The Town of Normal is hoping to take advantage of its newly defined credit ratings to save money on outstanding bonds. About $2 million in interest costs will be saved over the life of the bonds if the Town refinances them during favorable market conditions. City Manager Mark Peterson says many municipalities wish for a credit rating like Normal's. Peterson says credit agencies who assess these rates aren't bound to the community.
"They could care less what we think. They are beholden to the investors that subscribe to these services and they are guiding investors and what they are essentially saying to the investors that use these services is that the Town of Normal is a very, very good risk."
Peterson says some savings will go toward much needed street repair. The bond to be refinanced was taken out in 2004 to rebuff town infrastructure.
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