Oneida County receives a Low interest rate on Bond sales

on Wednesday, 20 March 2013.

Oneida County received a 2.72 percent interest rate on a 15-year, $14.3 million bond series it sold last week. "We got an absolutely incredible rate," said County Comptroller Joseph J. Timpano.

It’s reported the county was able to get a low rate for several reasons. Foremost, was Moody’s dropping its negative outlook for the county and the outlook is now stable. Other factors include two consecutive budget surpluses and a stable tax base with a manageable debt load.

The county sells off bonds annually to finance its capital projects. This year’s borrowing will be used for items like bridge and highway repairs, and building and airport improvements. Slated for the airport is construction of a building to house customs inspections while the numbers are not final yet, Oneida county projects it will close the books on 2012 with a surplus, perhaps in the range $4 million.