Moody’s Investors Service reaffirmed Oakland County’s Aaa bond rating with a stable outlook on bonds which will help fund three projects to store excess rainwater in Troy, Bloomfield Hills and Bloomfield Township, County Executive L. Brooks Patterson and Treasurer Andy Meisner announced Wednesday.
The bond rating, which is the highest credit score Moody’s assigns to governments and businesses, is for the $3.7 million Evergreen and Farmington Sewage Disposal Systems North Evergreen Interceptor Bonds, Series 2015. The total project is $9.1 million. Troy and Bloomfield Hills are paying upfront for their portions while Bloomfield Township is bonding.
Moody’s cited Oakland County’s rapid growth in the knowledge-based economy and its multi-year budgeting as among the reasons for issuing the Aaa bond rating. The county just passed its latest budget which is balanced through 2020 and recently topped the $3 billion investment mark in its Emerging Sectors program to diversify the economy with knowledge-based jobs.
“Whether it’s our budgeting practices or our economic development programs, the county’s initiatives are all working together to strengthen our future,” Patterson said. “The Aaa bond rating reflects just how well we are doing.”
Meisner agreed. “Oakland County’s AAA bond rating continues to save taxpayers real dollars and is a testament to the county’s strong finances and management,” he said.
The deadline for bond proposals is 11 a.m. EDT on Sept. 29.
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