Orange has once again achieved a credit score many individuals may envy – once again securing a triple AAA bond rating from the state.
The distinction is the highest a municipality can attain and one First Selectman Jim Zeoli has worked hard to achieve. “When I first took over this job Orange was a long way from triple A and it affected our rates on borrowing,” he said. Contributing to the town’s fiscal stead is conservative fiscal policies, increasing economic development, a solid fund balance and community involvement on its boards and commissions. “I was joking with the powers-that-be and asked if we could have a quadruple bond rating and she laughed and said, ‘You’re as high as they get!’” Zeoli recounted. “It was a good feeling.”
The higher the bond rating, the lower interest rates are when the town borrows money for the next phase of capital improvements to town buildings and roads. Among the projects slated to begin construction is American Disabilities Act required improvements to Turkey Hill School; refurbishing the town pool and locker rooms and bridge and roadwork on Derby Milford Road.
By Laura Fantarella – Orange Town News Correspondent