News Details - County Achieves Lowest-Ever Interest Rate in Recent Bond Sale
Finance Director David Squires reports that the County achieved a historical low interest rate on its recent bond sale.
Roosevelt & Cross purchased the County's $3.150,000 in bonds at an average interest rate of 1.87%. Squires indicated that he was projecting the sale at 2.25% which would have been a record low for the County during the past 20 years.
Squires indicated that the strong 2011 county financial position and affirmation of its AA1 Bond rating by Moody's Investor Service obviously contributed to the strong market acceptance of its recent financing.
The report from Moody’s states:
“The Aa1 rating reflects the county's stable tax base with a sizable tax-exempt component anchored by two large higher education institutions, a historically stable and adequate financial position, and an average debt burden. The stable outlook reflects Moody's expectation that the county's financial position will remain satisfactory due to management's commitment to maintaining financial flexibility at currently adequate levels despite ongoing revenue weakness and growing expenditure pressures.”
The bond issue supports three capital projects: renovations to the Human Services Annex and Recycling and Solid Waste Center, and interior renovations to the Cooperative Extension facility on Willow Avenue.