News from Tuesday evening's Lakewood Village Board Meeting—The Village has achieved AAA long term rating assigned to the Village's series 2010A taxable GO waterworks and sewerage alternative revenue source bonds (Build America) and series 2010B general obligation alternative revenue source waterworks and sewerage refunding bonds.
According to Standard & Poor, this reflects the Ratings Services' opinion of the village's participation in the deep and diverse Chicago metropolitan economy; very strong reserves with balanced general fund operations, supported by good financial management; very strong income and extremely strong market value per capita levels; and moderate debt burden.
It was noted that this achievement is the result of the conservatism that has been practiced by the Village Board and staff.
Other good news included an announcement that Turnberry Country Club will open very soon under new management of Kemper Sports Management, Northbrook. It will remain a private club, and initially will not be open for dining, but only for golf and swimming.
In other good financial news, the recovery bond money for the proposed Sportsplex is expected to assist in bringing more business to that area. However, that is not expected for months until the construction process is completed.
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