The City of Philomath will save about $2 million dollars on sewer system upgrades. This is a result of a drop in its Bond Interest rates and the highest possible rating from Wall Street.
Standard and Poor's gave Philomath a very favorable rating, citing the city's low debt and leadership. The higher rating, besides reducing the interest, made the bonds more attractive to buyers.
The Philomath Edward Jones office bought $250,000 in Bonds for local investors.