As a sign of its strong financial stewardship, Waubonsee Community College’s credit rating was recently upgraded to Aaa — the highest rating possible from Moody’s Investor’s Service. In giving the rating, Moody’s cited the college’s commitment to strong financial management, including both the building of reserves and conservative budgeting practices, along with its strong local economy and tax base.
The rating not only affirms but also helps build Waubonsee’s financial strength as it enables the college to achieve the lowest possible borrowing cost in the municipal bond market. This low borrowing cost comes at an opportune time as Waubonsee is currently planning to issue bonds to help fund its Career and Technical Education (CTE) Building.
In fact, at its meeting on April 19, the board of trustees took preliminary steps to solidify the building’s funding plan. They passed two main resolutions — the first authorizing the issuance of not to exceed $30,000,000 in General Obligation Bonds (Alternate Revenue Source), and the second calling a public hearing concerning this intent to sell bonds. The public hearing is set for 6 p.m. on Wednesday, May 17 in the Community Board Room on the college’s Sugar Grove Campus.
Last month, the board endorsed a general plan of taking 50% of project costs from reserve funds and 50% from the issuance of bonds. No property tax levy will be issued to repay the bonds, as the board decided to pledge a portion of annual state funding.
The CTE building is expected to cost roughly $60 million and will house Waubonsee’s Automotive Technology, Auto Body Repair, and Welding Technology Programs when it opens on the main Sugar Grove Campus in fall 2025.
