COUNTY EXECUTIVE MIKE HEIN ANNOUNCES RESOLUTION TO REFINANCE THE ULSTER COUNTY JAIL

Posted March 9, 2012

Kingston, NY -- Ulster County Executive Mike Hein introduced a resolution to refinance one of the County’s general obligation bonds that is primarily from the construction ofthe Ulster County Jail. This refinancing will save the Ulster County taxpayers $3,000,000 over the life of the $ 40,965,000 bond issuance. This was made possible by Ulster County’s continued solid financial position, strong fund balances, low overall debt profile and a manageable capital plan.“It is my great hope that this action can begin to ease at least a small part of the financial burden taxpayers have suffered as a result of the nightmare jail debacle,” said County Executive Mike Hein. “Due of our strong bond ratings we were able to refinance the jail project, and as a result, we saved Ulster County taxpayers over $3 million over the life of these bonds.”

In January, Moody’s Investors Service reaffirmed Ulster County’s strong bond rating andover the past year, Standard and Poor’s and Fitch Investor’s Services did the same. The Legislature will vote on the resolution March 20th, 2012.