THE FIRST WAS THAT SIGNIFICANT INVESTMENT IS NEEDED TO UPDATE AND IMPROVE THE QUALITY OF PARKS IN BLOOMINGTON. THE SECOND IS THAT BLOOMINGTON HAS THE OPPORTUNITY TO RETHINK WHAT PARKS COULD OR SHOULD BE.

INTEREST RATE OF 2.729 PERCENT. THAT’S SIGNIFICANT BECAUSE WHEN THE COUNCIL FIRST AUTHORIZED BOND ISSUANCE IN APRIL, THE MAXIMUM AMOUNT WAS SET AT $11.5 MILLION. WE WENT TO MARKET EXPECTING THE AMOUNT TO BE $10.29 MILLION. WHEN THE BIDDING WAS COMPLETE AND THAT FAVORABLE INTEREST RATE WAS SET, THE FINAL AMOUNT WAS $9.1 MILLION WHICH INCLUDES ALL THE COSTS OF ISSUANCE. ABOUT $2.4 MILLION LESS THAN ORIGINALLY ANTICIPATED. THAT’S GOOD NEWS.

ONE OF THOSE RATING AGENCIES, STANDARD AND POORS WROTE: BLOOMINGTON’S KEY CREDIT STRENGTHS INCLUDE ITS VERY STRONG AND EXPANDING ECONOMY, WHICH COUPLED WITH ROBUST FINANCIAL MANAGEMENT PRACTICES, HAS LED TO STEADY REVENUE GROWTH AND A STRONG OVERALL FINANCIAL PROFILE. OUR REPUTATION DEFINITELY PLAYED AN IMPORTANT ROLE.

TO QUALIFY AS A SOCIAL BOND, THE PROCEEDS MUST FINANCE SOCIAL PROJECTS OR ACTIVITIES THAT ACHIEVE POSITIVE SOCIAL OUTCOMES AND/OR ADDRESS A SOCIAL ISSUE. THESE PROJECTS FOCUS ON IMPROVING ACCESS TO AN ESSENTIAL SERVICE – PARKS, AND TARGET SPECIFIC POPULATIONS LIKE PEOPLE WITH DISABILITIES, HISTORICALLY UNDERSERVED POPULATIONS, AND FAMILIES WITH YOUNG CHILDREN.