Ulster County News

FROM: ULSTER COUNTY PUBLIC INFORMATION OFFICE

DATE: June 11, 2003  

Ulster County Treasurer Lew Kirschner announced today that the County did extremely well in the borrowing of $67,000,000 to finance capital projects by going out for a Bond Anticipation Note for one year instead of going for a serial bond at this time.The County was able to borrow at a rate of 1% for the next year. Next year it will onceagain be reviewed as to go to full term or renew as a BAN for an additional year.

This is a savings of over $1,000,000 in interest for 2004 and, when paying backthe principal payment next year, the serial bond will be reduced by a like amount.

Standard and Poors has given Ulster County an SPI+, an excellent rating due to a good financial position, despite ongoing pressure from increases in social service-related costs and a low debt burden with faster-than-average amortization of principal.