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Fulton County Receives Historically Low Interest Rate on Tax Anticipation Notes | Print |

At its May 21, 2014 meeting, the Fulton County Board of Commissioners approved the issuance of $200 million of Tax Anticipation Notes (TANs).  Morgan Stanley was the lowest bidder with a net interest cost of 0.090435%.   The County will save over $396,000 in interest payments compared to the 2014 budgeted amount.

 

This short-term interest rate is the lowest the County has received to date.  Previously, the 2013 borrowing rate had set a record low rate. 

The TANs represent approximately 42% of expected 2014 property tax receipts and will mature on December 31, 2014. The majority of revenue in most local governments comes from property taxes, which, for Fulton County property owners, are due in the fall of each year.  Large local governments typically make use of TANs to manage cash flow during the year.

Standard & Poor’s (S&P) and Fitch issued the current credit rating designations for this particular TAN issuance.  Fulton County received the highest short term ratings from Standard and Poors and Fitch Rating agencies of SP-1+ and F1+, respectively.  The County’s overall credit rating is also excellent, with a “AA” rating.  The strong short-term and long-term ratings are indicators of the County’s long history of continued strong financial management. 

 
 

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