Standard & Poor’s Global Ratings (S&P) has reaffirmed Oakland County’s AAA bond rating with a stable outlook on a project to improve sewage disposal in parts of Southfield and Farmington Hills. The Evergreen and Farmington Sewage Disposal System Capital Improvement Bonds, Series 2018A (General Obligation-Limited Tax) total $8.3 million.
S&P gave a litany of Oakland County’s strengths in awarding the county its highest credit rating. S&P said Oakland County has a “very strong economy..., very strong management, with strong financial policies and practices..., strong budgetary performance..., very strong budgetary flexibility, with a high available fund balance..., very strong liquidity..., strong debt and contingent liability position..., (and a) strong institutional framework score.”
“I think we’re going to redesign Oakland County’s logo to look like Superman’s ‘S,’ only in this instance it’ll stand for ‘strong,’” County Executive L. Brooks Patterson said. “Oakland County clearly is doing everything right from attracting jobs from outside Michigan to balancing multi-year budgets while maintaining low taxes.”
Water Resources Commissioner Jim Nash said the AAA rating will save taxpayers money on the upcoming project and other projects. “Oakland County’s AAA rating allows us to complete important projects like these at the lowest possible cost to ratepayers,” he said.
The project will consist of the following components:
• Design, easement acquisition, repair and replacement of a collapsed 48-inch diameter sewer with a new 24-inch diameter sewer at Telegraph and Franklin roads in Southfield. The work also includes lining of the existing 48” diameter sewer to extend its service life and cleaning debris from the downstream 48” diameter sewer resulting from the collapse.
• Construction and design of grade protection pump station along with easement acquisition at Eldon St. and Middlebelt Road.
• Design and replacement of the current 8 Mile Sanitary Sewer Pump Station automatic transfer switch.
The sale date for the Evergreen and Farmington Sewage Disposal System Capital Improvement Bonds, Series 2018A is Sept. 6.
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