–The city of Algona recently received an A1 credit rating from Moody’s Investors Services, which reflects a strong financial position and reliability as a borrower. City Administrator Jacob Tjaden tells KLGA News that having an A1 rating is beneficial to the city in multiple ways.
The city plans to issue $4.8 Million in general obligation bonds during their meeting Monday. Tjaden says the city has their credit reviewed each time they plan to issue a significant amount of debt.
The city currently has five separate General Obligation debts issued for the construction of city hall, the purchase of a fire truck, and street improvements.
This latest debt issuance will be split up around several projects. About $1.5 Million is being used on the Nebraska Street Corridor project and about $900,000 will go towards the new Street Department facility. The rest of the money will be used for street improvement projects in 2026 and 2027.
