News Release

 

 

For More Information:

William R. Steinhaus
Dutchess County Executive
(845) 486-2000
countyexec@co.dutchess.ny.us

For Immediate Release

December 11, 2002

STEINHAUS ANNOUNCES SALE OF BOND ANTICIPATION NOTES

Poughkeepsie…County Executive William R. Steinhaus announced the sale of $11.4 million in Dutchess County Bond Anticipation Notes at an interest rate of one point two percent (1.2%).  Bond Anticipation Notes, or BANS, are a means of interim financing in anticipation of a future bond offering. 

The County is able to borrow at low rates because the interest is tax exempt to the purchaser and the County has an excellent rating.  In assigning the highest note rating possible, MIG 1, to the County’s issue, Moody’s Investor’s Service pointed to the County’s strong credit fundamentals, including a sizeable and growing tax base, satisfactory financial position and modest debt burden. 

Activities funded with the notes include $600,000 for the reconstruction of Falcon Hall – part of a recent $13 million county investment in Dutchess Community College facilities.  Also included is approximately $600,000 to construct new hangars at Dutchess County Airport; approximately $190,000 for an area wide communications system at the County Computer Center; and $350,000 for replacement of underground fuel tanks.  $5.4 million is included for construction and reconstruction of county roads including CR 21 Noxon Road/Robinson Lane and CR 41 Crum Elbow Road/Rogers Road.  $1 million is provided for start up costs for the design of the Central Dutchess Water Line, which will bring Hudson River water to East Fishkill and other communities along the line.  $1.8 million is provided for vans for Office for the Aging and Mental Hygiene, Sheriff vehicles and highway equipment, including equipment for snow removal; and $1.3 million is provided for various building improvements including reconstruction of the Beacon Center and roof replacement at the Courthouse Annex and the Highway Administration building.

“The investment community has once again demonstrated its confidence in the strength and diversity of our local economy and in the sound fiscal policies and practices of County government,” commented Steinhaus.

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2002 Press Releases