Henderson’s bond ratings upgraded

Eric Leake

Wednesday, Jan. 5, 2005 | 9:26 a.m.

As the Henderson City Council was preparing for Tuesday night's meeting, they received news that has the city crowing.

Two financial reports rank Henderson with the highest bond rating of any city in Nevada.

Standard & Poor's Rating Service upgraded Henderson's general obligation bond rating from AA- to AA, while Moody's Investors Service upgraded the city from Aa3 to Aa2.

Standard & Poor's rating scale ranges from a high of Aaa to a low of C. Moody's rating scale extends from a high of Aaa to a low of C. Rankings in the A range are considered good investments.

Both services cited Henderson's strong financial reserves, supported by long standing management and policies as a primary reason for upgrading the bond ratings.

Standard & Poor's said a growing community and and income levels were also included in the upgrade.

"These ratings now place the city of Henderson with one of the highest bond ratings within the state, equal to Clark County and the state of Nevada," said Steve Hanson, the city's financial director.

Good bond ratings will allow the city to borrow millions of dollars at lower interest rates.

At Tuesday night's meeting, the City Council decided to spend nearly $1 million on replacement and new vehicles.

The council unanimously approved the $949,719 expenditure for 41 vehicles that will go to public works, police, utility services, and other city departments.

Thirty-two of those vehicles will replace models from the mid- and late 90s.

The purchases are to include more than a dozen Ford F250 diesel pick-up trucks, five police pursuit Chevrolet Tahoe SUVs, and three new hybrid Honda Civic sedans.

The council also withdrew a proposed sewage and water rate increase. The proposal is being revised after the Southern Nevada Water Authority amended drought plans and is expected to be reintroduced in a future meeting.

The council also set the dates for Henderson's 2005 municipal primary election. Candidate filing begins Jan. 25 and closes Feb. 4. The primary will be April 5 and the municipal general election will be June 7.