CEDAR LAKE | The town’s new bond rating is something to brag about, officials said.
Standard & Poor’s Ratings Services recently gave Cedar Lake’s Redevelopment Authority bonds a AA-longterm rating and stable outlook.
“It’s about as good as you’re going to get,” Town Manager Ian Nicolini said.
The favorable bond rating will save the town $317,000 in interest payments during the next year, he added.
The bonds issued for Cedar Lake will finance acquisitions and the construction of road, street and water utility improvements within the 133rd Avenue project. The town intends to pay for the bonds with tax-increment financing (TIF) revenues.
The Standard & Poor’s rating was part of the process in issuing the bonds.
The 133rd Avenue widening project is in its second phase. The first phase was completed last year.