Public Date: April 26, 2010
Contact: Andy Meisner
Phone Number: 248-858-0624
Pontiac, Michigan – After a recent meeting where County Executive Brooks Patterson, his finance team, and County Treasurer Andy Meisner successfully fought to keep Oakland County's AAA bond rating, the newly-affirmed rating got its first test run when the County offered $50 million in tax anticipation notes in a competitive bidding process resulting in an interest rate of less than 1.1%.
"Oakland County's AAA bond rating just saved county taxpayers hundreds of thousands of dollars in interest expense on the delinquent tax notes my office sells each year," said Oakland County Treasurer Andy Meisner. "With less money from Lansing and property values yielding lower tax revenues, this makes a big difference for our bottom line."
Oakland County's AAA bond rating comes from years of prudent fiscal management and governance, with a focus on maintaining a $200 million equity cushion, a 3-year budgeting strategy, and many successes in attracting new jobs and industries to Oakland County.
"This is further evidence that when we work together, we can make great things happen for Oakland County", said Meisner.
The recent sale of $50 million in tax anticipation notes attracted bids from 9 banks and financial institutions from across the country, each attracted to the AAA rating and the County's relatively solid fiscal position. Dickinson Wright and Axe and Ecklund acted as bond counsel on the deal, with MCFI serving as financial advisor. The proceeds of the sale are used to make local governments in Oakland County whole by buying their tax delinquencies and taking over collection responsibilities.