New investment policies in Moberly following Mamtek fallout

4 years 9 months 4 weeks ago Tuesday, September 23 2014 Sep 23, 2014 Tuesday, September 23, 2014 2:59:00 PM CDT September 23, 2014 in News
By: Courtney Kiley, KOMU 8 Reporter
loading

MOBERLY - The Moberly City Council approved new financial policies Monday night after fallout from the Mamtek investment caused Moberly's bond rating to take a hit.

Moberly currently has a "B" credit rating after it failed to make bond payments.

The council approved new investment and debt management policies in hopes of returning to an "A" rating in the future. 

"There is no magic pill you can take to restore your credit rating, but there are certainly some steps that the city can take, city administration and council can take, and there are 11 of those which I have identified in that report, this what we have done here knocks off one of them," said Moberly City Manager Andy Morris. 

These policies are a part of a report put together by Piper Jaffray, an investment banking and advisory firm. It outlined the 11 goals Moberly needed to reach. 

Morris says the biggest obstacle the lower bond rating poses for the city is acquiring debt equity for larger projects.

"The ability to secure that kind of financing with our credit rating, when you have other municipals or other governmental institutions that have a higher rating, they're just probably going to stand in line a lot shorter than we are," said Morris. He says specifically the prison has requested to hook up to Moberly's sewer system, but right now that might be too large of a project to undertake. 

So far Morris says Moberly has checked off four of the goals outlined by the consulting firm. He says he hopes to have all the goals checked off by spring. 

Other areas around Mid-Missouri have similar policies in place. 

Fulton's chief financial officer Kathy Holschlag says Fulton has an investment policy in place that helps them avoid risk situations. 

In Jefferson City, Steve Crowell, city administrator says the city follows state regulations and is in the process of consolidating individual policies into one set of financial guidelines. 

Related Stories

More News

Grid
List
BRUNSWICK - Like many others, Chester George and his family were forced from their Brunswick home due to flooding in... More >>
3 hours ago Tuesday, July 23 2019 Jul 23, 2019 Tuesday, July 23, 2019 6:19:00 PM CDT July 23, 2019 in News
HOLT, Mo. (AP) — Authorities are searching for two brothers from Wisconsin who were reported missing after traveling to Missouri.... More >>
3 hours ago Tuesday, July 23 2019 Jul 23, 2019 Tuesday, July 23, 2019 6:10:00 PM CDT July 23, 2019 in News
BOONVILLE - City leaders in Boonville are weighing in on the impact of a new federal grant that will fund... More >>
6 hours ago Tuesday, July 23 2019 Jul 23, 2019 Tuesday, July 23, 2019 3:30:00 PM CDT July 23, 2019 in News
JEFFERSON CITY - The number of missing sex offenders in Missouri went down significantly since last year, according to Missouri... More >>
6 hours ago Tuesday, July 23 2019 Jul 23, 2019 Tuesday, July 23, 2019 3:18:00 PM CDT July 23, 2019 in News
JEFFERSON CITY – A FEMA disaster recovery center will close at 7 p.m. Wednesday and relocate to Osage County on... More >>
8 hours ago Tuesday, July 23 2019 Jul 23, 2019 Tuesday, July 23, 2019 1:04:00 PM CDT July 23, 2019 in News
BOONVILLE - Missouri Department of Corrections spokeswoman Karen Pojmann said three officers were assaulted with an unknown liquid at Boonville... More >>
9 hours ago Tuesday, July 23 2019 Jul 23, 2019 Tuesday, July 23, 2019 11:49:00 AM CDT July 23, 2019 in News
COLUMBIA — Prosecutors charged Ryan Wade Blair, 27, with two counts of assault and endangering a correctional officer. Blair... More >>
1 day ago Monday, July 22 2019 Jul 22, 2019 Monday, July 22, 2019 7:36:00 PM CDT July 22, 2019 in News
COLUMBIA - Local, state and federal agencies will be conducting emergency preparedness exercises at the Hearnes Center on MU's campus... More >>
1 day ago Monday, July 22 2019 Jul 22, 2019 Monday, July 22, 2019 6:59:00 PM CDT July 22, 2019 in News
COLUMBIA - A federal judge sentenced a Columbia man Monday morning for his role in a drug trafficking case. ... More >>
1 day ago Monday, July 22 2019 Jul 22, 2019 Monday, July 22, 2019 5:27:00 PM CDT July 22, 2019 in Continuous News
COLUMBIA - The Missouri Department of Transportation will receive $81.2 million to replace the Rocheport Bridge. The money will... More >>
1 day ago Monday, July 22 2019 Jul 22, 2019 Monday, July 22, 2019 4:36:00 PM CDT July 22, 2019 in News
HOLTS SUMMIT, Mo. — A Chicago man faces criminal charges related to a suspicious package case in Holts Summit. ... More >>
1 day ago Monday, July 22 2019 Jul 22, 2019 Monday, July 22, 2019 4:11:00 PM CDT July 22, 2019 in News
JEFFERSON CITY - A roof collapsed early this morning from too much rain. The apartment complex had a temporary fix... More >>
1 day ago Monday, July 22 2019 Jul 22, 2019 Monday, July 22, 2019 2:59:00 PM CDT July 22, 2019 in News
COLUMBIA - Users of the popular social sharing site Reddit are upset after they say a scammer targeted them--posing as... More >>
1 day ago Monday, July 22 2019 Jul 22, 2019 Monday, July 22, 2019 2:50:00 PM CDT July 22, 2019 in News
MOBERLY - Contaminants stemming from an Orscheln facility may be in Moberly's air and sewers, and the City Council voted... More >>
1 day ago Monday, July 22 2019 Jul 22, 2019 Monday, July 22, 2019 2:12:00 PM CDT July 22, 2019 in News
COLUMBIA, Mo. (AP) — Close to 90,000 children and 23,000 adults have been dropped from Missouri's Medicaid health insurance program... More >>
1 day ago Monday, July 22 2019 Jul 22, 2019 Monday, July 22, 2019 2:03:00 PM CDT July 22, 2019 in News
JEFFERSON CITY - A power outage has caused Lincoln University to close for the rest of Monday. The... More >>
1 day ago Monday, July 22 2019 Jul 22, 2019 Monday, July 22, 2019 11:37:00 AM CDT July 22, 2019 in News
MACKS CREEK — A building in Camden County has collapsed after floodwaters compromised the structure. According to a Facebook... More >>
1 day ago Monday, July 22 2019 Jul 22, 2019 Monday, July 22, 2019 10:28:00 AM CDT July 22, 2019 in News
ESTES PARK, CO. — John Drage doesn’t know how many more miles he’s got left in him. Every step,... More >>
1 day ago Monday, July 22 2019 Jul 22, 2019 Monday, July 22, 2019 9:28:00 AM CDT July 22, 2019 in News
Columbia, MO
Broken Clouds 73°
10pm 69°
11pm 68°
12am 66°
1am 65°