FOR IMMEDIATE RELEASE
Deputy Freeholder Director Christopher D. Rafano
Chair, Administration and Finance Committee
Chief Financial Officer
Middlesex County Sells Bonds;
Excellent Rates Received
JANUARY 23, 2009 – Deputy Freeholder Director Christopher D. Rafano, chair of the County’s Administration and Finance Committee, announced today that Middlesex County has sold $44.027 million in General Obligation Bonds.
The County received bids on the bonds from five financial institutions. The lowest qualified bid received was submitted by UBS Financial Services, which offered a Net Interest Rate of 3.67 percent. The other four bids ranged from 3.68 percent to 3.85 percent. County finance officials and advisors had initially projected a Net Interest Rate on the bonds ranging from 4.2 percent to 4.5 percent.
The $44.027 million in bonds consisted of $22 million in General Improvement Bonds to be used for projects throughout the County; $13 million for improvements at Middlesex County College; and $9.027 million for the long-term care facility redevelopment project in Old Bridge and the completion of the Family Courthouse redevelopment project in New Brunswick.
“The successful rates are highly competitive and are indicative of the confidence accorded by the financial markets to Middlesex County, recognizing the County’s financial strength,” Rafano said.