The Naperville Park District last week was given more financial borrowing power as Moody’s Investors Service upgraded the district’s debt rating to the second-highest level.
The upgrade means the district will be able to sell its debt at a lower interest rate, saving about $69,000 from its former bond rating, according to officials.
According to a Park District memo, Moody officials cited several factors for the upgrade, including sound financial operations, conservative budgeting practices, ample reserves, a diverse economic base and a favorable debt profile.
Officials also added that an upcoming bond issuance of $7.86 million to fund various park projects in the next two years will not increase taxes for residents.
“We are a better, secure investment,” said Scott Silva, Park District business manager.
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The Naperville Park District joins Northbrook Park District as the only two park districts in the state with the rating.