City's Bond Rating Upgraded Two Levels to AA+

At the May 12 meeting, City Manager Michael Leavitt informed Council the city has received a bond rating upgrade from AA- to AA+. Standard and Poors has completed their review and made the determination to upgrade the City’s rating. “I would like to thank and congratulate Ken Heerman, Heather Castillo and our entire management team. This upgrade is a reflection of our leadership throughout our entire city and a reflection of the confidence and leadership in the City Council.” stated City Manager Michael Leavitt.

The City also received an Equity Return in the amount of $12,915 from the Texas Municipal League Intergovernmental Risk Pool Liability Fund. The Pool shares benefits of favorable financial results and successful efforts in controlling losses with its members. The City has received $60,513 in equity returns since 2003-2004.

Also at this meeting, Council approved an ordinance issuing Certificates of Obligation for $8,335,000 for capital improvement projects as identified in the FY 2009 Budget. Two projects are proposed; Inland Trail construction for $3.8M and utilizing 4B funds and Utility capital projects for $4.3M utilizing the Utility Fund. As with every issue, presentations are made to ratings agencies (Standard and Poors and Fitch Ratings) to provide support for a bond rating for the City. With this issue, Standard and Poors upgraded the City two levels to AA+, an outstanding rating for a city the size of Highland Village. The increased rating results in lower borrowing costs for the City.

Council held a public hearing and approved the final read of an ordinance extending the effect of juvenile curfew ordinance for an additional three years. The ordinance establishes a juvenile curfew between the hours of 12:00 a.m. and 6:00 a.m. on Friday and Saturday nights, and between 11:00 p.m. and 6:00 a.m. on Sunday through Thursday. The ordinance applies to juveniles 16 years of age and under, and allows for certain defenses, such as while on a direct route to or from a place of employment, emergency errand, etc. Highland Village first enacted a juvenile curfew ordinance in 1995 and has been an effective tool in preventing juveniles from becoming crime victims, an aid in preventing illegal drug and alcohol abuse by juveniles and in discouraging gang affiliation and activity. This ordinance is consistent with the curfew ordinances of our adjoining cities.

During Mayor and Council presentations, Mayor Costa presented gifts to the outgoing 2008-2009 Council members Brian Fiorenza, Austin Adams and Jon Calvin.