The Daily Northwestern

Evanston receives approved bond rating

A+sign+welcomes+drivers+to+Evanston+at+the+southern+end+of+the+city.+Evanston%E2%80%99s+bond+rating+was+approved+on+July+11.+
A sign welcomes drivers to Evanston at the southern end of the city. Evanston’s bond rating was approved on July 11.

A sign welcomes drivers to Evanston at the southern end of the city. Evanston’s bond rating was approved on July 11.

Daily file photo by Daniel Tian

Daily file photo by Daniel Tian

A sign welcomes drivers to Evanston at the southern end of the city. Evanston’s bond rating was approved on July 11.

Ahlaam Delange, Reporter

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Evanston’s bond rate was approved on July 11 after concerns about it increasing when City Council passed a resolution to use bonds to finance the new Robert Crown Community Center and other projects in 2018.

Evanston typically issues general obligation bonds for the annual capital improvement plan, a plan that includes multiple infrastructure projects and equipment purchases. Moody’s Investors Service assigned the bonds an Aa2 rating, the third highest rating, and Fitch Ratings assigned them an AA+, its highest bond rating.

City Council passed a resolution 8-0 at the July 9 meeting to issue bonds for the new Robert Crown Community Center. Evanston officially broke ground on the Robert Crown Community Center project on Friday and it is projected to finish in fall 2019.

According to Moody’s, the Aa2 rating reflects the “city’s strong economic profile characterized by a large tax based anchored by Northwestern University and an affluent residential profile.” Northwestern anchors the local economy by employing over 6,500 people and educating about 21,000 students on the Evanston campus, according to the Fitch Ratings report.

The city has a “satisfactory” financial position thDaily file photo by Daniel Tian)at is supported by the flexibility to raise local taxes. According to the Fitch Ratings report, the bonds are backed by a “full faith and credit” pledge.

Email: ahlaamdelange2019@u.northwestern.edu
Twitter: @toolutalks

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