Local news- Press Release
Albany County New York - Albany County Issues $23 . 2 Million of Serial Bonds at 3 . 07% and Maintains AA Rating with a Stable Outlook 07 June 2022 ( news )
Albany County , state New York ( By Press Release office)
Jun 07,2022
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Albany County received tremendous participation from the investment community , attracting 12 bidders for its $23 . 2 million bond issuance – healthy municipal bond sales typically attract only three to five bidders . This investor enthusiasm resulted in a lower - than - expected interest rate for the serial bonds of 3 . 07% , which was better than initial estimates of 3 . 50% , a savings to the taxpayers of approximately $1 . 3 million .
The County maintained its strong credit rating and reputation in the municipal bond market resulting in an impressive savings for its taxpayers . S&P Global Ratings ( S&P ) reaffirmed the County ' s overall long term credit rating as AA with a Stable Outlook even after a pandemic .
Interest rates have been on the rise significantly throughout the first half of 2022 due to several factors , mainly the major shift in monetary policy by the Federal Reserve . The County ' s team worked quickly and diligently to put this deal together to avoid higher interest rates , said County Comptroller Susan Rizzo .
S&P ' s analysis stated that Albany County has good financial management policies and practices , a strong economy , very strong budgetary flexibility and very strong liquidity . The County ' s economic metrics have far outperformed nationwide and statewide averages throughout the pandemic .
Proceeds from the serial bonds will , among other projects , be used to maintain various County roads , complete the construction of a state - of - the - art Emergency 911 Communications Center , maintain various County facilities and invest in various green initiatives .
The local economy continues to strengthen after the economic shock of COVID - 19 . Additionally , there are several ongoing developments that are expected to bring additional jobs and investment to the region . The Comptroller concluded , It is my duty to ensure responsible borrowing at the lowest rates possible . My office will continue to work with the County Executive ' s team to borrow responsibly and pursue opportunities that strengthen the County ' s finances .
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