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Financial adviser: Moody's gives Union an Aa-3 rating; bond sale expected next week
Summary
RSA Advisors reported Moody's assigned an Aa-3 rating to Union and that bond documents will be finalized this week by bond counsel, with bonds to be sold next week to finance the Town Square and new city building.
Bryan Skinner, vice president of RSA Advisors, briefed the commission on Aug. 4 that Moody's assigned the City of Union an Aa-3 bond rating. He said the rating indicates a strong capacity to meet financial commitments and that the city is considered financially stable.
Skinner said bond documentation would be finalized by attorney Donnie Warner of Frost Brown Todd this week and that the bonds are expected to be sold next week. Mayor Larry Solomon said the city implemented a payroll tax with the intention of funding the Union Town Square project and that the city will use the city growth fund as part of the financing plan.
Commissioners did not debate the rating at length and proceeded to other agenda items; staff flagged the financing timeline as immediate.
