Tags: Government & News & Crime
April 30, 2013FORSYTH COUNTY, Ga. – Moody’s Investors Service has assigned a AAA rating and stable outlook to Forsyth County’s $16.6 million general obligation bonds, series 2013, and the Forsyth County Water and Sewerage Authority’s $27.4 million refunding revenue bonds, series 2013.
According to Moody’s, the assignment of their highest-quality rating reflects the county’s sizeable tax base and diverse economic profile, strong financial performance in recent years and large reserves and manageable debt levels.
The $16.6 million in general obligation bond proceeds represent the remainder of the $100 million parks, recreation and greenspace bond approved by voters in 2008.
The money will be used to fund park and greenspace projects.
The water and sewer bonds will refund bonds from two series of outstanding debt for an expected net present value savings of just under $2 million, with no extension of maturity. This savings, as a percentage of refunded bonds, is 6.91 percent of refunded principal.
“Forsyth County’s financial condition remains strong, as evidenced by receipt of the highest-quality rating by Moody’s on these bond issues,” Forsyth County Chairman Pete Amos said. “The county’s sound financial policies, conservative budgeting and talented staff and legal team all play a role in our financial stability and in achieving this rating.”
– Aldo Nahed