From a City of Piedmont press release on Tuesday, Nov. 9:
On November 4, 2021, Standard & Poor’s Global Ratings assigned an ‘AAA’ long-term rating to the City of Piedmont’s proposed $19.5 million bond series for the Piedmont community pool, also noting that the City’s outlook is stable. In its ratings document, S&P indicated their opinion of the City’s:
- “Very strong local economy, reflected in the city’s mature residential base, very high resident incomes, and access to diverse employment in the San Francisco Bay Area;
- Good financial management, including well-grounded budget assumptions, use of multiyear budget forecasting, and established targets for reserves;
- Historical maintenance of very strong reserves and liquidity.”
This rating, which is the highest issued by S&P, will allow the City to sell the bonds at lower interest rates, saving taxpayers money over the term of the bonds.
Community pool bonds are targeted to be sold on November 18
The bonds for the community pool project are targeted to be sold be sold on November 18, 2021. Interest on these bonds is tax exempt and maturities range from 2023 through 2051. Bonds will be available in $5,000 denominations. Community members interested in purchasing bonds can contact BofA Securities at (510) 208-3850.