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ImageTompkins 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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