Pontiac, Michigan -- Wall Street cited Oakland County's Emerging Sectors initiative as among the reasons it reaffirms Oakland County's AAA bond rating on $3 million Bloomfield Township CSO Drainage District Bonds and $1.2 million Highland Township Well Water Supply System Bonds.
"We believe that Oakland County will continue its role as an economic and residential base near the Detroit MSA," said Moody's Investor's Service. "The county continues to be proactive in its effort to diversify its tax base through its Emerging Sectors initiative."
Oakland County Executive L. Brooks Patterson said Emerging Sectors is one of several strategies his administration has implemented to ensure the growth of high-paying jobs for decades to come.
"When you add up the success stories from Emerging Sectors with Medical Main Street, Automation Alley, and the Economic Growth Alliance, among others, you will see Oakland County's job retention strategies have created billions of dollars in economic impact and tens of thousands of jobs," Patterson said.
Wall Street also extolled Oakland County's prudent fiscal management and multiyear budgeting practices.
"We believe the 'AAA' rating is justified because of the county's strong financial management, multiyear planning capabilities, record in addressing budget gaps, and strong reserves," said Standard & Poor's Ratings Services.
The Bloomfield Township CSO (Combined Sewer Overflow) Drainage District was established in the 1990s to rehabilitate sewers in the Bloomfield Village, Westchester Village and Oakland Hills subdivisions. In May 2010, the Bloomfield Township Board of Trustees passed a resolution to use drainage district bonds to inspect and rehabilitate the Bloomfield Township CSO drain; clean, televise and evaluate the remaining sewers part of the area served by the drain not previously repaired in the 1990s; evaluate the catch basins and storm sewers located within the roadway of the area served by the drain; and repair any deficiencies to prevent future problems.
The Highland Township Well Water Supply System project interconnects the Northeast and Southwest well water systems via construction of 6500 feet of water main along Harvey Lake and Wardlow Roads. The connection of the two systems eliminates arsenic contamination from an existing well by removing it from service.
The AAA rating will allow the bonds to be issued at the lowest market rates possible, saving taxpayers tens of thousands of dollars over the term of the loan.
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