May 25, 2024 3:17 pm
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Oakland County Earns AAA Bond Rating

Credit: iStock

According to a county press release,

Oakland County has earned a AAA bond rating on the eve of the University of Michigan releasing its three-year economic forecast for the county. Moody’s Ratings Services and Standard & Poor’s awarded their highest credit ratings to the county for its $5.43 million Oakland County Oakland Township Water Supply System Improvements Bonds, Series 2022.

“The ratings agencies reaffirmed our budgeting practices and how we’ve managed our economy through challenging times,” County Executive Dave Coulter said. “We are in all ways, moving the county forward.”

The University of Michigan will detail how Oakland County’s economy is performing when it delivers the three-year economic outlook Thursday.

Oakland County Treasurer Robert Wittenberg said Oakland County remains fiscally strong.

“The ongoing collaboration with County Executive Coulter and Commissioner Nash and our unwavering commitment to safeguard taxpayer dollars and revive our economy, enables us to retain our exemplary bond rating and improve our water supply system,” Wittenberg said. “The Treasurer’s Office’s efforts to optimize our investment yields, help Oakland County residents and business owners retain their properties, and solid delinquent tax collections contributed to the county’s strong cash position and liquidity.”

The Oakland County Water Resources Commissioner’s office operates and maintains Oakland Township’s seven Type 1 water systems. The bonds will finance the construction of a new ground water storage tank facility and the required pumps, generators, control systems, and site improvements to operate the systems. When construction is complete, Oakland Township will meet the Michigan Department of Environment, Great Lakes and Energy’s requirements for water systems with more than 150 living units.

 “My office is proud to be a part of this project and to have the ability to reduce the rates for Oakland Township residents over time,” Water Resources Commissioner Jim Nash said. “In collaboration with the township, we are confident this solution will allow for additional capacity while helping us protect the environment regionally during heavy rains.”

The Oakland County Oakland Township Water Supply System Improvements Bonds, Series 2022 will bond for 30 years to reduce the impact of the annual rate increases to the township’s 780 water customers. The bonds go on sale on May 11.

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