Atlantic County government has obtained record low interest rates on $9.5 million in capital improvement bonds following the affirmation of the county’s bond ratings by the nation’s top bond rating agencies.
The bonds were sold at a net interest rate of 1.94% over 10 years and include 2011 general bonds, 2011 county college bonds, and 2011 state aid county college bonds. The general bonds will finance several road improvements and support the construction of the Next Generation Aviation Research and Technology Park. The college bonds will fund the expansion of Atlantic Cape Community College.
In advance of the bond sales, Standard & Poor’s once again affirmed Atlantic County’s AA rating citing strong financial management practices, maintenance of good reserves and low debt burden. Atlantic County has held this rating since 2008. Moody’s Investment Services also affirmed its Aa2 rating for $117 million in general obligation debt that includes the current 2011 issue, based on the county’s stable outlook.