Albany County received tremendous participation from the investment community, attracting 12 bidders for its $23.2 million bond issuance – healthy municipal bond sales typically attract only three to five bidders. This investor enthusiasm resulted in a lower-than-expected interest rate for the serial bonds of 3.07%, which was better than initial estimates of 3.50%, a savings to the taxpayers of approximately $1.3 million.

The County maintained its strong credit rating and reputation in the municipal bond market resulting in an impressive savings for its taxpayers. S&P Global Ratings (S&P) reaffirmed the County's overall long term credit rating as AA with a Stable Outlook even after a pandemic.

"Interest rates have been on the rise significantly throughout the first half of 2022 due to several factors, mainly the major shift in monetary policy by the Federal Reserve. The County's team worked quickly and diligently to put this deal together to avoid higher interest rates," said County Comptroller Susan Rizzo. 

S&P's analysis stated that Albany County has "good financial management policies and practices," a "strong economy," "very strong budgetary flexibility" and "very strong liquidity." The County's economic metrics have far outperformed nationwide and statewide averages throughout the pandemic.

Proceeds from the serial bonds will, among other projects, be used to maintain various County roads, complete the construction of a state-of-the-art Emergency 911 Communications Center, maintain various County facilities and invest in various green initiatives.

The local economy continues to strengthen after the economic shock of COVID-19. Additionally, there are several ongoing developments that are expected to bring additional jobs and investment to the region. The Comptroller concluded, "It is my duty to ensure responsible borrowing at the lowest rates possible. My office will continue to work with the County Executive's team to borrow responsibly and pursue opportunities that strengthen the County's finances."