A recently approved $1.2 million bond issue for public works projects in the Village of Depew has been assigned a high rating from Moody's Investors Services, village officials announced Monday.
The A3 rating, or "upper medium grade," the highest assigned to any county village, signifies the fiscal stability in the village, Village Treasurer John Savash said.
The village will pay a weighted average interest rate of 4.71 percent over 15 years for the funds that will be used to pay off existing debt of $590,000 and for future public works projects.
New highway department equipment, roof repairs at administrative buildings at the village ice rink and swimming pool, and new recreation department storage buildings were among the projects earmarked for the funds. The projects are expected to be completed within the fiscal year, Mayor Robert Kucewicz said.
Although the bond rating assignments are subjective, they are based on characteristics such as quality of management and factors such as debt ratio. The bond rating also is an indicator of its default risk, with a higher rating indicating low risk.
In other business, the board:
Agreed to pay $16,000 per year to Jean O'Connell and Associates of Clarence for grant writing services. The village received $89,000 in state, federal and county grants this year and has four grant applications pending.
Heard former Village Trustee Francis W. Roscoe ask the building inspector to continue investigating a Transit Road salvage business that is allegedly violating village ordinances.
Roscoe claims the business has too many junk vehicles in its front yard and has failed to keep required fencing on a section of its property. The building inspector agreed to investigate the complaints.
Awarded a $33,076 contract to Schultz's Landscaping Service of North Tonawanda for the final phase of the village's handicap-accessible ramp project.
Announced that a public hearing on community-development grant funds is scheduled for 7:30 p.m. Jan. 12 in the Depew Municipal Building, Manitou Street.