FOR IMMEDIATE RELEASE
Freeholder Director Ronald G. Rios Albert Kuchinskas, CFO
County Retains Triple A Bond Rating;
Sells Bonds to Complete Needed Improvements
Funds will be used to complete infrastructure projects throughout the County and at the County College and Vocational-Technical Schools
MARCH 15, 2013 – Middlesex County Freeholder Director Ronald G. Rios today announced that the County received excellent rates for bonds it sold to complete needed infrastructure projects throughout the County.
“The excellent rates are a direct result of the County’s Triple A Bond rating, which was once again awarded to the County based on its sound fiscal practices,” said Rios. “The rating means we can complete these necessary projects at lower costs, saving precious tax payer dollars.”
The County sold $40,839,000 of General Obligation Bonds to complete road, bridge and other infrastructure projects throughout the County. It also sold $3.5 million in bonds for projects at Middlesex County College; and $3.1 million in County Vocational-Technical School bonds.
The County received bids from eight financial institutions. The lowest qualified bid was submitted by Citigroup, which offered an effective Net Interest Cost of 2.529 percent. The other bids ranged from 2.594 percent to 2.985 percent.
The successful rates are highly competitive and indicative of the confidence accorded by the financial markets to Middlesex County, recognizing the County’s financial strength, Rios said.