current market conditions combined with the AA- bond rating. This is a sustained rating previously-issued to the village in 2017, under former Finance Director, Michael Wolf.
Recently-appointed Finance Director, Tara Latz, confirmed, “Ever since I’ve been employed here, the Village of Bourbonnais has always had a keen awareness of fiduciary responsibility. We’ve taken pride in our ability to keep a balanced budget, spend within our means and be accountable to the residents and community we serve. I think our continued strong bond rating reflects this culture.”
Mayor Paul Schore added, “Past and present board members have worked hard to keep the village’s finances in a responsible state. We will continue making disciplined decisions on behalf of the village and remain dedicated to proactive financial planning for the future.”
Current infrastructure projects slated utilizing bond proceeds include street improvements at Mooney Drive, stormwater management at Burns Road and Route 45/52, overpass replacements at St. George Road, Larry Power Road and Armour Road, as well as additional improvement projects as determined.
To learn more about the village’s fiscal responsibility, visit https://www.villageofbourbonnais.com/residents/finance-department/.