TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Approve the Application for the Moody’s Issuer Rating Between Moody’s Investors Service and the City of North Port for a Current Annual Fee of $3,000.
Recommended Action
Approve the Application for the Moody’s Issuer Rating between Moody’s Investors Service and the City of North Port for a current annual fee of $3,000.
Background Information
Moody’s Investors Service is a leading global provider of credit ratings, research, and risk analysis. Moody’s currently maintains a standalone issuer level rating for the City. As the City’s bond has recently matured and Moody’s ratings have been withdrawn, the issuer rating is the only Moody’s rating outstanding. The City has the opportunity to maintain or withdraw the rating. To maintain the rating, there will be no initial fee. However, there will be an annual fee based on the City’s debt outstanding.
Once a new bond is issued and bond rating is completed, the annual fee for the issuer rating will be waived.
The Application for the Moody’s Issuer Rating between Moody’s Investors Service and the City of North Port has been reviewed by the City Attorney and is legally correct as to form.
Strategic Plan
Good Governance
Financial Impact
The Annual Fee of $3000 based on the City’s current debt outstanding will come from account no.001-0401-513.31-05.
Procurement
Not applicable.
Attachments:
1. Application
2. Moody’s Privacy Policy
Prepared by: Tiffany Fowler, Accountant III
Department Director: Kimberly Williams, Finance Director