La Joya Earns an "A"
- Leonardo Olivares
- Feb 11, 2024
- 1 min read
Updated: Feb 12, 2024
A bonding company based in New York City recently reviewed the City of La Joya's governance, management and finances and granted the City an "A" rating.
Standard & Poor Global is one of three rating companies that review federal, state and local governments interested in obtaining investment from private capital markets. Their review allows the City to secure financing for its projects at lower interest rates.
This is the City's initial rating, which was initiated to issued $1.9 million in bonds for the new Fire/EMS Station building. The $3.1 million project is financed in part with a grant from the U.S. Department of Agriculture - Rural Development. provided by Congressman Henry Cuellar.
This rating also can be used to finance other debt, such as the proposed Water Treatment Plant (WTP) expansion and the new Wastewater Treatment Plant (WWTP) funded by the Texas Water Development Board (TWDB).
HillTop Securities assisted the City in securing this investment-grade rating as their engagement as financial advisors. La Joya is the only city west of Mission with a bond rating.
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