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The Official City Newsletter for Arden Hills Residents August/September 2018 <br />Standard & Poor’s, one of the nation’s <br />bond-rating agencies, has upgraded <br />the City of Arden Hills general <br />obligation bonds to AAA from AA+ for the <br />first time in the City’s history. Arden Hills <br />now shares this top rating by <br />S&P with 22 other cities in the <br />State and is the fifth smallest <br />city in population to earn this <br />S&P recognition. <br />A certificate of award was <br />presented by Ehlers, the City’s <br />financial advisors, at the June <br />25 regular City Council meet- <br />ing. S&P rated the City very <br />strong in economy, manage- <br />ment, budgetary performance, <br />budgetary flexibility, liquidity, <br />and debt and contingent liabil- <br />ity profile. <br />“The AAA rating is a good <br />indicator to the residents of <br />Arden Hills that their elected <br />officials are acting in good faith <br />and as fiduciaries with their tax <br />dollars,” said City Administra- <br />tor Dave Perrault. <br />Pictured (L to R) Mayor David Grant, Councilmembers Dave McClung, Fran <br />Holmes, Brenda Holden, and Ehlers Inc. Senior Municipal Advisor Stacie <br />Kvilvang. Not pictured: Councilmember Steve Scott. <br />S&P assigned the AAA long-term rating to <br />the city’s series 2018A general obligation <br />utility revenue bonds, and the designation <br />results in lower interest costs for the City. <br />If you are going to the Minnesota State <br />Fair (August 23-September 3), you can <br />park your vehicle at one of several Park <br />& Ride lots in and around Arden Hills <br />and take a bus to the fairgrounds, free of <br />charge. <br />• *North Heights Lutheran Church <br /> 1700 Highway 96 W. (Newly added) <br />• *Country United Financial <br /> 3499 Lexington Avenue N. <br />• *The Gathering Place <br /> 3245 New Brighton Road <br />• Bethel University Anderson Center <br /> 2 Pine Tree Drive <br />• Presbyterian Church of the Way <br /> 3382 Lexington Avenue N. <br />* Park & Ride lots fill quickly and resi- <br />dents often park on nearby streets. Please <br />heed the No Parking signs located on some <br />of the nearby streets. Violators may be <br />ticketed. These signs are in place to ensure <br />general safety and access for garbage and <br />mail service providers. Please be courteous <br />to nearby residents and their properties. <br />For Park & Ride locations and hours, visit <br />MinnesotaStateFair.org/transportation. <br />Photo courtesy of Minnesota State Fair <br />The City sold $2.415 million in bonds for <br />multiple water and sewer utility improve- <br />ments. <br />In the agency’s rating summary, S&P said <br />the City’s general obligation <br />bonds are rated “above the <br />sovereign because we believe <br />the city can maintain better <br />credit characteristics than the <br />nation in a stress scenario.” <br />The City also received a clean <br />audit opinion of its Compre- <br />hensive Annual Financial <br />Report (CAFR), presented to <br />the City Council June 25th <br />by officials with MMKR, the <br />City’s auditing firm. <br />The annual audit examines <br />all of the City’s financial <br />accounts and assets. Audit <br />results are used by rating <br />agencies to evaluate the credit <br />worthiness of cities and corpo- <br />rations. <br />City of Arden Hills receives Standard & Poor’s Highest Bond Rating of AAA <br />New State Fair Park & Ride location added; residents urged to heed no parking signs