Since 1992, the City's bonds have been rated AAA/Aaa by Standard and Poor's and Moody's Investors Service, the two primary rating agencies. The City' s AAA/Aaa credit rating and sound fiscal policies result in a favorable interest rate on the sale of its bonds, which saves the City considerable money over the 20-year repayment cycle.  

• City’s Press Release
• Moody’s Rating Opinion
• S&P’s Rating Opinion
• Benefits of the City's AAA/Aaa Bond Rating (PDF)

1. Official Statement: City staff prepares the financial and informational sections of the City's Official Statement.
2. Bond Amounts: The amount of bonds needed to fund the City's Approved Capital Improvement Program is determined. This information is then added to the City's Official Statement.
3. Legal Opinion: The City's attorneys review the Official Statement and add the legal details of the bond offering and their legal opinion as to its validity.
4. Bond Rating: The Official Statement is submitted to Standard and Poor's and Moody's Investor Services for rating. As stated above, the City has maintained a AAA/Aaa bond rating since 1992.  Since 2011, Moody's has rated the City Aaa with a "negative outlook."
5. City Council Approval: Staff prepares a bond docket explaining the bond issuance and the intended uses for the funding and submits it for approval by City Council. This docket will be presented for reading at one public City Council meeting, then a second reading and passage at another public City Council meeting. The docket is made available to the public on the City Council website at least six days prior to each meeting.
6. Issuance: Once City Council has approved the bond issuance, the bonds are offered for sale.