LELAND, N.C. (WECT) – The Town of Leland has been assigned an Aa1 initial user rating and an Aa2 rating for its Limited Obligation Bonds.
The ratings signify that the bonds, an estimated $12.66 million, are of high quality with very low credit risk. They will be used to finance the Town Hall Expansion and Renovation project.
According to the Moody’s Ratings report, the Aa1 and Aa2 ratings reflect “the Town’s robust financial position” and the growing local economy. The report emphasizes that “Governance is a key driver of this initial rating. The Town benefits from strong budget management, reflected by its history of exceeding its minimum 35% available fund balance policy.”
The project will include an interior renovation of the existing Town Hall and a 22,000-square-foot, 2-story addition, including 69 new offices, flexible office and meeting spaces, upgraded HVAC systems, enhanced evidence processing areas, and additional parking.
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