Sep. 3—Moody's Ratings, a bond credit ratings business headquartered in New York City, has affirmed Lake County's Aa1 bond rating in anticipation of the forthcoming Lake County Public Safety Center project.
According to a news release, "Moody's has assigned an Aa1 rating ("high quality, very low credit risk") to Lake County's Correctional Facilities Bonds, Series 2024, which will encompass a proposed par amount of approximately $70 million....
"Additionally, the county's Correctional Facilities Notes, Series 2024, with a proposed par amount of about $50 million, have been assigned a MIG 1 rating," denoting "superior credit quality."
The release also stated, "Available fund balance and liquidity are exceptionally strong, totaling 49 percent and 143 percent of revenue, respectfully, at the close of fiscal 2022."
In conjunction with the announcement, Moody's has also reaffirmed the county's "overall Aa1 issuer rating, along with the Aa1 rating on its outstanding General Obligation Limited Tax debt."
Following the completion of the sales, Lake County will retain approximately $146 million in total outstanding debt, officials noted.
"Lake County has positioned itself financially to build our new public safety center without raising taxes," said Commissioner John Plecnik. "Moody's has confirmed our position is strong and ready for the largest county-funded project in our history.
"This confirmation (of our Aa1 bond rating) is a great step forward as we proceed."
Expressing gratitude to current and former staff members, Commissioner John Hamercheck said focusing on the project continues to highlight public safety as a top priority.
"The cooperation with our office and the Lake County Sheriff's Office has been spectacular," he added.
The project, estimated at $205 million, is anticipated to be financed with a combination of short- and long-term financing, and cash saved over the last ten years.
"I am proud of the work other offices in the county do to keep Lake County in a strong fiscal position," said Commissioner Richard Regovich. "And this confirmation is a testament to the day-to-day work these folks do and the long-term decisions this board and previous boards have made along the way."
For updates and more information about the Lake County Public Safety Center project, visit www.lakecountyohio.gov.