.
News Alert
Manchester Man Found Guilty In Death Of Point…

Freeholders Tout County's Triple A Bond Rating

Rating will allow county to refinances bonds at a cheaper rate, save money on debt service

Thanks to what it called conservative financial moves and careful planning, the Ocean County Board of Freeholders announced the county will be refinancing about $30 million in bonds, with a savings projected at possibly more than $2 million in interest payments.

In 2011, the county's fiscal practices were rated by Moody's Investors Service and by Fitch Ratings, and at that time given a Triple A rating but with a negative outlook as to whether they would retain that status, Freeholder Deputy Director John A. Bartlett said at Wednesday's meeting of the freeholders at the Ocean County Administration Building in Toms River.

A Triple A bond rating is the top rating a government entity can receive, and reflects what the bond raiting agencies view as demonstrating the strongest creditworthiness.

The negative outlook, Bartlett said, was the result of the county tapping into its surplus to cover part of the budget as a result of the country's ongoing economic issues.

"Our surplus went from $55 million to $34 million," Bartlett said, noting that many in the community had urged the county to spend more of its surplus. "Had we spent more we would have lost our Triple A rating."

In the year since, the freeholders put a priority on maintaining the Triple A status, and while Moody's gave the county a Triple A with a negative outlook again, Fitch upgraded the county to Triple A with a stable outlook.

A Triple A rating with a stable outlook is the very best it can receive. That rating is why the county is issuing refunding bonds -- which pay off the current debt, and refinance it at a lower interest rates.

"In real terms we are borrowing $28 million and paying off $29 million, reducing the county's debt by $1 million," Bartlett said.

Freeholder Joseph H. Vicari said the rating reflects the county's discipline.

"We've controlled spending and we've protected core programs," Vicari said. "We've said something no one wants to hear: No. If we don't have it, we don't do it."

Also at the freeholders meeting:

-- Vicari said that for the first time in years, officials from JCP&L refused to meet with the freeholders before the summer season. 

"Every May we meet to go over issues," Vicari said. This year, "JCP&L refused to come before this board." He attributed it to last summer in the wake of where his demands for answers on timetables regarding power restoration were not met. But Vicari noted there have been other power disturbances in previous summers that were unrelated to storms.

"We have to prevent these power disturbances," he said. "Electric is essential to our lifestyle today, especially for our seniors."

"For them to refuse to come to a workshop meeting is an insult to the people of Ocean County," Vicari said, repeating his call from last summer to have an on the Board of Public Utilities, in hopes of holding the utility companies accountable.

-- The board formally awarded the contract for reconstruction of Veterans Boulevard in Berkeley Township to C.J. Hesse of Belford. The contract, for $1,669,669.30, provides for widening of the roads to two eastbound lanes from the intersection with Grand Central Parkway, in front of Central Regional High School, to Western Boulevard. The project is expected to begin by the end of June.

-- The board awarded a contract to Historic Building Architects of Trenton to prepare applications to get the Cedar Bridge Tavern in Barnegat listed in both the state and national Registers of Historic Places. The tavern was the site of what is considered the last skirmish of the Revolutionary War, according to the websites revolutionarywarnewjersey.com and pineypower.com.


dffd September 26, 2012 at 12:15 PM
Similar to county commissioners in other states, the name freeholder dates to colonial times. Back then, only those who owned real estate, or had a "freehold" with no debts, qualified for election to office. Thanks. Regards, http://pennsouthnews.com/the-healing-qualities-of-moroccan-oil-when-you-really-cant-manage-the-kind-of-hair-you-have-you-can-simply-make-use-of-the-moroccan-oil-this-one-can-take-care-of-all-hair-damages-and-support/ | argan oil moroccan
donjames99 November 22, 2012 at 12:40 PM
writing cv http://www.professionalcvwritingservice.com/professional-cv-writers-are-at-your-service/ Thank you for sharing this information. The information was very helpful and saved a lot of my time.
donjames99 November 22, 2012 at 12:51 PM
Good points given. One can do with a little bit of more information along with this piece. Good job. Keep it up http://www.professionalcvwritingservice.com/choosing-the-right-cv-writing-services/ cv writing services
Scott Neuman November 22, 2012 at 02:58 PM
I love when Black Hat SEO Wonks try to use Patch / Huffington Post to make their sites come up higher in the ranks. Want the right SEO job? http://www.recordweb.com
shenhuang November 26, 2012 at 08:17 AM
Chinese parents send their children http://www.coachoutletonlinebd.com/ Coach Outlet Online to private U.S. high schools as a strategic decision to strengthen their candidacy for elite U.S. universities, http://www.guccibeltsoutletstores.net/ Gucci Belt Lin said. A growing number also want their children to lead happier lives rather than have them consumed by http://www.coachoutletonlinewo.com/ Coach Factory Outlet preparing for the gaokao in China the one-time, high-stakes national university entrance examination that http://www.guccibeltsoutletstores.net/ Gucci Belts is the sole determinant of admission.The factors driving mainland Chinese to study in the United States come into http://www.coachfactoryoutletpo.com/ Coach Factory Outlet play much earlier, Lin said, noting an influx of foreign Chinese students into private U.S. secondary http://www.coachoutletonlinefc.org/ Coach Outlet Online schools, starting around 2005.The goal of education in mainland China is to prepare you to take the gaokao. http://www.coachoutletwr.com/ Coach Online Outlet Everything else is secondary. In China, you would put the gaokao in the center.whereas...in American education, http://www.coachoutletloa.com/ Coach Factory Online you put the student in the center, and everything else serves the best interests of the student. It's not http://www.coachoutletonlineyu.net/ Coach Outlet Online exclusively about college.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »