Moody's Investors Service has assigned a Aa1 rating to the town of Morrisville, N.C.'s $4 million general obligation parks and recreational facilities bonds, Series 2013, and upgraded the rating on $7.4 million previously issued general obligation bonds to Aa1 from Aa2.
The stable outlook assignment applies to $11.4 million total debt outstanding post-sale.
The bonds are secured by the town's unlimited ad valorem tax pledge.
The upgrade to Aa1 reflects the town's sizeable and growing tax base with above average wealth levels, advantageous location, low debt burden, strong reserve levels and prudent fiscal policies.
Proceeds of the current issuance will be used to fund park and recreational facilities including a multi-purpose/cricket field and tennis courts.