Moody’s Investors Service has reaffirmed Oakland County’s Aaa bond rating with a stable outlook on a project to improve sewage disposal in parts of Southfield and Farmington Hills. The Evergreen and Farmington Sewage Disposal System Capital Improvement Bonds, Series 2018A (General Obligation-Limited Tax) total $8.3 million.
Moody’s cited both Oakland County’s economic growth and sound fiscal management practices in awarding the county its highest credit rating. “Oakland County’s Aaa rating incorporates its large, affluent and growing tax base…. The rating also reflects the county’s very healthy financial position, moderate debt and pension burden, and low fixed costs,” Moody’s said in a press release.
County Executive L. Brooks Patterson said the Aaa bond rating saves taxpayers significant money on financing this and other projects.
“Our aggressive pursuit of companies from outside of Michigan to invest in Oakland County as well as our award-winning budgeting practices are paying off for the taxpayer,” Patterson said. “They will pay the lowest interest rate available on the market to finance a much-needed capital improvement.”
Water Resources Commissioner Jim Nash agreed. “Oakland County’s triple-A rating allows us to complete important projects like these at the lowest possible cost to ratepayers,” Nash said.
The project will consist of the following components:
• Design, easement acquisition, repair and replacement of a collapsed 48-inch diameter sewer with a new 24-inch diameter sewer at Telegraph and Franklin roads in Southfield. The work also includes lining of the existing 48” diameter sewer to extend its service life and cleaning debris from the downstream 48” diameter sewer resulting from the collapse.
• Construction and design of grade protection pump station along with easement acquisition at Eldon St. and Middlebelt Road.
• Design and replacement of the current 8 Mile Sanitary Sewer Pump Station automatic transfer switch.
The sale date for the Evergreen and Farmington Sewage Disposal System Capital Improvement Bonds, Series 2018A is Sept. 6.
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