Hempstead Village gets 'A' bond rating by S&P
Standard & Poor's Ratings Services has assigned an "A" long-term rating to the Village of Hempstead's series 2013A general obligation bonds and series 2013B refunding serial bonds, pointing to a stable outlook on its overall finances.
In the report released Wednesday, S&P also affirmed its "A" rating on the village's existing general obligation debt. The agency cited its expectation that the village will continue to maintain good reserve levels within the two-year outlook horizon.
"A" is the agency's third-highest rating, with "AA" next and "AAA" the best.
"The financial outlook for our future remains strong, and will continue to improve as we embark on a downtown redevelopment project that will attract hundreds of new businesses to our community," newly re-elected Mayor Wayne J. Hall Sr. said in a statement.
The report noted the village's strong regional economy and improved financial position since the implementation of a recovery plan that included issuing deficit bonds in 2007.
S&P also recognized Hempstead's improved tax collections, bolstered by annual tax lien sales, and its "moderate" debt burden.
At Wednesday's meeting, the village board unanimously approved the emergency purchase of 15 fire hydrants from Pollardwater.com, based in New Hyde Park, at $2,350 each. About 10 will be installed, leaving five as backups in emergencies.
The board also set a public hearing on the Hempstead Community Development Agency's budget for April 2 at 5:30 p.m. at Village Hall.
The hearing will be on the proposed use and allocation of funds from the Department of Housing and Urban Development's Community Development Block Grant.