|
|
Crookston Times - Crookston, MN
  • Oil boom bites into Williston's credit rating

  • Standard & Poor's Ratings Services says its lowered rating for Williston reflects such things as general fund deficits that could deplete cash reserves and the city's financial challenges related to rapid growth.
    • email print
  •  Leaders in the North Dakota oil patch hub of Williston say they're disappointed by a reduction in the city's credit rating.
    They also say they're committed to managing their debt without putting the burden of the oil boom on local taxpayers.
    Standard & Poor's Ratings Services says its lowered rating for Williston reflects such things as general fund deficits that could deplete cash reserves and the city's financial challenges related to rapid growth.
    It could mean Williston will face higher interest rates on bonds to fund projects such as expansions of the sewage treatment plant and airport.
    City Auditor John Kautzman tells The Forum (http://bit.ly/XKV3ax ) Williston has about $625 million in infrastructure needs but not all projects need to be done immediately. The city hopes for help from the Legislature.

        calendar