County's Aaa bond rating produces savings

On the heels of Moody's Investors Service and Standard & Poor's reaffirming Oakland County's Aaa bond rating, Piper Jaffray Companies has purchased both Oakland County Building Authority refunding bonds for a total net present value savings of $3.8 million for Oakland County taxpayers, which is a half-million dollars more in savings than previously estimated. "If the debt ceiling debate in Washington didn't make it clear why it pays to manage public finances prudently, Oakland County's Aaa rating and the savings taxpayers accrue on these Building Authority bonds do," said Oakland County Executive L. Brooks Patterson. The Oakland County Building Authority Refunding Bonds, Series 2011 refunds Series 2001 and Series 2004A. There were a total of eight bidders competing for the purchase of the two refunding bond offers. Published: Mon, Aug 8, 2011