Date of release: January 29, 2020
As investors research the financial opportunities surrounding municipal bonds, they often look at the credit rating of the city or government organization issuing the bond. In Paducah’s most recent bond issue, the City maintained its strong Standard & Poor’s (S & P) rating of AA-. Paducah has had this rating since 2010.
City Manager Jim Arndt says, “This continued achievement is a direct reflection on how the City of Paducah embraces the value of fiscal responsibility. For those who purchase our bonds, they can be confident that Paducah meets its financial obligations.”
Finance Director Jonathan Perkins says, “I am proud that Paducah values a high level of financial management so that we can maintain our strong S & P rating. There are several elements incorporated into that strong rating including consistent financial practices and policies, strong fund balances, and high liquidity. Combining these financial elements with an experienced and professional team is the recipe for our success.”
This month, the City of Paducah issued $20.5 million in general obligation bonds to fund the construction of the Indoor Recreation & Aquatic Center. The bonds sold on January 7 with a great interest rate for the City at 2.55 percent. The closing date for the bonds was yesterday with the City netting $20 million.