The City of Pella earned praise for their financial status at their most recent Pella City Council meeting. Michael Maloney is Senior Vice President of D.A. Davidson, the financial advisor for the telecommunications utility, and says the city’s electric utility has an “A2” rating from Moody’s, one of the country’s top bond credit rating agencies.

Maloney says the $10.7 million in loans will be used to finance the fiber buildout of the project and the new facility constructed next to the current electric department facility. Maloney says the financing agreement in place will significantly reduce the need for future loans as it relates to additional capital improvements.

During his presentation, Maloney praised city administration and staff, as well as the council, for their efforts over the past two years to get the business plan together and financing in place. The City of Pella will receive the funds needed for the upcoming construction projects by June 18th.