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Boone maintains A1 Moody’s rating as council approves $1.275 million bond sale after annual TIF briefing
Summary
City financial advisor presented the annual tax increment finance (TIF) and debt report, highlighting more than $1 billion in valuation and large debt capacity; council approved a $1,275,000 general obligation capital loan note sale, awarded to Robert W. Baird, and heard that Moody’s affirmed an A1 rating.
Maggie Berger, financial advisor with Spear Financial, told the Boone City Council the city’s annual tax increment finance and debt report shows the city’s valuation passed $1 billion and that the city has substantial debt capacity.
Berger said Boone’s valuation was about $1,070,280,000, producing a statutory debt limit she calculated as $53,514,000; she said general obligation bonds outstanding remain small relative to that limit and recommended preserving a portion of capacity for emergencies. “You still have more than 93% of your debt capacity remaining,” Berger said.
Berger walked the council through types of debt in the report: general obligation (which counts toward statutory debt limits), revenue debt (paid from water or sewer revenues and not levyable), and rebate…
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