Moody’s Investors Service and Standard & Poor’s have reaffirmed Oakland County’s AAA bond rating with a stable outlook for the county’s $15.5 million Building Authority Bonds Series 2015. The bonds will fund the construction of a new Oakland County Animal Control and Pet Adoption Center building on the county’s main government campus in Pontiac.
The AAA bond rating reflects the county’s “very strong management practices, a growing economy, and anticipated maintenance of healthy reserves,” Moody’s said. It will ensure the county pays the lowest interest rate available on the market.
“Over the years, Oakland County has saved its taxpayers millions of dollars in interest costs as a result of its AAA rating,” County Executive L. Brooks Patterson said. “In addition, we are pleased to build a new animal shelter that will be more centrally located for families to adopt pets as well as have modern amenities that will enable Animal Control to maintain their high standards in animal welfare.”
Oakland County Treasurer Andy Meisner said taxpayers will see savings in this latest bond issue.
“Oakland County’s robust financial management continues to pay off with an affirmed AAA bond rating,” Meisner said. “Having the highest possible bond rating saves taxpayer dollars every day.”
Oakland County Animal Control and Pet Adoption Center is currently located on Brown Road in Auburn Hills. The Michigan Humane Society built the Brown Road structure in 1974. The county purchased it in 1981.
The date of the bond sale is today, Nov. 17. The bonds will be backed by the general obligation limited tax (GOLT) pledge of Oakland County.
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