Vernon improves its credit rating

Moody’s Investors Service has recently upgraded Vernon Township’s credit bonds to Aa3, removing a negative outlook it had stuck the township with in 2017.

The rating lists Vernon’s credit as “high quality” and the township is “low risk.”

“They cite the move to build up the fund balance and they said we used it in the right way by applying to our budget this year,” Vernon Mayor Howard Burrell said. “They said that’s the kind of thing it’s designed for.”

Moody’s also pointed to the fact that Mountain Creek has paid its taxes on time and is consistently paying its sewer debt.

Township Council President Harry Shortway said at the Sept. 14 township council meeting that Mountain Creek, under the leadership of owner Joe Hession, has fulfilled all its sewer obligations for 2020, a total of $2.7M.

“The Mountain Creek team not only works with our community, but is now part of our community,” Shortway said.

Burrell said Moody’s also pointed out the township’s actions to pay down its debt and create a pay-as-you-go system for capital exposures. The township also has foreclosed on vacant lots and tax liens to reduce uncollected taxes.

Shortway, on Monday night, tried to further that effort by calling on the township administration to enforce building codes at the Minerals Resort and not issue and revoke permits until it meets its financial obligations to the township.

Shortway said Minerals owes sewer bills from the first three quarters in 2020, over $133,000 and over $43,000 in back taxes.

“Our community should not tolerate any entity that does not meet its financial obligations and has a history of controversial actions,” Shortway said.