Rockland Gets Low Interest Rate for $96M Bond Issue to Pay Off Debts

County officials say 2.70 percent rate will help improve financial condition

NEW CITY – Rockland County received a low 2.70 percent interest rate at the sale of its $96 million deficit financing bonds held Tuesday.

“I am strengthened by the County’s successful bond sale at such a low interest rate,” said County Executive Ed Day, R-New City. “Bidding by major Wall Street investment firms clearly demonstrates that our early efforts to restore the County’s fiscal stability are being recognized by the market.”

The negotiated sale was oversubscribed by four to six times.

There were several prominent financial bidders including Goldman Sachs, Fidelity, Alliance Bernstein, Putnam Funds, Eaton Vance, T. Rowe Price, Wells Fargo and Federated, indicating strong institutional support of the county’s bond offering, Day said.