Worthington receives AAA rating
Worthington was recently rated by S&P for a AAA bond rating, which is the best rating a municipal government can attain. We submitted a bond rating request to access municipal bonds for much-needed infrastructure improvements.
We can boast that we are among the few in Ohio with the AAA rating. Only 15 cities (of more than 2,200) currently have a AAA rating. This is important because it improves our spending power and our borrowing ability, with 1.65% interest rate on the $9.9 million we bonded.
The bond issuance closed August 2021 and is being used to fund the following:
Repayment of the outstanding Bond
Police Building: HVAC, Roof, Mold Remediation
Sewer Lining Project
McCord Park Renovations
Colonial Hills water line replacements
Northeast Gateway Right of Way and Construction
Rush Run Improvements
Fire Rescue Truck
The city finances are solid and the forecasts are good. We currently have $19 million carryover cash on hand. All crucial infrastructure projects are moving along. The police and fire departments are fully staffed and serving the community. Streets are being paved, trash and recycling are being picked up, and the recreation department is offering exceptional programs and improving parks.