Theres even more good economic news for Rockland this week! The County received an effective interest rate of 2.5 percent on its recent $41 million Public Improvement (Serial) Bonds. This bond issue went out to bid in mid-July. Rockland also received a low 0.88 percent interest rate on its $20 million Revenue Anticipation Note. (RAN - a short-term loan based on the promise of anticipated revenue) On Monday, Moodys announced that Rocklands general obligation bonds were upgraded to Baa2 from Baa3, with the ratings agency citing a significant improvement in the County’s management and budgeting practices. Moodys also changed the outlook on the Baa2 rating to “positive” from “stable.” Similar to having a good credit score, this improved bond rating means the County can get a lower interest rate on its notes and bonds. This equates to a lower tax burden for residents and businesses!
Posted on: Fri, 01 Aug 2014 13:00:01 +0000
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