Today, Bloomfield Township (Oakland County), Michigan (the “Township”) closed on the sale of $15,790,000 par value of Special Assessment-Limited Tax General Obligation bonds, Series 2024 maturing in April 2039. The Township received 13 qualified bids for the bonds through a competitive sale process, and UBS Financial Services, Inc. was the low bidder and was awarded the sale. As part of the bond sale process, S&P Global Ratings reaffirmed its AAA rating on the Township’s bonds, leading to an increased number of bidders and resulting in the market leading pricing on the bonds. The proceeds of this bond offering will fund the road replacement project currently underway in the Bloomfield Village neighborhood of the Township, and the residents of that neighborhood will pay a special assessment for fifteen years to repay the bonds.
In its Summary Report dated June 14, 2024, S&P highlighted the Township’s “very strong management, with strong financial policies and practices under our Financial Management Assessment (FMA) methodology, that underpins continued operational strength through effective measures such as long-term financial and capital planning and formalized investment, debt management, and reserve policies.”
Township Treasurer Michael Schostak noted that, “S&P’s reaffirmation of our AAA credit rating is testament to the smart, conservative financial practices of the Township, including keeping operating costs down and paying down long-term liabilities. There is direct savings to the residents of the Township as a result of the AAA rating, in the form of lower borrowing costs and we are gratified by achieving this rating.”
“Bloomfield Township is one of the few municipalities in the state with S&P’s highest credit rating, a distinction we are very proud of. We continue to invest in our infrastructure and are doing so in a fiscally prudent manner,” Township Supervisor Dani Walsh added.
Visit the Township website to read the S&P Global Ratings Summary in its entirety.