For Immediate Release
Wednesday, October 24, 2012
County Bond Sale Nets Record-Low Interest Rate
Atlantic County secured its lowest-ever interest rate on the sale of $9.505 million in general obligation bonds to support new construction at Atlantic Cape Community College's Mays Landing and Atlantic City campuses.
"Our strong financial management and conservative fiscal policies have helped Atlantic County maintain financial stability in spite of the struggling economy. As a result we are able to maintain outstanding credit ratings that translate into lower borrowing costs and significant savings on interest payments," stated County Executive Dennis Levinson. "This bond sale is yet another reflection of Atlantic County’s sound financial condition."
The county accepted a rate of 1.45% from Robert W. Baird & Co., the lowest rate for the ten year bond period among five bidders that also included: Janney Montgomery Scott, PNC Capital, UBS Financial Services and Fidelity Capital.
Five million dollars will be used for the construction of the Hospitality Center at the Charles D. Worthington Atlantic City campus and $4.505 million will be used for the construction of the Science Technology Engineering and Math (STEM) Building.
"Our ability to train and educate our students in math and the sciences will be critical to our ability as a nation to effectively compete in a global economy. By helping to fund and construct ACCC’s STEM building, Atlantic County is not only investing in our citizens but our economic future as well," added Levinson.