County Bonds Snapped Up. $57 Million Debt Sold. $19M for Roads, $18M for Parks,Golf Courses

WPCNR COUNTY CLARION-LEDGER. From the Westchester County Department of Communications. November 29, 2013:

Westchester County Executive Robert P. Astorino announced that the county’s latest $56.9 million bond issue was one of the most successful ever in terms of demand and price.

“The market is rewarding the county for its careful and prudent fiscal management and this is good news for taxpayers,” Astorino said. “The results are an objective validation that Westchester is on the right track governmentally and financially.”

Westchester, which has the highest credit rating of all the counties in New York State, sold two bond series on Tuesday totaling $56,955,000.

  • The first series of $52,650,000 has a 14-year maturity, had 11 bidders and was won by JP Morgan Securities, who purchased the bonds with a total interest cost to the county of 2.57 percent.
  • The second series of $4,305,000 has an 11-year maturity, had seven bidders and was also won by JP Morgan Securities, who purchased the bonds with a total interest cost to the county of 2.099 percent.

The winning bids for both series were lower than the industry’s index (Municipal Market Data, or MMD) for AAA rated municipal bonds, which indicates the favorable interest rates  received by the county.

“The number of bidders and the fact that our rates are below the MMD index show the strength of the county’s financial position, which translates into lowering the cost of our bond payments,” said Ann Marie Berg, Westchester’s Commissioner of Finance.

The proceeds will be used to finance various capital projects; the two largest being $19 million for road and bridge repairs and $18 million for improvements to parks, recreational facilities and golf courses.

Comments are closed.