Thanks to a new bond rating from Moody's Investor Service of New York, Springville was recently able to issue more than $5.8 million in bonds at an interest rate of less than 6.65 percent.
Moody's improved Springville's bond rating from Baa1 to A. City Recorder Richard Manning said the new rating now makes Springville comparable to other Utah cities of similar size. He said the rating shows that the city has good money management policies and the ability to repay its debts.In March city residents voted to refinance about $5.8 million in sewer and water bonds. Manning said those bonds were recently issued at rates between 4.85 percent and 6.65 percent over 13 years. The new rates will save the city more than $400,000.