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Town of Leland Assigned Bond Rating for Town Hall Expansion and Renovation Financing

Town Hall

The Town of Leland is excited to announce that it has been assigned an Aa1 initial user rating and an Aa2 rating for its Limited Obligation Bonds (LOBs), Series 2024. These ratings signify that the bonds are of high quality with very low credit risk. The estimated $12.66 million from these bonds will be used to finance the Town Hall Expansion and Renovation project. 

This is the first time the Town has sought a bond rating. According to the Moody’s Ratings report, the Aa1 and Aa2 ratings reflect “the Town’s robust financial position” and the growing local economy. The report emphasizes that “Governance is a key driver of this initial rating. The Town benefits from strong budget management, reflected by its history of exceeding its minimum 35% available fund balance policy.” 

View the release from Moody’s Ratings. 

The project will include an interior renovation of the existing Town Hall and a 22,000 square foot, 2-story addition. This will add 69 new offices, flexible office and meeting spaces, upgraded HVAC systems, enhanced evidence processing areas, and additional parking. Project details and updates are available on the Town website. 

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