For More Information:
William R. Steinhaus
Dutchess County Executive
Telephone: (845) 486-2000, FAX: (845) 486-2021, firstname.lastname@example.org
August 10, 2001
Steinhaus Announces Sale of County Bonds
Poughkeepsie... Dutchess County Executive William R. Steinhaus announced the sale of $29,850,000 in Dutchess County Bonds at an interest rate of 4.14%. Moody’s Investors Service confirmed the County’s Aa1 bond rating this week, pointing to the County’s improved financial position as evidenced by consecutive budget surpluses, increased liquidity, an adequate general fund balance and a strong sales tax growth. Moody’s Investors Services maintains a “stable outlook on Dutchess County’s outstanding general obligation bonds” based upon expectation of continued stable financial and debt positions and ongoing moderate growth in the County’s economic base. Because of its excellent credit rating, Dutchess County is able to borrow at low rates, saving significant money for the taxpayers.
Mr. Steinhaus commented, “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. We have maintained a high level of sound fiscal health and will continue to be relentless in our quest to achieve the best possible benefits for local taxpayers and businesses.”
Activities funded with bonds include continued expansion of new educational facilities at Dutchess Community College, highway and bridge reconstruction projects, parks improvements, open space preservation, roof replacements and equipment and vehicle purchases, including sheriff’s patrol and County road maintenance vehicles.
“County government faces many financial challenges and new budget obligations. Constant vigilance and re-examination of business practices and a considerable level of political discipline are necessary to maintain our financial position. The assignment of this superior Aa1 bond rating by Moody’s and their confidence in Dutchess County’s future validates our efforts to date, helping to chart our course for the future,” said County Executive Steinhaus.
2001 Press Releases