County Awarded Highest Bond Rating

County Auditor-Controller Tom Mahon said Wednesday that county government has received the highest Standard & Poor’s rating possible for an $85-million debt issue to cover county expenses through the next fiscal year.

The SP1+ rating from the bond-rating agency follows a similar top rating from Moody’s Investors Service last week. The stellar bond rating makes it cheaper for the county to borrow money.

With property tax income doled out to local government in two chunks each December and April, government officials borrow money through what are called tax and revenue anticipation notes to provide a consistent flow of cash through the fiscal year.

The bond ratings are important for the county to secure the lowest possible interest rates, Mahon said.

“Revenue receipts are not consistent across the year,” Mahon said. “They vary. What this [debt-issue] does is it enables us to be sure we have the cash. And it’s all paid off by the end of the year.”