FOR IMMEDIATE RELEASE
Freeholder Carol Barrett Bellante Albert Kuchinskas
Chair, Finance Committee Chief Financial Officer
County Capital Improvement Bond
Nets Outstanding Rates;
AAA Rating Reaffirmed
June 5, 2012 – Freeholder Carol Barrett Bellante, chair of the County’s Finance Committee, announced today that the County received outstanding rates for its $8.5 million bond sale late last week, underscoring the County’s financial strength.
The County also maintained its AAA bond rating from Standard and Poor’s rating service, she said. This rating is better than that of the State of New Jersey and of the United States of America.
“Our AAA rating means we are in the top 2 percent of all governmental entities in the nation,” Freeholder Barrett Bellante said. “Wall Street recognizes our fiscal strength and financial acumen and has assigned Middlesex County its highest rating.”
The bonds will help the County invest in capital improvements at Middlesex County College, one of the County’s best assets, offering quality, affordable education, job training and career development services. Because the rates received were at historic lows, the County can make this investment at lower costs to Middlesex County taxpayers.
“This is a perfect example of our unwavering commitment to providing quality services to our residents, while at the same time keeping our financial house in top shape,” Freeholder Director Christopher D. Rafano said. “Middlesex County College is a great institution, and this bond sale helps to keep that tradition alive.”
Janney Montgomery Scott won the bid, offering a Net Interest Rate of 2.36 percent. The County’s finance officials projected a Net Interest Rate ranging from 2.50 percent to 2.60 percent.