Debt Management Study

The City of St. Joseph contracts with Northland Securities as financial advisor on bond issues. Annually, Northland puts together the Debt Management Study of all outstanding municipal debts with the estimated sources of revenue for repayment of the debts. Northland staff and the City Finance Director review each debt to ensure statutory revenues cover the debt payments and calculate the possibility to defease debts early. The Debt Management Study assists with the budget process by calculating the needed debt levy to be certified for the upcoming property tax year. 

Depending upon the size of new debt borrowings, the City of St. Joseph may hire a rating company to rate the City's ability to meet the new and existing obligations in accordance with laws and regulations. The bond rating also helps potential investors analyze their purchases of municipal bond investments. The City of ST. Joseph hire S&P Global Ratings to rate the 2023A bond issue. S&P Global Ratings assigned an AA-/Stable bond rating on the 2023A series bonds and affirmed the AA-/Stable long-term rating on the remaining St. Joseph general obligation bonds. The full report can be found at the link below.