Mayor's Message by Randy Halfacre (8/2012)
It gives me great satisfaction to announce that the Town of Lexington has successfully saved over $1 Million for our ratepayers of the combined waterworks and wastewater system through the refinancing of revenue bonds previously issued to build and expand the system. On July 11, 2012 the Town sold its $7.65 Million Combined Waterworks and Wastewater System Revenue Refunding Bonds (Series 2012) producing funds to refinance previously-issued bonds with newly-issued bonds at lower interest rates. The bonds received the investment grade credit rating of "AA-" by Standard & Poor's Ratings Services (S&P) and "A1" by Moody's Investor's Service (Moody's).
The Town of Lexington's bond ratings from both of the major rating agencies have actually improved, or been "upgraded," in recent years, during a time when the ratio of municipal downgrades to municipal upgrades reached as high as 10 to 1. Financial pressures on local governments have continued to mount, and several municipalities throughout the country have been forced into bankruptcy in just the past few weeks. You will be reading about more of them in the future.
This feat is even more significant given the unprecedented growth taking place in central Lexington County and the necessary infrastructure that comes from being the fourth fastest growing municipality in the state. with no end in sight.
We are very fortunate to have a fiscally responsible financial staff who ensure that through our Council, conduct wise practices, allowing us to showcase our well-managed credit to investors, thus receiving lower rates, which is a benefit to all.
Kudos to our Town for providing the best quality of product, service and savings to our customers!