As mayor of Franklin I am asked, almost every day, how is the city doing. My normal answer is fine and I leave it at that. It dawned on me that there may be a lot of people who are truly concerned about the financial strength of Franklin. We see in the paper or in television how the economic downturn has had such a negative effect on all governments, local, state and Federal so it is natural to question what the economy has done to the economic condition of the city. The city recently refinanced $16.38 million dollars in bonds to take advantage of lower interest rates. As part of the refinancing we had to have the bond rating reassessed by both S & P and Moody’s. Both agencies gave Franklin a AAA rating which is the best rating any government can have but what does that really mean? S & P has published its findings on Franklin and I wanted to share some of their comments with you.
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