Ramsey County reports it received AAA ratings from both major credit rating agencies for its bond sale Monday.
Proceeds from the $18.5 million bond sale will pay for improvements at Keller Golf course, including a new building and course improvements, and will also fund county road construction and building repair.
This is the 12th year running that the county received the top ratings, which is rare in these fiscally challenged days.
County Commissioner Victoria Reinhardt said:
“The ratings represent a lot of hard work by the board and our staff, and they save taxpayers money. These top ratings mean we can complete needed construction and maintenance at lower cost. In addition, Ramsey County is proud to be the only County in Minnesota to receive all three Awards by the Government Finance Officers Association.”
County officials said the rating agencies cited these factors for the top rating:
Stable economic base, which includes St. Paul and its surrounding suburbs, and proximity to employment throughout the Twin Cities area.
Strong financial management and conservative budgeting practices.
Moderate debt burden as a percentage of market value.
Historically strong finances.