As I woke up this morning, rubbing the sleep from my eyes - I happened to log into my Twitter account and see a tweet from my good friend Travis over at Five For Howling stating that the city of Glendale was scheduled to sell it's illusive bonds that everyone has been so up in arms about recently. So I thought I'd check it out...
According to Moody's the City of Glendale has issued bonds to be sold this coming Tuesday. Moody's is a financial research company that gives governments and companies credit ratings - and they also rate bond sales. The sale is structured as two different bond issues - one for 107 million dollars and rated as an A1 - the other for 9 million - it is also rated as an A1. To learn all about what that means you can follow this link to see the information. Registration is required to view the document.
What an "A1" rating means in simple terms is that the rating is slightly greater that a "quality" rating. The rating structure starts at "AAA" being the highest quality and goes down to a "D" meaning that the credit rating indicates default. This is not a bad credit rating for the city - even with the recent economy - they remain at "Quality" status. It shows that the city has credit stability but that there is still some risk involved in their ability to repay their debt should the economy not improve.
It is stated in the Moody report that the bonds are being sold to purchase parking rights at Jobing.com Arena from the Coyotes. For those of you who have been following this issue closely - you also know that the money they will get from selling those bonds will be given to Matthew Hulsizer and used to purchase the team. So... I don't want to jump the gun on this one but... could this ownership situation finally becoming to a positive end for us? Stay tuned.... That certainly would make a wonderful Valentine's Day present!