News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Cookeville’s economic health giving the city a boost as it enters the bond market with its highest rating ever.
City Manager James Mills told Council Thursday night the city received a Aa1 bond rating from Moody’s.
“This is very significant for the city and for our citizens,” Mills said. “That reflects the strong local economy and the robust financial position of the city. I also believe it can be directly attributed to sound fiscal management of the city for past several years. And a lot of credit goes to this council and past city councils, the previous city managers and finance directors.”
The council set to borrow $20 million for multiple projects including the second phase of 10th Street road work as well as construction of two new fire departments. The first bond issue will take place this year with the rest of the money set for 2025.
Mills said Finance Department Director Brenda Imel and her staff deserve credit for the improved rating. The city received its current Aa2 rating in 2017, Mills said, up from Aa3.
Moody’s website reports the ratings are opinions based on the relative credit risk of fixed-income obligations. Cookeville sits just one rung below the top rating of Aaa.
In other business, Council set a public hearing for December 5 to consider the rezoning of land at 3429 Lee Seminary Road from Single-Family Residential to Commercial-Industrial Mixed-Use. Council also approved on second and final reading, the rezoning of a West 2nd Street property from Medical Services to Local Commercial.
