The City of Corsicana received notice last week that Standard and Poor’s, a credit rating agency, raised the revenue bond rating for the City of Corsicana from an A- to an A.
The City Council adopted a financial policy in 2000 with the stated goal to achieve an A bond rating for both general obligation and revenue bond issues. In the slow climb to rebuild the City’s credit rating, this is another milestone. This is important to businesses and residents for many reasons. A higher rating allows the City to enjoy a lower interest rate when borrowing money for large projects, and is proof to the citizens that the city is on solid financial ground.
In addition, the Insurance Service Organization, ISO, conducted a survey of the City of Corsicana this year. The evaluation included a review of the City’s fire department, water services, police department communications, permitting and inspection departments and was conducted in order to determine the City’s capabilities in these areas. The information obtained during the survey was used by ISO to determine and set the City’s Property Protection Classification, PPC. This classification is used by most insurance agencies to determine fire insurance rates for business and residential property owners.
The PPC Classification is based on a numerical scale from one to ten. A classification of one is considered the best classification a city can obtain. Corsicana currently has a classification of five and has held this classification for many years. The result of the current survey has lowered the classification to a four which should offer a reduction in the fire insurance premiums the citizens pay.
It is the City’s goal to reach an ISO rating of 3 in the future. Work will continue toward that end.
Sincerely,
Chuck McClanahan
Mayor
Opinion
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Corsicana Mayor Chuck McClanahan
Discussion
Message from the Mayor: Bond, insurance ratings
- Opinion
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‘O My Soul’
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No ifs, ands, or butts
Having hindsight in the little New Jersey resort town of Wildwood will soon be a civic offense punishable by a $25 fine.
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Bits and pieces from all over
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There have to be some limits to that, though. -
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My Daddy, My Hero
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I write this on Flag Day, June 14, Friday, which marks four years since my Daddy departed his earthly body and went to reside with his Savior. I miss him. Strangely, his own father, Fred. E. “Bud” Brown also passed away on this date in 1985.
Those two men were my heroes. -
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Real world issue
Our Janet Jacobs has a story in today’s paper about the early work on the City of Corsicana 2013-14 budget, and some of the challenges they are facing in the coming year.
I feel quite certain that we all can “relate” to that — it’s a battle the working folk in this city, and hundreds of other cities across the nation, have been fighting for some time now. -
Teachable moments
A few summers ago, my wife and I had the privilege of keeping our grandchildren for a few weeks in Montana. They were 8, 10 and 11. We normally saw them for a few days two or three times a year. I felt like Santa Claus, showering them with presents at Christmas, but not part of their daily lives.
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Storm warnings
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