CHAPPAQUA, N.Y. – The New Castle Town Board was happy to hear the town will maintain its AAA bond rating when the news was announced by Town Administrator Penny Paderewski last week.
“I am most pleased to report that yesterday Moody’s Investors Service assigned a AAA rating to New Castle’s $7.8M 2013 Public Improvement Refunding and $5.4M Public Improvement Bonds,” said Paderewski.
“The refunding bonds will be used to refund the Town’s 2002, 2003B and 2005 series for an estimated net present value savings of $695,000.”
The remaining bonds will fund various capital improvement project for the town, Paderewski said.
Paderewski went over highlights of Moody’s Investors Service report, which cited strengths of the town, such as, “its large tax base, well above average socio-economoic indicators, its stable financial position, its well managed town and its minimal debt burden.”
The report also noted areas for the town to improve upon as well.
“Moody’s did cite our challenges as maintaining structurally balanced operations with minimal fund balance appropriations, revenue raising constraints of the state tax cap, and rising costs of employee benefits including pension and OPED obligations,” said Paderewski.
Nonetheless, the Town Board was all smiles and praise regarding the rating.
“I just want to congratulate you, you’ve done a great job. Not many towns have been able to maintain a AAA rating these days,” said New Castle Town Supervisor Susan Carpenter.
Other board members echoed Carpenter’s statement.
“Thank you for being the watchdog for the town—and for us,” said New Castle Town Board member Elise Kessler Mottel.
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