Rockland Touts Strong Response To Bond Notes

Rockland County officials said evidence that the county has started to rebound in the financial bond market is being signaled by the financial community’s interest in its latest note offerings. Officials attributed the popularity of the notes to the “strong fiscal measures taken over the past year.”  Stephen DeGroat, the county commissioner of finance, had said in March that greater interest was being shown in the county’s notes.

“Our Tax Anticipation Notes (TANS), Revenue Anticipation Notes (RANS), and Bond Anticipation Notes (BANS) are being offered at record lows,” said DeGroat on Friday.  “We’re getting 1.50% on TANS and RANS and 1.15% on BANS, with a record number of firms showing interest in our notes. We had 23 buy side analysts from 11 firms including Fidelity Investment that expressed interest in our note sale.  Orders were in excess of three times the available note issue.”

County Executive C. Scott Vanderhoef emphasized that the strong bond sales are positive for Rockland.  

“The County is on the path to financial recovery, and the financial community is clearly recognizing the tough steps we have implemented, including tight spending controls, the negotiation of tough contracts with County unions, and the sale of County-owned buildings,” said Vanderhoef.  “Financial observers are also aware of successful initiatives by the Rockland Economic Development Corporation and the Industrial Development Agency, whose efforts have lured major companies and jobs to Rockland County.”