AAA bond rating means $200,000 in savings!

I am pleased to report that Moody’s and Standard & Poor’s assigned Greenburgh its highest bond rating—AAA!  . S & P announced their decision this morning. Moody’s last week.  This is great news.  The town will save close to $200,000 over the amortization period of the 13.8 million debt (bonds) we are about to sell.   Only 1% of localities around the United States have a AAA bond rating—and we’re proud to be one of them.  I googled cities, towns, villages that have seen their bond ratings decline in 2013.  There are a number of communities that have seen their bond ratings downgraded in recent months. Chicago, thirteen cities going broke, Detroit,Elk Grove, New Haven, Monroe C ounty, etc.. These are difficult times. It feels good to have our credit rating re-affirmed (we’ve only had this high rating for 5 years).  The following is a summary of S & P’s rationale and Moody’s opinion. I have asked that both reports be posted on our town website: WWW.GREENBURGHNY.COMWe will continue to work hard to manage your taxes as efficiently as possible. PAUL FEINER RationaleStandard & Poor's Ratings Services assigned its 'AAA' long-term rating to the town of Greenburgh, New York's series2013A and federally taxable 2013B public improvement (serial) bonds. This action is based on Standard& Poor'srecently released local GO criteria. At the same time, Standard & Poor's affirmed its 'AAA' long-term rating on thetown's outstanding general obligation debt. The outlook on all issues is stable.A pledge of the town's faith, credit, and taxing powers to levy ad valorem property taxes without limitation as to rateor amount secures the bonds. The town intends to use the bond proceeds to fund a variety of repairs, replacementsand acquisitions.The rating reflects our assessment of these factors for the town, specifically its:· Very strong, broad, and diverse economy, with easy access to the New York City metropolitan statistical area;· Strong management;· Very strong budgetary flexibility;· Adequate budgetary performance;· Very strong liquidity;· Strong debt and contingent liability position; and· Strong institutional framework.