AAA Bond Rating Saves Taxpayers $977,329
Public Date: March 12, 2010
Contact: Andy Meisner
Phone Number: 248-858-0624
Pontiac, Michigan – Andy Meisner, Oakland County Treasurer, today states the success of the latest bond refunding is a result of Oakland County maintaining it's AAA bond rating with Moody's and Standard & Poor's.
"Moody's and Standard & Poor's affirming Oakland County's Triple A bond rating will save our taxpayers millions of dollars," said Oakland County Treasurer Andy Meisner. "Brooks and his team have a strong record of fiscal management that the ratings agencies really respect. I was very proud to join them in representing Oakland County, and couldn't be happier with the result of our working together."
Since taking office on July 1, 2009 Treasurer Meisner has overseen four successful bond refunding issues totaling a net savings of $1,952,117.
"I am committed to finding ways to save taxpayers dollars," said Mr. Meisner when he proposed bond refunding at a scheduled meeting of the Oakland County Building Authority.
Bond refunding is possible when current interest rates are lower than the rate available at the time the bonds were originally issued. The savings from a lower interest rate must also cover the cost associated with the refunding bonds. Oakland County Bonds, with the AAA rating, attract a lot of interest from bond buyers.