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The City of Coppell has earned the coveted AAA bond rating from Moody's Investor Services and S&P Global Ratings, making it one of only a handful of cities statewide to achieve this level of financial stability. Coppell is not only the smallest city in the state with a AAA bond rating by two agencies, but also only one of eight cities in Texas with the favorable designation."This achievement is significant because it lowers the cost of borrowing for Coppell taxpayers," said Mayor Pro Tem Wes Mays. "It is the result of hard work of our city staff and our long-time financial advisors at First Southwest Company."
At the July 26th meeting, the City Council voted to issue $4,405,000 in Certificates of Obligation Refunding Bonds (at an interest rate of 1.52 percent) and $10,680,000 Combination Tax and Limited Surplus Revenue Certificates of Obligation (at an interest rate of 2.60 percent). The refinancing of previously issued General Obligations bonds will save taxpayers approximately $482,000 in interest over the next decade.
"The ratings agencies recognize Coppell's strong economy, strong management practices, solid financial performance and ample reserves," said W. Boyd London, Jr. Managing Director at First Southwest Company. "The AAA rating is a rarity in Texas and Coppell residents and staff can be proud of this achievement."