Oh great! We have an excellent rating so the city can borrow $12.48 more million dollars by selling municipal bonds. Now read the article below and see what he's spending the money on.
BTW, selling bonds is a loan.... to us. We will have to pay that money off in the future, and what did the "forgotten people" get? Nothing... but, we owe it!
Regards,
Wayne King
City of Salisbury, Maryland
October 9 at 6:00 PM ·
City’s Stellar AA Credit Rating Reaffirmed by S&P Global
Salisbury—Mayor Jake Day is pleased to announce that the City of Salisbury’s AA credit rating has recently been reaffirmed by S&P Global, a leading national source of credit ratings.
S&P Global credit their rating to Salisbury’s “Strong management, with good financial practices and policies; its adequate economy, with access to a broad and diverse metropolitan statistical area; very strong budgetary flexibility and a very strong institutional framework.”
“Salisbury’s retention of a AA credit rating is a testament to everything each member of our team is doing City-wide to make the bright future of Salisbury a reality,” shared Mayor Jake Day.
As a result of this highly favorable credit rating, the City successfully issued $12.48 million worth of municipal bonds through Robert W. Baird & Co., at the low interest rate of 1.92%. Nine competitive bids in total were received for the bonds, with interest rates ranging from 1.92% to 2.13%. Proceeds from the sale of the bonds will be used in many important capital improvements around the City.
City Director of Finance, Keith Cordrey said “The favorable outcome of the bond sales has a lot to do with S&P Global upholding the City’s AA credit rating.” Wye River, a financial firm based out of Annapolis, acted as a financial advisor for the sale and commented “The competitive outcome of the bond sale reflects the City’s strong credit ratings and ongoing commitment to prudent financial stewardship.”
Issuing municipal bonds for investors to purchase, helps ensure that City projects are financed and completed. These improvements include those set out in the City’s FY2019 and FY2020 budgets such as the main street master plan which is helping to replace the aging infrastructure at the center of the City, as well as all sidewalks and street-scaping, realigning the roadway and incorporating much needed storm water management measures Downtown.
Other projects being funded by the bond sale include Zoo administration building improvements, a Field Operations facility expansion, the rehabilitation of the Mill Street Bridge, Urban Greenway improvements, the bicycle master plan, street-scaping and more.
By combining this year’s bond sale with last year’s, the City was able to save hundreds of thousands of dollars in what would have been interest and individual fixed costs for last year’s sale.
“The large investment amount that the City received yesterday, $12.48 million, shows just how many people believe in the City and the work that is being done here,” shared Mayor Jake Day.
14 comments:
I am not going to get on here in kiss anyone’s butt. I also have no say in the matter as I live outside of the city... However that being said it’s pretty evident that Mr. King would be the right choice for the city of Salisbury. Just like this Country needed a business minded person and someone with common sense it’s hard for me to imagine him not having this whole thing in the palm of his hand. I just pray for him as a person and the future leader, most have no idea thee amount of stress and all of the mess he will have to fix.
Hope the citizens will get out and vote
for this man, if not you are going to be
in lots of trouble Salisbury !
This is no different than what happens at the county, state, or federal levels - No news here!
They all need money for big ticket purchases and capital improvements that they don't or can't afford to pay up front.
Having a great rating is a good thing for the barrowers (Tax Payers) and with interests rates at historic lows, I'm surprised the rate isn't lower!
Provided the collective bond debt is manageable (and so far it is) then no news here.
Now; what they spend the bond money on is a good question. By all accounts it seems centered on 3-4 blocks of downtown and a few pockets here and there. With many of the properties around the 3-4 block downtown area receiving city tax breaks, or paying little to nothing (hospital and university) in city taxes (let alone county or state) it should make the rest of the tax-base think long and hard; but it doesn’t!
The ones that do, will figure out how to avoid city taxes moving forward and there lies the problem (for the city) – at some point someone has to pay!
If not the small businesses (build it they will come idea) than who? Damn if the hospital or university will pony up cash, they never do. They'll provide lip service and BS academic studies that point to the contrived “economic development” they generate. Of which; are all pennies on the dollar compared to the assessed city taxes they would have to pay, if not exempt.
Sorry Mr. King. Every City finances their long term projects with municipal bonds. Salisbury is no exception. Having a good credit rating reduces the cost to the taxpayer.
S&P Global credit their rating to Salisbury’s “Strong management, with good financial practices and policies; its adequate economy, with access to a broad and diverse metropolitan statistical area; very strong budgetary flexibility and a very strong institutional framework.”
Sounds like a compliment to the work that Jake Day is doing for the city of Salisbury.
The majority of the people that pay these taxes or will have to pay off these bonds are getting practically nothing. Look at where the money is going while the people outside the downtown get shit. The taxes collected for Salisbury is property taxes and water and sewage. Thanks Jakeoff!
King doesnt understand that though, his only objective is to try and win by smearing Jake Day. Its the only way he can win.
thanks,Jake
2:45 PM you act like jake is innocent. He has had his trolls in force since King announced he was running.
You are so blind. jake kept his hands clean by recruitment. You really that stupid to think that all of a sudden all jakes friends from the western shore have a deep interest in this shithole. As soon as the race is over those rats will be crawling back in their sewers. typical jake.
how many millions in bike lanes?
how many millions in circles on the roads
how many millions for a 20 hour festival
how many millions on rainbow sidewalks and murals
how many millions on an amphitheater that is barely used and you can't hear anything over the road noise
how many millions lost when he gave away property for $1
how many millions lost after giving away parking lots
how many millions on a food truck pad
how many millions on projects that never started
how many millions on a community center that isn't open
And this is barely touching the surface, how many things don't we know about or have been hidden
pot holes, flooded roads, crime, low wages, high rents, homeless rampant, dilapidated homes, falling home sales.
how many millions?
you idiots deserve every penny of having to pay that stupidity back.
The issue isn’t the financing tool of municipal bonds. It’s the non-critical projects for which we’re taking on long term debt. Day’s strategy is unwise.
Thank you 9:00. Finally someone has the real issue of this whole finance debacle.
Where are you Wayne? Get on the stick, Jakes signs are everywhere and you have no presence at all. He will landslide you at this rate.
C’mon man!!
October 22, 2019 at 8:12 AM
The oppositions people steal them all the time.
Our neighbor put up two, withing 24 hours one was missing
jake must be scared when his people have to resort to stealing signs
If you live in the City of Salisbury and you think you may not be able to make it to the polls on Tuesday, November 5, 2019, you can go to the Wicomico County Board of Elections on Snow Hill Rd. to vote for Wayne King. They will allow you to fill out an absentee ballot to vote and put it in a sealed envelope. That way you can assure that your vote counts.
Today, Friday, Nov. 1, is the last day to vote by absentee ballot so please go vote if there is a chance you won't be able to vote on Tuesday.
Post a Comment