Pacific County Receives an A+
Tuesday, June 18, 2013 10:10 am
The County was recently notified that they received a rating grade of “A+”.
“This is a great accomplishment, considering this is the first rating grade for the County,” said Administrative Officer Kathy Spoor in a press release from the County. “This bond rating grade reflects that Pacific County is very well-managed and has excellent financial practices in place for the benefit of our taxpayers.”
According to Chairperson Lisa Ayers, “The higher the rating grade, then the lower the interest cost. We are very pleased and proud to achieve the A+ rating grade”.
County Administrative Officer, Kathy Spoor, reported, “the County is expecting to achieve annual savings of just over $25,000 for the next 16 years, for a total net savings of over $410,000. The Refunding Bonds will be priced on June 13th; at which time the final interest rates are set. The County is timing the sale of the refunding bonds near a historic low in the interest rate market.”
According to a report received from Standard and Poor’s Rating Service, “the A+ bond rating grade was based on the following key factors: 1. Demonstrated track record of strong ending fund balances for the Current Expense Fund and the Road Fund; 2. Small amount of outstanding debt; 3. Sound financial practices; and 4. Experienced management in operating the County in an efficient manner.