PRESS RELEASE
January 18, 2013
For Immediate Release
Contact: Tim Schram
Ehlers
800.697.8500
tschram@ehlers-inc.com

S&P Assigns A+ Rating to

Broadview Public Library District
Strong General Fund Reserves

Cited as Bolstering Credit Rating

BROADVIEW, IL, January 18, 2013 - Citing very strong general fund reserves even after accounting for a planned building addition and renovation, the Broadview Public Library District has been affirmed an "A+" rating by Standard & Poor's (S&P). This is the highest rating in S&P's "A" category.

 

In November 2012, voters in the Broadview Public Library District overwhelmingly approved a referendum to expand and renovate the existing library building. Melissa Gardner the Library's Executive Director said "In the current facility we are limited and many of the facility systems are failing. It is difficult for us to add things like computers. The building addition and renovation will allow us to expand our programs and services." The rating by S&P is one of many steps in the Library District's efforts to bring a modern library facility to the residents of Broadview.

 

The Library District will be using $2.5 million from reserves and issued bonds in the amount of $4.1 million to finance the project. Grant funds have been sought and will continue to be pursued. Steve Larson, Financial Advisor with Ehlers, the District's public financial advisor, stated "Interest rates have been at historic-record lows. The Broadview Public Library is benefitting from current trends in the market and from achieving an A+ rating from S&P."

 

The proposed Library facility will offer 21,300 sq. ft. of space. It will include new technology, such as smart boards, self-checkout, an updated computer lab, and a media creation lab. It will also have a dedicated teen space, additional study areas, and meeting rooms. Construction is expected to begin later this year.

 

Katrina Arnold, Chair of the Library Facilities Committee, says "The goal of the Board is for residents of Broadview to walk out their back door to their own state-of-the-art Library and not have to travel to other communities for library service."

About The Broadview Public Library District

The Broadview Public Library District reaches out to the community and enriches people's lives by meeting and exceeding their expectations for library service. Its vision is a center of community pride; brings people together; inspires and empowers their lives; and provides welcoming dependable state-of-the-art services. The Broadview Public Library District serves the entire village of Broadview, Illinois. The Library also participates in resources sharing and reciprocal borrowing through the RAILS library System and SWAN ILS. This means that the library serves many patrons who do not live in Village of Broadview. For more information visit the Library's website at: http://www.broadviewlibrary.org.

 

About Ehlers 

Ehlers, an independent public finance advisory firm for over 50 years, is ranked second nationally in number of competitive sales advised.  (Source: Bloomberg, 212-318-2000. August 14, 2012.) Our goal is to help public sector clients' achieve practical financial solutions at the lowest cost to taxpayers. Our only allegiance is to the communities to which we serve. Our success is the result of established long-term relationships, hard work, and years of experience. Ehlers works with counties, municipalities, townships, school districts, and other governmental units to build better communities through the products and services we offer: Debt Issuance Services, Economic Development and Redevelopment, Financial Planning, and Strategic Communications. Visit http://www.ehlers-inc.com/ for more information.

 

 

# # #

 

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are subject to significant risks and uncertainties that are difficult to predict. These forward-looking statements cover, among other things, statements made about general economic and market conditions, our current deal pipelines, market share gains and trends, the environment and prospects for capital markets transactions and institutional brokerage activity, anticipated financial results (including expectations regarding revenue and expense levels, the compensation ratio, return on shareholders' equity, and our quarterly run rate for non-compensation expenses), liquidity and capital resources, inventory positions, share repurchase plans or other similar matters. These statements involve inherent risks and uncertainties, both known and unknown, and important factors could cause actual results to differ materially from those anticipated or discussed in the forward-looking statements. Forward-looking statements speak only as of the date they are made, and readers are cautioned not to place undue reliance on them. Ehlers undertakes no obligation to update them in light of new information or future events.