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Smithville authorizes COP financing after S&P affirms ratings for planned utility debt
Summary
The board approved certificates of participation parameters by emergency ordinance after City Administrator Gina Wagner told aldermen S&P affirmed the city 's ratings, positioning the city for a scheduled sale. The ordinance passed 6-0 on both readings.
The Smithville Board of Aldermen on Tuesday approved parameters for a planned sale of Certificates of Participation (COPs) to finance city utility projects, moving the measure under an emergency ordinance so the sale can proceed as scheduled.
City Administrator Gina Wagner told the board that in a ratings call with S&P Global the city received continued favourable ratings, a development she said should help secure better interest rates for the sale. "S&P has continued to assign that a plus for our long term debt and affirmed our…
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