Ballston Spa, NY - On July 15, 2009, Supervisor Willard Peck (R-Northumberland), Chair of the Saratoga County Board of Supervisors’ Law & Finance Committee, announced the names of the successful bidders for the sale of $23 million in bonds and $23.7 million in Bond Anticipation Notes (BAN). The funds raised from these sales will be used to finance the cost of the reconstruction of the Saratoga County Sewer District No. 1 Sewer System and Wastewater Treatment Plant. Piper Jaffray Co. presented the winning bid for the 30-year bonds with an Effective Net Interest Cost (NIC) Rate of 4.54%; the remaining bids ranged from 4.58% to 4.822%. The Piper Jaffray interest rate will start at 3% for the first year and then be maintained at 4% for the next 14 years. The highest interest rate the issue will see is 4.75%. The short-term BAN winning bid came from TD Securities (USA) LLC. The BAN will be divided into two amounts: $5 million with an effective NIC of .425% and $18.7 million with an effective NIC of .4329%. The remaining bids ranged from .437% to .807%. Peck said that "These low-interest rates will contribute greatly to the success of the Sewer District project. Once again, Saratoga County will be able to provide the highest-quality services to our residents while maintaining the lowest tax rate in the state."
Saratoga County Treasurer Samuel J. Pitcheralle attributed the successful acquisition of these excellent interest rates to the high bond ratings the County received from both Moody’s Investors Service (Bonds: Aa2; Notes: MIG-1) and Standard & Poor’s Ratings Services (Bonds: AA+, Notes: SP-1+). In their ratings, both Moody’s and Standard & Poor noted not only to the strong fiscal management and low debt burden maintained by the County, but also to the economic development seen by the County as it looks to soon welcome GlobalFoundries as one of its major businesses and employers. Pitcheralle said "These interest rates, along with the positive bond ratings, show that the work we are doing to maintain our tradition of excellent fiscal management and conservative policies are the foundation for Saratoga County’s economic strength. I am proud of the strong team we have in place here and remain confident for Saratoga County’s future."
Chairman of the Board of Supervisors Arthur J. Johnson (R-Wilton) said that "While we are mindful of the difficult economic times, today’s news shows that Saratoga County is strong and our future is bright. Our County will continue to be a wonderful place to live, work and raise a family for many years to come."