Copy
FOR IMMEDIATE USE
Media Contact
Stephen Neaman, Director of Finance, sneaman@LCFPD.org, 847-968-3109
Photo Requests
Kim Mikus, Communications Specialist, kmikuscroke@LCFPD.org, 224-244-0583
AAA Bond Rating Awarded for 18th Straight Year, Taxpayers Save $11 Million

The Lake County Forest Preserves has been awarded the AAA bond rating by Moody’s Investors Service, one of the top credit rating agencies in the world. The agency is nationally recognized by the U.S. Securities and Exchange Commission for issuing credit ratings on the debt of public and private companies, and on governments. The AAA rating, the highest possible, indicates that an entity has an extremely strong capability to meet its debt obligations. Of the 250 rated recreation districts nationwide, the Lake County Forest Preserves is one of only a handful rated AAA. 

In determining the top rating, the agency looked favorably at the Forest Preserves long-term financial planning as a relevant management policy. “It is thanks to the conservative approach of the Board of Commissioners that our financial position has been and continues to be strong,” said Stephen Neaman, director of finance for the Lake County Forest Preserves. The Lake County Forest Preserves received its first AAA rating from Moody's in 2003, and has continuously maintained it ever since.

The importance of the AAA rating was highlighted on April 7, when the Forest Preserves sold a $58.8 million series of bonds to refinance $64.8 million of its outstanding bond issues. The sale resulted in about $11.2 million in total savings in tax levies through 2034. Interest rates averaged just below 1.4%. The savings are worth about $10.1 million in today’s dollars. "This excellent rate is due to the AAA rating," Neaman said.

Prior to this bond issue, over the past seven years, the Forest Preserves sold a series of bonds resulting in savings of about $15.4 million in savings through 2028. “Over the past seven years, refinancing these bonds has saved taxpayers about $25 million with the inclusion of this issue," Neaman said.

“County residents will see these savings reflected on their property tax bills since debt repayment is not part of the operating tax levy of the Forest Preserves," said Angelo Kyle, president of the Lake County Forest Preserves.  "We will continue to plan for fiscally responsible decisions in an effort to determine the best course of action moving forward. The ultimate goal is to maintain the fiscal and environmental health of the Lake County Forest Preserves,” he said.

"We are one of the nation’s top conservation agencies and the second-largest Forest Preserve District in Illinois," said Executive Director Alex Ty Kovach. "Careful stewardship of every dollar is a key factor that helps us keep this position. We maintain sound reserves, long-term replacement funds, moderate debt, and a AAA bond rating. Lake County taxpayers and residents deserve both environmental and fiscal responsibility from their Lake County Forest Preserves."
# # #


Excellence is in our Nature
As principal guardian of Lake County’s open space and natural areas since 1958, we set the standard in nature and historic preservation, and in outdoor recreation and education. Acknowledged as a regional and national leader, we protect nearly 31,000 acres of natural land and are the second-largest Forest Preserve District in Illinois.
Learn More
Facebook
Twitter
Link
Website
Copyright © 2021 Lake County Forest Preserves, All rights reserved.


Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

Email Marketing Powered by Mailchimp