The City issues General Obligation Bonds to finance both the City and School Capital Improvement Programs. This is passed as part of the budget process each year and must be approved by City Council.
The City's Bond Rating
The City has received a AAA bond rating from the two primary rating agencies, Standard & Poor's since 1964 and Moody's since 1973. The City's AAA credit rating results in favorable interest rates on the sale of its bonds which saves the City a considerable amount of money over the 20 year repayment cycle.