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Malden capital improvement plan delayed

Posted by Matt Byrne  October 16, 2012 09:06 AM

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Malden Mayor Gary Christenson said the unveiling of a three-year, multimillion-dollar capital improvement plan will be delayed until November because the city is wrangling with a credit rating agency in an attempt to upgrade its borrowing capability.

The plan was supposed to be ready by October at the latest, Christenson had said. Credit rating agency Moody's is expected to meet with the city next month, the second interview before the New York-based company sets the interest rate at which the city will be able to borrow money.

Christenson said the agency is waiting for the city to set its property tax rate, ratify internal financial rules, and set a free cash policy, among other details it had requested in an initial meeting in September.

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