Ed Day, Rockland County Executive
FOR IMMEDIATE RELEASE
March 5, 2014
Contact: Scott Salotto (845) 638‐5645
NEW CITY, NY -- Rockland County received a low 2.70 percent interest rate for the General Obligation Bond Sale on its $96 million deficit financing bond for the Series 2014A held Tuesday, March 4. The negotiated sale was oversubscribed by four to six times.
There were several prominent bidders including Goldman Sachs, Fidelity, Alliance Bernstein, Putnam Funds, Eaton Vance, T. Rowe Price, Wells Fargo and Federated, indicating strong institutional support of the County's bond offering.
"I am strengthened by the County's successful bond sale at such a low interest rate," said County Executive Day. "Bidding by major Wall Street investment firms clearly demonstrates that our early efforts to restore the County's fiscal stability are being recognized by the market."
The bond offering was aggressively bid and re‐priced to generate a total of $107. 46 million to the County. This difference represents a premium on the County's investment generated by the buyers of $11.46 million. This amount will further enable the County to reduce our deficit fund balance.
The sale validates Rockland County's current responsible management and fiscal stewardship. Said Day, "The successful bond sale is an example of unified governance. My Administration continues to work collaboratively with the Legislature to move our County beyond these difficult fiscal times. We put together an excellent team led by Roosevelt & Cross, Inc., co‐managed Academy Securities and Siebert, Brandford Shank and Company."
Rockland County has historically been one of the most creditworthy counties in New York State. Rockland is home to a well‐diversified, wealthy economic base that provides ample support for its sizable needs. Service requirements are high, reflecting the desires of our people and the mandates imposed by the state.