MONTICELLO – As Sullivan County prepares to go out to bond for its new county jail, Standard and Poors affirmed its AA rating and a stable outlook.
That bodes well for the cost of borrowing the estimated $75 million to $85 million that County Treasurer Nancy Buck anticipates will be needed. The county authorized up to $95 million for the jail, but the first half of the construction estimates came in lower than expected.
Buck believes borrowing rates are low and could rise in the short-term, so this is the right time to bond and as the Montreign, Adelaar and other projects come to fruition. The treasurer expects this borrowing should not impact the taxpayers too dramatically.
“We should have increased revenues coming in, in a couple of years and it should offset the payments we make and it shouldn’t be a big hit to the taxpayers,” Buck said.
As the new revenues increase in future years, Buck anticipates the county’s S&P rating could improve even more.
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