Moraine Valley has received Moody’s Investors Service’s highest rating for the community college’s bond refunding plan in its effort to save taxpayers money.

Moody’s has assigned an Aaa rating for the college’s taxable general obligation refunding bonds. Moraine Valley’s plan—approved by the Board of Trustees on January 18—calls for refunding up to $47 million in bonds with anticipated savings of approximately $2 million to taxpayers. The bonds are part of the $89 million bond referendum approved by voters in 2006 for the college’s capital improvement program.

 “We are extremely pleased with the rating,” said Dr. Vernon O. Crawley, college president.  “The rating allows us to get the best interest rate available and that means a savings to district taxpayers.”

Moraine Valley’s plan is similar to refinancing a home mortgage. The homeowner borrows money at a lower interest rate to pay off the mortgage with a higher interest rate, thus, saving the owner money.

In announcing its rating, Moody’s said that the rating “reflects the district’s substantial and economically diverse tax base…strong financial position supported by healthy reserves and conservative financial management, and a manageable debt burden.”

Noted Dr. Crawley, “We are appreciative that Moody’s has such strong confidence in our fiscal operation.”