Fitch Ratings last week upgraded the Town of Parker’s HURF bonds — used to pay for major street improvements — from “A-” to “A.”
The Town of Parker borrowed $4 million in 1998 to pay for improvements to streets, sidewalks, curbs and gutters. Highway User Revenue Funds (HURF) have been used to repay the debt over the years, and about $375,000 remains outstanding.
The Town’s debt service reserve fund currently totals about $400,000, which helped lead to the higher rating. According to Fitch, the Town also “continues to maintain solid general fund reserve levels as a percentage of spending, although balances are small due to the size of city’s operations.”