During the first part of 2009 the Township borrowed $7,900,000 in a short term note (one year) with that note to be paid by the sale of General Obligation Bonds during 2010. The monies were being borrowed to purchase three (3) first responder fire pumpers and one (1) Tractor Drawn Aerial Ladder Truck, remodel one Fire Station and build three (3) new fire Stations.  The payment of this debt was made possible by the passage of a Fire Levy in 2008. In order for the Township to borrow these monies it had to receive a credit rating from one of the Credit Rating Agencies.

After considering all of the financial and other information The Standard and Poor’s rating agency gave the Township an AA+ rating. This rating is one step below the top rating of AAA and is the highest rating of any governmental unit in Lucas County. An AA+ rating exemplifies that the entity is stable and that expectations are the Township will continue to be stable.   See pages 8 & 9 of the Standard and Poor’s for a complete explanation of the Rationale of the Rating. A high credit rating such as an AA+ means that the Township can borrow money at a lower interest rate over the life of the bonds