Advertisement

Mayor Lovely Warren says RCSD's finances caused city's downgraded bond rating

WHECTV
Created: December 13, 2019 06:47 PM

ROCHESTER, N.Y. (WHEC) — News10NBC spoke with Mayor Lovely Warren about how Moody’s Investors Service downgraded the City of Rochester’s bond rating.

A bond rating is to the city what a credit score is to a person. A lower bond rating means the city must pay a higher interest rate when it applies for loans for capital projects.

Advertisement

The mayor says the next time the city will go to get a bond is in March for part of the Roc the Riverway project. Specifically, Charles

Carroll Park, which is hidden behind the Federal Building along the Genesee River.

A lower bond rating means the project could cost taxpayers more.

The mayor says the city’s bond rating was lowered because of the Rochester City School District’s financial situation.

“In order for us to construction projects, anything we bond for, school modernization projects, other projects that is really about capital improvement that we're bonding for, that means our interest rate is higher,” Mayor Warren said.

She also said the city’s bond rating is something she’s warned about in the past.


Copyright 2019 - WHEC-TV, LLC A Hubbard Broadcasting Company

Comment on Facebook
Advertisement