––––––––––––––––––––
Subscribe to the Legal News!
https://legalnews.com/Home/Subscription
Full access to public notices, articles, columns, archives, statistics, calendar and more
Day Pass Only $4.95!
One-County $80/year
Three-County & Full Pass also available
- Posted August 30, 2012
- Tweet This | Share on Facebook
County receives AAA bond rating on Wastewater Treatment Facility sale
Moody's Investors Service and Standard & Poor's both have awarded Oakland County a AAA bond rating on $53,480,000 Oakland County-City of Pontiac Wastewater Treatment Facility Drainage District Bonds, Series 2012A (taxable) and $4,055,000 Oakland County-City of Pontiac Wastewater Treatment Facility Drainage District Bonds, Series 2012B (non-taxable). The bond sales enabled the district to monetize the wastewater treatment facility from the City of Pontiac. Louis Schimmel, Pontiac's emergency financial manager, used the proceeds from the sale to pay down a significant portion of Pontiac's debt and fund the prior year's deficit.
"Because of Brooks Patterson's leadership, Oakland County was able to use its AAA bond rating in a way that helps stabilize City of Pontiac finances," Schimmel said.
"This is a very innovative way of providing up-front cash to a troubled community. State officials, including Governor Snyder and Treasurer Andy Dillon, who had to approve it, were very intrigued," said Oakland County Water Resources Commissioner John McCulloch. "I'm not aware of anywhere else in the state of Michigan where a deal is structured like this."
Standard & Poor's cited County Executive L. Brooks Patterson's economic diversification of Oakland County from a manufacturing-based to a knowledge-based economy and his balanced three-year budget as among the reasons it awarded Oakland County its highest credit rating.
"The 'AAA' rating reflects our view of the county's: Deep and diverse economic base despite a substantial contraction of taxable value due to the economic downturn and job losses in the automobile industry," Standard & Poor's said. It also reflects the county's "robust financial operations with strong management and very strong reserves."
"Because of Brooks' job attraction initiatives such as Emerging Sectors and Medical Main Street and his leadership on the county's balanced three-year budget, Oakland County continues to garner a AAA bond rating," Chief Deputy County Executive Gerald Poisson said.
Moody's and Standard & Poor's also gave a stable outlook to Oakland County. "The stable outlook reflects our expectation that the rating will not change within a two-year horizon," Standard & Poor's said.
Raymond James & Associates, Inc. purchased the Oakland County-City of Pontiac Wastewater Treatment Facility Drainage District Bonds, Series 2012A. Hutchinson, Shockey, Erley & Co. purchased the Oakland County-City of Pontiac Wastewater Treatment Facility Drainage District Bonds, Series 2012B.
Moody's and Standard & Poor's also gave Oakland County a AAA bond rating on $1,975,000 2012 Rochester Hills Water Supply and Sewage Disposal System Refunding Bonds.
Published: Thu, Aug 30, 2012
headlines Oakland County
- Do it all: Attorney turns volunteer work into an art form
- Court of Appeals orders resentencing for armed robbery, assault with intent to murder conviction
- World Justice Project celebrates 15th anniversary
- Local service clubs collect necessities for foster children
- Podcast looks at lawyers’ role in the making and undoing of access to justice crisis
headlines National
- Unbeknownst to corporate lawyer, scammers used her name to file thousands of trademark applications
- Judge accuses high-profile law firms of possible effort to ‘gum up the works’
- Lawyer accused of ‘egregious acts of dishonesty,’ gambling with client cash gets disbarred
- Ex-BigLaw partner hit with prison time, $4.2M restitution order in tax case
- Artificial intelligence in the legal field ‘will lead to an exciting evolution in the ecosystem,’ Airia CEO says
- Florida lawyer says she used trust account funds to avoid becoming homeless