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City earned it’s ‘A’ rating

Posted: September 25, 2012 12:17 p.m.
Updated: September 26, 2012 5:00 a.m.

Recently, you received a letter which discussed the city’s recent announcement of its “A” bond rating. The writer implied that the city’s sound financial position had been accomplished on the back of its utility customers because there is a transfer of money from the utility account to the general account every year in the amount of $2.066 million. The writer implied that this amount came from recent increased utility rates. Yes, there have been recent increases, but that is solely caused by (the) increased cost of the purchase of electricity from Progress Energy because of their increased ...


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