Moody’s blesses Cedar Rapids’ flood spending plan
The plan approved
"While the project will modestly increase the city's debt burden, it is credit-positive because it will reduce the city's primary environmental risk and costs associated with potential future flooding," Moody's Investor Service wrote in a report Wednesday.
The city's debt burden -- or full debt as a percentage of full value over the next five years -- is projected to see a "modest increase" to 2.6 percent by 2023 from its current level of 2.4 percent, according to Moody's.
The report notes the heavy investment that has been made for flood protection and response. This includes
"It is reassuring to know that Moody's evaluates the decisions communities make to determine the overall impact on finances," Cedar Rapids City Manager
The report also noted the project still could face a
The council unanimously approved the spending plan, saying now is the time to get it done given recurring flooding threats and the likelihood of limited state and federal support.
"As we look at the impact of natural disasters across the country, as well as what
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