The Journal Standard reported on June 29 that the city was notified on May 16 by Standard & Poor’s that it had downgraded the city’s bond rating from A+ to A. This means it will cost the city more to borrow money. Since the city was notified of the bond rating change, there have been three council meetings. The big question is why was this was not discussed at one of these meetings? The Freeport Council must have known of this rating change, and did not feel the citizens of this community were entitled to this information. Obviously, the council must not understand the full ramifications of this rating change. Otherwise, it would have been discussed at council meetings. Alderman Tom Klemm was quoted in the Journal Standard article when describing the condition of Freeport – “We’re still in good shape.” What city is this man living in? This simplistic attitude is part of Freeport’s problem. The present leadership on the city council is totally incapable of comprehending the serious issues facing Freeport. If you don’t understand the issues, how in the world will you be able to address them?
City of Freeport Notified Bond Rating Downgraded on May 16 – Why Wasn’t This Made Public at a Council Meeting?
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