USA > Massachusetts > Middlesex County > Lincoln > Town Report on Lincoln 1960-1962 > Part 15
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1961 Program: The following projects are planned by the
Selectmen in their program of accelerated capital improvement of the Town's highway system:
Project
1961 Cost
Drainage project at South Lincoln commercial area $6,000.00
Lexington Road (one half to be completed in 1961) 6,000.00 Weston Road (one half to be com- pleted in 1961) 7,500.00
Sandy Pond Road (regrading and
partial relocation of 1600 feet
west from Fleck's corner
14,000.00
Baker Bridge Road (Sandy Pond Road south to rock)
5,280.00
Bedford Road (Route 2 south to bottom of hill)
2,500.00
Annual capital improvement maintenance 10,000.00
Total 1961 Highway Capital Expenditures
$51,280.00
22
1961 Cost
Equipment : Pickup Truck $2,000.00 Road Sweeper 9,000.00 $11,000.00
Although some indecision again exists regarding the manner in which the funds will be raised for this program, the Select- men feel that it will again be possible to use "Free Cash" and the tax levy and thus avoid borrowing.
For 1962, the Selectmen estimate that the figure of $50, 000 will be required, said figure to include the completion of the Lexington and Bedford Road projects ($13,500), annual capital improvement maintenance of $10,000 and the normal equip- ment replacement figure of $6,000. It is hoped that the annual capital outlay for highways can be cut back to $40,000 for the period 1963 to 1966, and further reduced to the annual figure of $30,000 for the five year period 1967 to 1971.
Plans again call for the hopeful accumulation of Chapter 90 funds from the County and the State to allow for the eventual reconstruction of Route 126 from 117 south to the Wayland line.
LIBRARY DEPARTMENT
The Trustees of the Lincoln Library plan a continuing pro- gram of modest proportions to make capital improvements. A modernization of the basement under the original section of the library will be started in 1961 with an expenditure of $2,000, with the balance of this program earmarked for 1965 at an esti- mated cost of $18,000. The installation of a septic tank system in 1961 at $1,000, a $3,500 book elevator for 1964, and repair and improvement of the tower roof in the 1967/1971 period at a cost of $3,000 are also included in their schedule. Dependent upon the Town's needs, the Trustees have included a tentative figure of $20,000 for the completion of the basement room under the library addition. This would also take place in the six to eleven year period.
The Trustees are to be commended for a very detailed and thoughtful future capital needs program. Although small in re- lation to other town departments, their example can well set the pace for planning in other areas of town government.
POLICE DEPARTMENT
No capital expenditures are anticipated for this department in 1961 or the ten year period following. The replacement of police cruisers on an annual basis has not been considered a capital item and is therefore not included in the budgeting.
23
FIRE DEPARTMENT
No capital expenditures are anticipated for this department in 1961. A figure of $15,000 for fire engine replacement is included for 1965 and $50,000 for the construction of a Fire Sub-Station in the North Lincoln area has been figured for 1966.
RECREATION COMMITTEE
The Recreation Committee has no plans for programs in- volving capital expenditures in 1961 and has formulated no definite program beyond that date. Plans under consideration and study at the present time include the development of addi- tional playground areas and the development of swimming and boating areas in the Town. The Recreation Committee's Sub- Committee on Aquatics has completed its study with the conclusion that the financing and development of water facilities should be under the direction of private agencies and that no public funds be expended. An area of this type presently under development is the Pond Trust on Conant Road.
SCHOOLS
Lincoln - Kindergarten through Eighth Grade
The School Committee, faced with normal growth, possible sudden expansion at Hanscom Air Base, and the consideration of further regionalization with Sudbury is in a position of present- ly not knowing which way to turn with respect to their building program. Omitting the Hanscom and regionalization problems and thinking only of the Lincoln schools, it seems that more school building space will definitely be required by the fall of 1963. The sum of $350,000 is considered by the School Committee as a likely amount for this phase of the building program. Most of this expenditure would take place in 1963 and would be financed by a combination of funds from the Stabilization Fund, State Aid, and a bond issue. The feeling of the School Committee is, that regardless of what arises, whether it be Hanscom expansion, further regionalization, or only Lincoln growth, this amount would cover all the possibilities with which the Town might be confronted. In order for the Committee to move ahead for 1963, $5,000 will be asked for in 1961 for a School Building Committee to proceed with planning.
The school situation is such that capital expenditures can- not be set up on a hard and fast schedule by years but must be governed by the enrollment growth. Decisions on the above men- tioned problems are expected to come in the near future and may clarify the capital requirements situation to a greater extent.
24
SCHOOLS - Continued
Lincoln-Sudbury Regional School District - Grades Nine through Twelve
The amount of $215,000 listed for capital expenditure in 1961 represents the balance of Lincoln's share of the additions to the Regional High School now under construction. The Dis- trict issued $1,000,000, 20 year bonds in 1960, and of this approximately $387,000 was spent during the calendar year.
The Regional School Committee estimates that the District will require a capital expenditure of $1,500,000 in 1964 for the construction of the third and final stage of construction of the present school plant. Of this amount, Lincoln's estimated share is expected to be 30%.
WATER DEPARTMENT
The Water Department appears to have no organized capital outlay program. It was pointed out in this Committee's 1960 report that the difficulty of planning long in advance is recog- nized but that it was hoped that the program of regular main re- placement on an organized basis would be resumed. However, there seems to be no effort to resolve this situation.
For 1961 and for the period 1962 through 1971, the figure of $15,000 is included annually for the spot replacement of mains and for purchase of equipment although no specific program has been outlined by the department.
With regard to 1961, some confusion seems to exist about which capital programs the department will undertake. The announced intention of laying a main under the 1600 feet of Sandy Pond Road during its reconstruction has apparently been abandoned in favor of a project on Virginia Road where existing 4-inch mains would be replaced with 8-inch pipe at a cost of $12,000, financed by a three or four year borrowing. To further add to the confusion, it might be noted that it has heretofore been the town's policy to extend no water mains other than at the expense of a developer.
For equipment, the department contemplates asking the annual town meeting to approve the 1961 purchase of a front-end loader costing $4,000. This would be used for back-filling, lifting of pipe and other related work for a very limited number of work days in the year. Considering this infrequent use, the high cost of operation and the availability of similar town-owned equipment, the Long-Term Capital Requirements Committee cannot see the justification of this purchase without the presence of more convincing information from the Commissioners.
An additional item for 1961 will be the request for $5,000 to finance test drilling in the Town for additional water sources.
25
It can be expected that a program of capital expenditures for the development of additional water sources will result if this drilling program is successful. Further comment will be made on this subject in the 1962 report.
Looking to 1962, the Water Department will request approval of a Town bond issue of $120,000 to finance a new intake and a 1500-gallon pump at Sandy Pond, and the laying of 6500 feet of 20-inch main from this new intake to the Town Reservoir. This project was formerly carried in the 1965/1969 period but has been moved up by the Commissioners to meet needs foreseen by them.
Assuming the failure of locating additional water sources locally, the sum of $600,000 has been included in the 1967/1971 period as representative of the cost of joining the Metropolitan District Commission Water System. This would necessitate the laying of mains, a pumping station, and other related facilities, plus the prospects of higher annual water costs, and thus higher water rates to the consumer.
TABLE 5
Long Term Capital Requirements Committee - 1961 Report
General Statistics - 1948 through 1960
Year
Real & Pers. Prop. Ass. Valuation (1)
Town Tax Rate
Town Debt (At Year End)
Town Tax Levy
1948
$3,926,350.
$38.00
$ 330,000.
$150,545.
1949
4,172,008.
40.00
311,000.
168,234.
1950
4,564,673.
40.00
292,000.
183,968.
1951
5,059,518.
44.00
608,000.
224,107.
1952
5,217,165.
45.00
571,000.
235,065.
1953
5,498,547.
48.00
543,500.
263,930.
1954
5,867,201.
48.00
503,500.
281,625.
1955
6,253,315.
54.00
463,500.
337,679.
1956
6,617,270.
58.00
473,500.
354,494.
1957
7,248,630.
68.00
1,007,000.
492,906.
1958
7,718,935.
75.00
1,046,000.
578,920.
1959
8,253,962.
83.00
1,210,000.
685,079.
1960
8,437,218.
94.00
1,119,000.
784,772.
(1)
It is estimated that assessed valuations of real estate are approximately 30-35% of market values.
26
TABLE 6 Long-Term Capital Requirements Committee - 1961 Supplement
SCHEDULE OF LINCOLN DEBT SERVICE
Schedule Includes Principal and Interest Payments on all Serial Loans Issued by the Town of Lincoln from 1948 to 1960
Lincoln Schools
General Government
Water
Year
Principal
Interest
Principal
Interest
Principal
Interest
1948
No Debt Outstanding December 31,
1948.
All prior loans paid.
1949
(A&B) $ 15,000.00
$ 5,075.00
$ 4,000.00
$ 700.00
1950
15,000.00
4,812.50
4,000.00
630.00
1951
15,000.00
4,550.00
4,000.00
560.00
1952
(C)
33,000.00
10,150.25
4,000.00
490.00
1953
33,000.00
9,572.50
4,000.00
420.00
1954
(D)
33,000.00
8,995.00
4,000.00
350.00
$ 1,000.00
$ 96.25
1955
33,000.00
8,417.50
4,000.00
280.00
1,000.00
68.75
1956
33,000.00
7,840.00
4,000.00
210.00
1,000.00
41.25
1957
(E)
32,000.00
7,362.50
4,000.00
140.00
5,500.00
1,388.75
1958
(F&G)
57,000.00
23,702.50
9,000.00
3,670.00
5,000.00
1,237.50
1959
(H& I )
56,000.00
22,342.50
10,000.00
4,920.00
10,000.00
2,350.00
1960
( J)
71,000.00
29,780.00
10,000.00
4,615.00
10,000.00
2,087.50
1961
71,000.00
27,782.50
10,000.00
4,310.00
10,000.00
1,825.00
1962
70,000.00
25,785.00
10,000.00
4,005.00
10,000.00
1,562.50
1963
70,000.00
23,805.00
10,000.00
3,700.00
10,000.00
1,300.00
1964
70,000.00
21,825.00
10,000.00
3,395.00
10,000.00
1,037.50
1965
70,000.00
19,845.00
10,000.00
3,090.00
10,000.00
775.00
1966
70,000.00
17,865.00
10,000.00
2,785.00
10,000.00
512.50
1967
70,000.00
15,885.00
10,000.00
2,480.00
5,000.00
250.00
1968
65,000.00
13,905.00
10,000.00
2,175.00
5,000.00
125.00
1969
51,000.00
12,110.00
10,000.00
1,870.00
1970
51,000.00
10,560.00
10,000.00
1,565.00
1971
51,000.00
9,010.00
5,000.00
1,260.00
1972
35,000.00
7,460.00
5,000.00
1,080.00
1973
30,000.00
6,190.00
5,000.00
900.00
1974
30,000.00
5,100.00
5,000.00
720.00
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TABLE 6, Continued
Lincoln Schools
General Government
Year
Principal
Interest
Principal
Interest
Principal
Water Interest
1975
$ 30,000.00
$ 4,010.00
$ 5,000.00
$ 540.00
1976
30,000.00
2,920.00
5,000.00
360.00
1977
30,000.00
1,830.00
5,000.00
180.00
1978
10,000.00
740.00
1979
10,000.00
370.00
TOTALS :
$1,340,000.00
$369,597.75
$200,000.00
$51,400.00
$103,500.00
$14,657.50
A - $290,000. 1.75%
20-year loan
issued 12/1/48 for financing of Smith School.
B - $ 40,000.
1.75% 10-year
1. 75% 15-year loans
loan issued 12/1/48 for financing of Highway Equipment Garage. issued 12/1/51 for financing of Smith School Addition.
D - $ 3,500.
2.75% 4-year loan issued 11/1/53 for financing of water main construction.
E - $ 50,000.
2.75% 10-year loan issued 10/1/56 for financing of water main construction.
F - $475,000.
3.60% 20-year
loans issued 10/1/57 for financing of Hartwell School.
G - $100,000.
3.60% 20-year
loan
issued 10/1/57 for financing of Police and Fire Station.
H
- $ 60,000. 2.50% 12-year
loan issued 8/1/58 for financing of Library Addition.
I - $ 50,000. 2.50% 10-year
loan issued 8/1/58 for financing of water main construction.
J - $240,000. 3.70% 20-year
loan
issued 11/1/59 for financing of Hartwell School Addition.
A - J - $1,643,500.
In loans issued from 1948 to 1960.
28
C
$335,000.
Long-Term Capital Requirements Committee - 1961 Report
Supplement
STUDY OF DEBT SERVICE
As a supplement to our 1961 report, the Long-Term Capital Requirements Committee has undertaken a study of the debt service of the Town resulting from the issuance of serial loans since 1948, both by the Town and by the Regional School District. For the latter, we have directed our attention mainly to Lincoln's share of this debt service.
For sake of clarification, "debt service" is assumed to mean the principal and interest payments made each year resulting from loans issued to finance capital projects. In most cases, these loans are usually issued in the form of coupon bonds with annual principal payments and semi-annual interest payments for a specified period of time, referred to as the life of the loan, until all principal payments have been made.
Attention is first directed to the debt of the Town, followed by a brief look at the District's, and concluded by comments on the combined effect of both upon the Town.
TOWN OF LINCOLN DEBT SERVICE
Debt Issued : Since 1948, the Town of Lincoln has issued $1, 643, 500. in serial loans to finance capital projects in the Town. Of this amount, $1,119,000. was outstanding on December 31, 1960. As shown in Table 6, the majority of this borrowing took place in 1949, 1957, and 1959, when the major phases of the Town's school plant were constructed. Of the total debt issued, 81.5% has been for schools, 6.3% for water projects, 6.1% for the Police and Fire Station, 3.7% for the Library Addition, and the balance of 2.4% to finance the Highway Department Garage. At the 1960 year end, only the debt for the Garage had been com- pletely paid off.
Town Debt Outstanding: With no Town debt issued in 1960, the outstanding debt was reduced by principal payments of $91,000 and interest payments of $36,482.50 made during the year.
Principal
Interest
Town Debt Outstanding - 12/31/59
$1,210,000.00
$608,782.50
1960 Payments - 91,000.00 -36,482.50
Town Debt Outstanding - 12/31/60
$1,119,000.00
$572,300.00
Payments to be made in 1961 $ 91,000.00 $ 33,917.50
Annual Debt Service: Because most Town borrowings have been for periods of twenty years, no appreciable reduction in the annual principal payments will take place until 1966. As illus- trated in Table 6, these total annual payments are stabilized at
29
the ninety thousand dollar level for the next six years. With the strong likelihood that additional debt will be issued during this period for schools and water, this annual principal payment level will increase to well over the one hundred thousand dollar level . Interest payments made annually will also increase sub- stantially as a result of issuing more debt.
30
TABLE 7 Long-Term Capital Requirements Committee - 1961 Supplement SCHEDULE OF NET TOWN DEBT SERVICE TO BE RAISED FROM LOCAL TAXATION
A
C
D
Year
Prin. & Int.
Prin. & Int.
Town Tax Levy
1949
$ 24,775.00
$ 5,044.69
$ None
$ 19,730.31
1950
24,442.50
5,044.69
None
19,397.81
1951
24,110.00
5,044.69
None
19,065.31
1952
47,640.25
5,044.69
None
42,595.56
1953
46,992.50
10,516.91
None
36,475.59
1954
47,441.25
10,516.91
1,096.25
35,828.09
1955
46,766.25
17,873.03
1,068.75
27,824.47
1956
46,091.25
17,873.03
1,041.25
27,176.97
1957
50,391.25
17,873.03
6,888.75
25,629.47
1958
99,610.00
26,668.50
6,237.50
66,704.00
1959
105,612.50
25,190.84
12,350.00
68,071.66
1960
127,482.50
24,187.88
12,087.50
91,207.12
1961
124,917.50
24,187.88
11,825.00
88,904.62
1962
121,352.50
24,187.88
11,562.50
85,602.12
1963
118,805.00
24,187.88
11,300.00
83,317.12
1964
116,257.50
24,187.88
11,027.50
81,032.12
1965
113,710.00
24,187.88
10,775.00
78,747.12
1966
111,162.50
24,187.88
10,512.50
76,462.12
1967
103,615.00
24,187.88
5,250.00
74,177.12
1968
96,205.00
24,187.88
5,125.00
66,892.12
1969
74,980.00
19,143.19
None
55,836.81
1970
73,125.00
19,143.19
None
53,981.81
1971
66,270.00
19,143.19
None
47,126.81
1972
48,540.00
13,670.97
None
34,869.03
1973
42,090.00
13,670.97
None
28,419.03
1974
40,820.00
13,670.97
None
27,149.03
1975
39,550.00
13,670.97
None
25,879.03
1976
38,280.00
13,670.97
None
24,609.03
1977
37,010.00
13,670.97
None
23,339.03
1978
10,740.00
4,875.50
None
5,864.50
1979
10,370.00
4,875.50
None
5,494.50
TOTALS
$513,588.32 $118,157.50 $1,447,409.43 - $2,079,155,25
A - Total Town Debt Service includes all principal and interest payments on loans issued by the Town of Lincoln from 1948 to 1960.
B - Deductable State School Construction Aid paid to the Town Annually represents the estimated payments made to the Town by the Massachusetts State School Building Assistance Commission on the basis of approved grants for school construction in the Town . Approved grants are paid to the Town in substantially equal installments over the life of the loans issued to finance the projects.
31
Total Town Debt Service
B Deductable State School Cons. Aid (Est.) Paid to Town Annually
Deductable
Net Town Debt
Service - To
Water Util. Debt Serv.
Be Raised From
C - Deductable Water Utility Debt Service includes all principal and interest payments on water loans issued by the Town of Lincoln from 1948 to 1960. Since this debt service is paid from water department revenues, it is not normally included in the net debt of the Town.
D - Net Town Debt Service results from the subtraction of amounts appearing in columns B and C from Column A, the Total Town Debt Service.
32
TABLE 8 Long-Term Capital Requirements Committee - 1961 Supplement
TOWN OF LINCOLN'S SHARE OF LINCOLN-SUDBURY REGIONAL SCHOOL DISTRICT NET DEBT SERVICE
Schedule Includes Principal and Interest Payments on all Serial Loans Issued by the Regional School District Since its Formation in 1954
Annual State
Total
Debt
Service
School Construction Aid (Estimated)
District Net Debt Service
%
Approximate Apportionment Lincoln's Share
1955
(A&B) $
None
$ 1,100.00
$
None
$
1,100.00
40.00%
$ 440.00
1956
80,000.00
35,745.00
31,881.00
83,864.00
41.36%
34,686.15
1957
80,000.00
33,835.00
31,881.00
81,954.00
37.51%
30,740.95
1958
80,000.00
31,925.00
31,881.00
80,044.00
35.44%
28,367.59
1959
80,000.00
30,015.00
31,881.00
78,134.00
35.92%
28,065.73
1960
(C)
75,000.00
46,605.00
31,881.00
89,724.00
35.10%
31,493.12
1961
125,000.00
62,390.00
62,951.00
124,439.00
33.00%
41,064.87
1962
125,000.00
58,750.00
62,951.00
120,799.00
30.00%
36,239.70
1963
125,000.00
55,110.00
62,951.00
117,159.00
31.00%
36,319.29
1964
125,000.00
51,470.00
62,951.00
113,519.00
30.00%
34,055.70
1965
125,000.00
47,830.00
62,951.00
109,879.00
27.50%
30,216.72
1966
125,000.00
44,190.00
62,951.00
106,239.00
25.00%
26,559.75
1967
125,000.00
40,550.00
62,951.00
102,599.00
22.50%
23,084.77
1968
125,000.00
36,910.00
62,951.00
98,959.00
20.00%
19,791.80
1969
125,000.00
33,270.00
62,951.00
95,319.00
20.00%
19,063.80
1970
125,000.00
29,630.00
62,951.00
91,679.00
20.00%
18,335.80
1971
125,000.00
25,990.00
62,951.00
88,039.00
20.00%
17,607.80
1972
125,000.00
22,350.00
62,951.00
84,399.00
20.00%
16,879.80
1973
125,000.00
18,710.00
62,951.00
80,759.00
20.00%
16,151.80
1974
125,000.00
15,070.00
62,951.00
77,119.00
20.00%
15,423.80
1975
105,000.00
11,430.00
62,951.00
53,479.00
20.00%
10,695.80
1976
50,000.00
8,325.00
31,070.00
27,255.00
20.00%
5,451.00
1977
50,000.00
6,475.00
31,070.00
25,405.00
20.00%
5,081.00
1978
50,000.00
4,625.00
31,070.00
23,555.00
20.00%
4,711.00
1979
50,000.00
2,775.00
31,070.00
21,705.00
20.00%
4,341.00
1980
50,000.00
925.00
31,070.00
19,855.00
20.00%
3,971.00
TOTALS
$2,500,000.00
$756,000.00
$1,259, 020.00
$1,996, 980.00
---
$538,839.74
Year
Principal
Interest
33
The Lincoln-Sudbury Regional School District was formed in 1954 and since that time has issued the following loans for con- struction of the High School and Additions to it:
A - $ 100,000. 2.20% 20-year loan issued 5/1/55 for partial financing of original High School.
B 1,400,000. 2. 40% 19 and 20-years issued 11/1/55 for financing of High School.
C -
1,000,000. 3.70% 20-year loan issued 5/1/60 for financing of additions to the High School.
Under the agreement adopted by the Towns of Lincoln and Sudbury, construction costs, including debt service, are ap- portioned to the two towns on the basis of an apportionment ratio based primarily on the ratio of pupils receiving education at the two towns' or regional district's expense to the total number of high school pupils in both towns. Due to the in- creasing population growth in Sudbury compared to Lincoln's, the apportionment ratio has been constantly shifting since the original 60% for Sudbury and 40% for Lincoln at the time of the District formation. The ratios listed for the years 1961 through 1980 are only estimates, and assume a leveling off of the ratio at approximately 80% / 20% from 1968 on.
34
From a long-range outlook, it might be well to consider the shortening of the debt repayment period by issuing new loans for shorter periods of time. While initially causing larger princi- pal and interest payments, this policy would allow for the early payment of all debt rather than stretching it out for the maximum term allowable under the law. In addition, selling bond issues for ten and fifteen year periods has a two-fold advantage in that they receive lower interest rates and thus a lower over-all in- terest cost.
The annual debt service of the Town, with the exception of debt issued for water projects, is not included in the annual budgets of the various departments responsible for the financing. To visualize the total costs of providing the various services, the related departmental debt service should be added to their respective budgets. In 1960, for instance, the following amounts representing the 1960 debt services should be included :
School - Police -
$100, 780.00 $ 4,120.00 (ł of total) ( for building)
Library -
$ 6,375.00
Fire -
$ 4,120.00 ( } of total ) ( for building)
Net Town Debt Service: Taxpayers do not feel the full effect of paying the annual debt service as shown in Column A of Table 7. Certain debt service can be considered deductable, and, in addition, certain funds are received each year which can be applied to the debt service.
Funds for the payment of principal and interest on water debt each year are obtained from water revenues paid by the users and are thus not obtained from the local tax levy. Because of this, water debt service is normally deducted in arriving at the net debt service, the amount which is actually reflected in the tax rate.
In addition, "state aid" for the construction of local schools can also be applied to the school debt service. At the time of constructing each of the existing schools built since 1947, the School Building Assistance Commission of the Common- wealth of Massachusetts approved construction grants for these schools. In most cases, these grants are paid to the Town in substantially equal installments over the lives of the loans issued for the school construction financing. Table 8 indicates the approximate amounts due from the State as the balance due on the approved grants. These grants can be applied and are in- tended to be applied toward the payment of school debt service and thus serve as a further reduction in arriving at the town's net debt service.
In effect, the net debt service is the base amount which must be raised by local taxation. This final amount for each year is shown in Column D of Table 7. It should be remembered that while the Table shows a constantly declining schedule of
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debt service, the issuance of new debt will result in an in- crease and a new level of debt payment. The net debt service does show that the recent sharp increases in the tax rate have not been attributable as much to capital expenditures and debt service as they have been to annual operating budgets of the Town departments. The 1960 net debt service represented ap- proximately $11.00 of the $94.00 rate.
LINCOLN-SUDBURY REGIONAL SCHOOL DISTRICT - DEBT SERVICE
With the establishment of a separate district to provide high school education in the two towns, debt service resulting from borrowings to finance school construction is not legally considered debt of the member Towns belonging to the District. Under terms of the agreement establishing the District, however, each Town is assessed annually for their share of the district's operating and capital costs, including debt service. In addi- tion, it might be noted that investors, rating agencies, and others interested in the Town's credit, look closely at this share of the debt service and include it as though it were actually issued by the Town. Outstanding debt of Lincoln, Sudbury, and that of the Lincoln-Sudbury Regional School Dis- trict are all rated "A" by Moody's Investor's Service, one of the major municipal bond rating agencies.
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