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County Bond Notes Sell at Very Low Interest |
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by Marcia E. Lynch
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Friday, 09 January 2009 |
 Tompkins County's solid bond rating produced benefit, as the County received an excellent result today in its sale of $11.1 million in one-year bond anticipation notes.
The successful bidder was the firm of Roosevelt and Cross, at an effective interest cost of 1.14%, which is believed to be among the lowest for such municipal notes in New York State during 2008.
County Finance Director David Squires says he is very pleased with
the result, as the market for tax-exempt securities has been
substantially affected by the diminishment of firms which handle this
type of securities.
The notes sold underwrite purchase and
related design of the County's new Health Department building; road,
bridge and highway reconstruction; and Tompkins Cortland Community
College improvements as part of the College's master plan.
Tompkins County's municipal bond rating is "Aa2", as determined by
Moody's Investor Service. Such ratings are based upon analysis of four
primary factors related to municipal finance: economy, debt, finances,
and administration/management strategies. An "Aa" rating, as defined by
Moody's, reflects "very strong creditworthiness relative to other US
municipal or tax-exempt issuers or issues." Tompkins County's bond
rating is among the highest in New York State.
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