GENEVA—The Forest Preserve District of Kane County announced that the international bond-rating firm of Standard & Poor’s has upgraded the district’s bond rating from AA to AA+/stable.
The upgrade is relative to the district’s general obligation bond debt and the proposed referendum-supported general obligation bond sale on June 13. Standard & Poor’s issued the rating for both current district general obligation bonds and the scheduled sale bonds of AA+/stable.
On April 5, voters approved the district to sell $30,000,000 in general obligation bonds. The money will go to acquire and preserve forests and natural lands, protect wildlife habitats, enhance flood control, improve hiking and biking trails, fishing and other recreational areas, provide nature education programs and improve forest preserves, wetlands and prairies.
Forest Preserve Finance Director Robert Quinlan said Standard & Poor’s attributed the improved bond rating to the district’s maintenance of a very strong general fund reserve. This strong general fund balance reflects the position taken by the Forest Preserve Commission that maintaining stability is in the overall best interest of the citizens of Kane County and the future of the Forest Preserve District.
“What this increased rating means for the citizens of Kane County is that the scheduled bond sale should benefit from lower bond interest rate bids, therefore resulting in lower property taxes levied to repay the new bond debt,” Quinlan said.