Green Oak Bond Rating Will Aid In Construction Of New Police Station
December 8, 2017
Green Oak Township has been assigned a top-tiered bond rating, driving down interest rates on upcoming expenditures.
Moody’s Investors Services recently assigned the township a Aa2 rating, which is one of the highest bond ratings a municipality can receive and indicates a very low credit risk. With plans to construct a new police station at a cost of approximately $4.5 million dollars, the good rating will help immensely in securing a lower interest rate, according to township officials.
On Wednesday, the township’s Board of Trustees approved recommendations from the Building Committee to award bid packages for the police station project in the amount of approximately $2 million dollars. Supervisor Mark St. Charles says the bids are for construction of the building’s foundation and stabilizing it for the winter. He says the hope is to have the station open by fall of 2018.
Treasurer Susan Daugherty says the township will receive additional bids Tuesday, at which time officials will also know the exact interest rate on project bonds. Funding is expected to arrive January 4th.
St. Charles says in addition to the police station project, the good rating will also benefit Special Assessment Districts (SADs) currently forming in the township. The rating will drive SAD interest rates low, making the score “good for everybody”. (DK)