Moody’s Investors Service has given a Aa3 rating to $2.6 million in bonds the Village of Williston Park issued last week for resurfacing roads and improving the village infrastructure.
The village board earmarked $2 million of the bond money to resurface approximately two miles of roads. The board is also using approximately $225,000 from the state Consolidated Highway Improvement Program for the project.
“We’re excited. We’re pleased. They looked at the financial health of the village and we maintained our excellent credit rating,” said Village of Williston Park Mayor Paul Ehrbar.
The remaining $600,000 from the village’s recent bond issue will be used for renovations to the Williston Park Fire Department headquarters, Williston Park Village Hall and village recreation fields.
Moody’s also affirmed its Aa3 rating on the village’s $3.565 million in general obligation debt.
“The rating we have now is great,” Ehrbar said.
He said the village was first given the Aa3 rating two years ago and reaffirmed the rating after conducting a review of village finances during the past year.
“We really can’t go higher because we don’t have any major construction in the village,” he said.
Ehrbar attributed the rating to fiscal responsibility under his administration, but said village finances were in good order when he took over as mayor in 2010.
The Williston Park Village Board voted to award a $2.26 million bid on the roadwork to Reet Constructing Corp. at a special meeting last month. The work to start this month under the direction of Dvirka & Bartolucci Consulting Engineers continues an ongoing program to upgrade village roads.
Village streets scheduled for repairs are those in greatest need of upgrades, according to Kenneth Pritchard, vice president of Dvirka & Bartolucci .
Reet is expected to complete the road resurfacing over three months, depending on weather conditions, Pritchard said.
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