Municipal Bonds and Continuing Disclosure

The Official Statements for all City bond issues and the outstanding principal portion of each as of 12/31/17:

General Obligation Bond Issues:

Official Statement - Series 2006 Refunding Oct 2006   $  1,000,000
Official Statement - Series 2011A Refunding Sept 2011         1,250,000
Official Statement - Series 2015A Lake Grove & Refunding    Feb 2015    6,940,000
     Sub-total   $9,190,000




Full Faith and Credit Obligations:

Official Statement - Series 2009 A   (Wastewater)
     Partially refunded in 2017
                 May 2009 $     2,020,000
Official Statement - Series 2010 A   (Wastewater)   Sept 2010   29,090,000
Official Statement - Series 2011 A  (LORA) Sept 2011     8,805,000
Official Statement - Series 2013  (Water) August 2013     73,165,000
Official Statement - Series 2017 Refunding (Sewer) Dec 2017    44,160,000
     Sub-total   $157,240,000



Revenue Bond Issues:

Official Statement - Series 2005 Surface Water                    Apr 2005         $  1,230,000
Official Statement - Series 2007 Water Revenue       Oct 2007        3,595,000
     Sub-total     $  4,825,000




                                                           Total outstanding bond principal





City Bond Credit Ratings

  • Moody's assigns a stable outlook to city bonds and reaffirmed the Aaa rating in January 2015 for the outstanding general obligation bonds.
  • Standard & Poor's reaffirmed its AAA rating on the City's GO Debt in January 2015.
  • Moody's upgraded the City's Water Fund Debt to Aa2 in October 2007.
  • Standard & Poor's rated the City's Surface Water Fund Debt as AAA in 2008 and reaffirmed AAA in August 2015.  Moody's reaffirmed the Debt as Aa2 in 2012.
  • Moody's upgraded the City’s rating on its four outstanding full faith & credit obligations: Series 2009A Wastewater, 2010A Wastewater, 2011A LORA, and 2013 Water from Aa1 to Aaa in February 2017.

Continuing Disclosures
The SEC requires certain continuing disclosure requirements under SEC Rule 15c2-12 that include annual financial information, audited financial statements, material event notices, failure to file notices and any other voluntary and relevant bond disclosures. The City is in compliance with all of these annual disclosure requirements.

For your convenience, the City is registered with EMMA where a bond holder or investor can receive the City's required financial disclosure information. Below is a list of the City's latest CUSIP filings (pdfs are included in supporting documents section):

  • CUSIP No. 510390 General Obligation Bonds
  • CUSIP No. 510421 Water Revenue Bonds
  • CUSIP No. 510412 Surface Water Revenue Bonds


Disclaimer Language. Official Statements listed for the above bond issues may be accessed in PDF format. These documents are provided as of the sale date of the bond issue and should be considered historical in nature. The City does not undertake to update information provided herein. The information and expressions of opinion therein are subject to change without notice and the posting of information on the web site does not imply that there has been no change in the affairs of the City since the date of the document.