Latest news with #GeneralObligation
Business Wire
21-05-2025
- Business
- Business Wire
KBRA Assigns A- Rating to Various City of Chicago, IL General Obligation Bonds; Affirms Rating for Parity Bonds; Outlook Remains Negative
NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of A- to the City of Chicago, IL: General Obligation Bonds, Series 2025A; General Obligation Bonds, Series 2025B; General Obligation Bonds, Series 2025C; General Obligation Bonds, Taxable Series 2025D; General Obligation Bonds, Series 2025E; General Obligation Bonds, Series 2025F (Housing and Economic Development Projects); and, General Obligation Bonds, Taxable Series 2025G (Housing and Economic Development Projects). KBRA additionally affirms the long-term rating of A- for the City's outstanding General Obligation Bonds. The rating Outlook remains Stable. Key Credit Considerations The rating actions reflect the following key credit considerations: Credit Positives The City's regional significance reflected in its substantial tax base and large, diverse economic base. Ample available reserve balances supplement the City's solid liquidity position. The funding of a third consecutive advance pension contribution, albeit from a one-time assigned fund balance, is an important and meaningful step towards long-term pension funding stability. Credit Challenges Reliance on non-recurring revenues rather than structural expenditure adjustments to resolve budgetary shortfalls calls into question the City's ongoing ability to meet its exceptionally high pension-driven fixed cost burden and growing personnel and other operating costs. The advance pension contributions made since 2023 to stabilize the NPL and prevent liquidation losses, while credit positive in the long run, risk crowding out other Corporate Fund spending in the short run, unless additional long-term funding sources are identified. Compounding the City's severely underfunded pension status, the possibility of retroactive adjustments and increased future pension benefits exists should the pension systems' Tier 2 benefits fall out of compliance with IRS Safe Harbor Tests. Rating Sensitivities For Upgrade Long-term revenue enhancements and spending reforms that address the City's growing structural budget gap. Dedication of specific revenues (in lieu of one-time assigned fund balance) to achieve actuarial pension funding requirements. Improved debt ratios, reflecting a sustained moderation of borrowing and continued expansion of the resource base. For Downgrade Use of Chicago Skyway and parking meter asset and concession lease reserves to offset budgetary gaps. Failure to adhere to established financial and debt policies. Borrowing by the City for other than capital purposes. To access ratings and relevant documents, click here. Methodologies Public Finance: U.S. Local Government General Obligation Rating Methodology ESG Global Rating Methodology Disclosures A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Only those ratings on securities issued by this Issuer that also are denoted on the Security Ratings tab for this Issuer on as 'endorsed' by Kroll Bond Rating Agency Europe Limited into the European Union and/or by Kroll Bond Rating Agency UK Limited into the UK are covered by the disclosures set forth in this press release and the corresponding Information Disclosure Form. No other ratings on issuances by this Issuer have been endorsed into the European Union or the UK, and the disclosures set forth herein and in the corresponding Information Disclosure Form are inapplicable to those ratings and may not be used for regulatory purposes by European Union or UK investors in these securities. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009548
Yahoo
21-05-2025
- Business
- Yahoo
KBRA Assigns A- Rating to Various City of Chicago, IL General Obligation Bonds; Affirms Rating for Parity Bonds; Outlook Remains Negative
NEW YORK, May 21, 2025--(BUSINESS WIRE)--KBRA assigns a long-term rating of A- to the City of Chicago, IL: General Obligation Bonds, Series 2025A; General Obligation Bonds, Series 2025B; General Obligation Bonds, Series 2025C; General Obligation Bonds, Taxable Series 2025D; General Obligation Bonds, Series 2025E; General Obligation Bonds, Series 2025F (Housing and Economic Development Projects); and, General Obligation Bonds, Taxable Series 2025G (Housing and Economic Development Projects). KBRA additionally affirms the long-term rating of A- for the City's outstanding General Obligation Bonds. The rating Outlook remains Stable. Key Credit Considerations The rating actions reflect the following key credit considerations: Credit Positives The City's regional significance reflected in its substantial tax base and large, diverse economic base. Ample available reserve balances supplement the City's solid liquidity position. The funding of a third consecutive advance pension contribution, albeit from a one-time assigned fund balance, is an important and meaningful step towards long-term pension funding stability. Credit Challenges Reliance on non-recurring revenues rather than structural expenditure adjustments to resolve budgetary shortfalls calls into question the City's ongoing ability to meet its exceptionally high pension-driven fixed cost burden and growing personnel and other operating costs. The advance pension contributions made since 2023 to stabilize the NPL and prevent liquidation losses, while credit positive in the long run, risk crowding out other Corporate Fund spending in the short run, unless additional long-term funding sources are identified. Compounding the City's severely underfunded pension status, the possibility of retroactive adjustments and increased future pension benefits exists should the pension systems' Tier 2 benefits fall out of compliance with IRS Safe Harbor Tests. Rating Sensitivities For Upgrade Long-term revenue enhancements and spending reforms that address the City's growing structural budget gap. Dedication of specific revenues (in lieu of one-time assigned fund balance) to achieve actuarial pension funding requirements. Improved debt ratios, reflecting a sustained moderation of borrowing and continued expansion of the resource base. For Downgrade Use of Chicago Skyway and parking meter asset and concession lease reserves to offset budgetary gaps. Failure to adhere to established financial and debt policies. Borrowing by the City for other than capital purposes. To access ratings and relevant documents, click here. Methodologies Public Finance: U.S. Local Government General Obligation Rating Methodology ESG Global Rating Methodology Disclosures A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Only those ratings on securities issued by this Issuer that also are denoted on the Security Ratings tab for this Issuer on as "endorsed" by Kroll Bond Rating Agency Europe Limited into the European Union and/or by Kroll Bond Rating Agency UK Limited into the UK are covered by the disclosures set forth in this press release and the corresponding Information Disclosure Form. No other ratings on issuances by this Issuer have been endorsed into the European Union or the UK, and the disclosures set forth herein and in the corresponding Information Disclosure Form are inapplicable to those ratings and may not be used for regulatory purposes by European Union or UK investors in these securities. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009548 View source version on Contacts Analytical Contacts Linda Vanderperre, Managing Director (Lead Analyst)+1 Peter Scherer, Senior Director+1 Peter Stettler, Senior Director+1 Douglas Kilcommons, Managing Director (Rating Committee Chair)+1 Business Development Contacts William Baneky, Managing Director+1 James Kissane, Senior Director+1
Yahoo
10-04-2025
- Politics
- Yahoo
Independence police chief critical of current facility after failed vote
INDEPENDENCE, Mo. — Voters said yes to one General Obligation (G.O.) Bond on Tuesday night, but no to two others. Voters approved $55 million for roads, bridges, and sidewalks. They rejected millions of dollars for other projects, including a new police headquarters. Police Chief Adam Dustman told FOX4 he's disappointed Tuesday night's vote failed, saying he's asking more from his police officers every single day. The department's current headquarters is just east of Independence Square, known as the Central Police Building. Revoked student visas worrying international students in Kansas City 'But yet we're placing them in a work environment that is, on the best of circumstances less than desirable and on the worst of circumstances is down right unacceptable and atrocious,' he said Wednesday afternoon. Chief Dustman says it's his job to try to change the conditions that his officers work in. Before the vote, he showed residents the conditions of the Central Police Building. There's sewage from the pipes there, along with water damage in the main men's locker room. Tuesday's public safety bond failed by 10% because elections for bonds need to pass with 4/7ths of voters, or just more than 57%. 53% of the residents said no, and 47% of them said yes. 'While it is a risk from the recruitment side, I'm much more concerned about the today, which is the staff that we have here, the incredible men and women that are dedicated, and go out and do their job, and they're going to continue to do their jobs regardless of any sort of vote or you know, lack thereof,' he said. Chief Dustman added that he's concerned that other Jackson County, Mo. police departments will have better facilities than his with Tuesday's public safety bond failing. 'And you come here and you see the water infiltration and the health and safety issues that are here, there's a toll there and risk for sure,' he said. Two hours before Chief Dustman spoke, FOX4 talked to City Manager Zach Walker. 'I would say more disappointed,' Walker said when asked if he was surprised that the G.O. Bond for the new police facility failed. Even though that happened, some Independence Police Department workers will be moving to the city's Utilities Center at 291 Highway and 23rd Street. The new justice center or police department headquarters was supposed to go there, too. 'What we're not able to move, what we don't have space allocated for is the patrol units,' Walker said. 'So, people come in, go to their locker room, get dressed, go out on patrol, the firing range, and then the special operations unit, like the SWAT Team, the K9 Unit, things like that.' Two-year-old girl overdoses after ingesting methamphetamine, police say After question 1 failed, FOX4 asked how the city will ask the voters for a new justice center in the future. 'Yes, I do think we will be back. That need is not going away,' Walker said, talking about a new police building. 'We've outgrown the facility that we're in, and we're spread out over several different properties that, like I mentioned before, created a lot of operating inefficiencies.' The third G.O. bond question Tuesday asked voters to consider $12 million in bonds to upgrade the existing Independence Athletic Complex and improve historic buildings, including the Bingham-Waggoner Estate. That failed with 55.42% of the vote due to that 57% threshold mentioned above. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
27-02-2025
- Business
- Yahoo
KBRA Assigns AA+ Rating to the City of New York, NY General Obligation Bonds, Fiscal 2025 Series E&F and Fiscal 2006 Series I, Subseries I-6; Affirms Rating for Outstanding General Obligation Bonds
NEW YORK, February 27, 2025--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA+ to the City of New York, NY (the "City") General Obligation Bonds Fiscal 2025 Series E, Fiscal 2025 Series F, and Fiscal 2006 Series I, Subseries I-6. Concurrently, KBRA affirms the long-term rating of AA+ rating the City's outstanding General Obligation Bonds. The rating Outlook is Stable. The rating assignments and affirmation recognize the City's preeminent role as a domestic and international center of business, culture and tourism, the historic resiliency of its broad and diverse economic base, its elevated, yet manageable debt profile, management's track record of fiscal discipline, and the efficacy of institutionalized procedures in confronting near-term financial challenges. Counterbalancing factors include federal funding uncertainty, ongoing spending pressures that contribute to outyear budgetary imbalances, and a geographic footprint that is increasingly vulnerable to extreme weather events. Key Credit Considerations The rating was assigned because of the following key credit considerations: Credit Positives New York City's role as an international business and cultural center, and its position as the hub of the country's largest metropolitan economy highlight the diversity and resilience of the resource base supporting the Bonds. Institutionalized, long-range financial management and capital planning practices support financial stability. Total reserves, pension funded ratios, and unfunded liabilities have trended positively in recent years, while annual debt service requirements continue to be maintained at below 15 percent of City tax revenues. Credit Challenges The City's currently strong fiscal position and ongoing ability to achieve budgetary balance while maintaining essential quality of life programs and services would be compromised in the event of significant federal funding reductions or changes in federal policy. The Financial Plan does not address the potential for adverse federal action relating to funding declines. Federal immigration reforms have the potential to shrink the City's population and labor market with negative implications for the larger economic outlook despite a potential salutary effect on expenditures. The City's location and topography create exposure to rising sea levels, coastal and inland flooding and extreme heat, the mitigation of which is expected to entail substantial long-term city, state, and federal investment. Rating Sensitivities For Upgrade Maintenance of sound fiscal posture, budgetary flexibility, employment growth and revenue resiliency in the face of prevailing economic, policy, and social headwinds. Adoption of a formalized reserve policy targeting the size of reserves and conditions for deposits and withdrawals Formalization, through incorporation to the City Charter, of the City's policy of limiting debt service to 15% of tax revenues in each year of the financial plan. Trend of reduced or eliminated projected out-year budget gaps. For Downgrade Secular economic decline and/or deterioration in a key economic segment, of sufficient magnitude to challenge budgetary balance. Relaxation of, or less adherence to, well-established policies and procedures. To access ratings and relevant documents, click here. Methodologies Public Finance: U.S. Local Government General Obligation Rating Methodology ESG Global Rating Methodology Disclosures A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1008255 View source version on Contacts Analytical Contacts Linda Vanderperre, Senior Director (Lead Analyst)+1 Peter Scherer, Senior Director+1 Douglas Kilcommons, Managing Director+1 Karen Daly, Senior Managing Director (Rating Committee Chair)+1 Business Development Contacts William Baneky, Managing Director+1 James Kissane, Senior Director+1
Yahoo
21-02-2025
- Climate
- Yahoo
City reschedules parks and community open house
The Parks and Community Resources Open House planned for Feb. 20 regarding area parks and public spaces has been moved to next week due to inclement weather. The City of Stillwater set the new date for the open house to 5:30 p.m. Thursday in Room 121 at the Stillwater Community Center, 315 W. 8th Ave. The exact meeting location in the community center has been changed, due to space reservations and having to postpone the meeting, Chief Public Affairs Officer Dawn Dodson told the News Press. This is the second time the City has had to postpone the meeting due to inclement weather. 'Please bring your ideas and concerns, and let's discuss neighborhood parks and other public spaces,' the City wrote in a Facebook post Wednesday. City staff will be sharing preliminary information they have collected through recent surveys, and there will be sign-ups available for volunteer opportunities. Preliminary discussions have been ongoing for all parks in Stillwater, and more recently for Southern Woods Park, Couch Park and Sunset Park, according to earlier reporting by the News Press. Ideas have been floated by City officials regarding new tennis and pickleball courts at Southern Woods Park. The City has also considered the sale of Sunset Park in order to use the funds for new courts and facilities allowing for better lighting, more parking, more people and restrooms. Sunset Park FILE —Sunset Park had a city sign with QR code for people to scan to participate in a use survey. In a Dec. 16, 2024 City Council meeting, Assistant City Manager Christy Driskel told councilors that local government staff members are in conversations with the YMCA about how to have a community pool – and an outdoor water park, according to earlier reporting by the News Press. YMCAs across the country partner with cities and schools, Driskel said. After more discussion she anticipated to be back in front of council to share information about a General Obligation bond that would fund an outdoor community pool to be managed by the YMCA. Stillwater YMCA Executive Director Shane Harland told the News Press previously that the City is not only in talks for a public pool, but also for an entire outdoor water park. More details will be forthcoming this year. Pool FILE — The Stillwater Municipal Pool at Couch Park. The decades-old Stillwater city pool was closed in the summer of 2024, seemingly for good, as repair and upkeep, or new construction, have proven too costly for Stillwater's budget. The city received criticism by residents for this, along with other parks and open space areas that have fallen into disrepair, like the sundeck at Boomer Lake. The city contended that Stillwater has a larger amount of parks and open space than average cities its size to caretake: 17 acres per 1,000 residents in Stillwater, with the U.S. average being roughly 9.9 acres per 1,000 residents. Arrowhead Park plan Feedback from a resident survey has directed the City of Stillwater in future plans for Arrowhead Park. Amenities will include picnic tables, mutt mitts and covered picnic tables. 'We want the public to know that we have heard what they've had to say about our parks, and we're not happy with the state they're in either. So we're trying everything we can do to make everything a little bit better,' Parks and Community Resources Director Barbara Bliss said at the Dec. 16, 2024 City Council meeting. The Community Resources division in Stillwater manages and maintains the Stillwater Community Center, Senior Center and Armory Recreation Center, as well as the Stillwater parks system, according to its website. They collaborate with Public Works for repairs, maintenance and construction in the parks, in addition to managing shelter rentals. Barbara Bliss FILE - A screenshot of Parks and Community Resources Director Barbara Bliss at City Council on Sept. 24, 2024. Community Resources organizes events and works with other organizations and individuals to plan activities, including 5K runs, parades and other events requiring the public land use or street closures. Local elected officials had said if Stillwater approved a data center economic development plan, money could be infused into the community, which could be used to improve parks and open spaces and create a better quality of life for its residents. Local taxing entities voted to approve a tax incentive agreement for the data center economic development plan in January. The City of Stillwater approved the tax incentive agreement at its Jan. 13 meeting, followed by Stillwater Public Schools Board of Education on Jan. 14. Payne County commissioners voted Jan. 21, although not unanimously. The Payne County Health Department voted unanimously Jan. 23 to approve the plan.
