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Oakland Countys AAA bond rating produces real savings on refunding bonds

Public Date: 8/4/2011 12:00 AM
Contact: Bill Mullan, Media and Communications Officer
Phone Number: 248-858-1048

Pontiac, Michigan -- On the heels of Moody’s Investors Service and Standard and Poor’s reaffirming Oakland County’s AAA bond rating, Piper Jaffray Companies has purchased both Oakland County Building Authority refunding bonds for a total net present value savings of $3.8 million for Oakland County taxpayers, which is a half-million dollars more in savings than previously estimated.

“If the debt ceiling debate in Washington didn’t make it clear why it pays to manage public finances prudently, Oakland County’s AAA rating and the savings taxpayers accrue on these Building Authority bonds do,” said Oakland County Executive L. Brooks Patterson.

The Oakland County Building Authority Refunding Bonds, Series 2011 refunds Series 2001 and Series 2004A. There were a total of eight bidders competing for the purchase of the two refunding bond offers.

For media inquiries only, please contact Bill Mullan, Media and Communications Officer, at (248) 858-1048.