Office of the Mayor – West Windsor Township
December 14, 2007
FOR IMMEDIATE RELEASE
Contacts: Shing-Fu Hsueh, Mayor
West Windsor Township
West Windsor Township Triple-A Bond Rating Results in Savings
Mayor Shing-Fu Hsueh is pleased to announce the sale of $9,175,000 in general improvement bonds to Commerce Capital Markets of Philadelphia, PA. On November 28, 2007, the Township of West Windsor conducted an exciting on-line bid auction powered by Grant Street Group. Ten (10) bidders participated in the auction resulting in thirty-two (32) bids. Commerce Capital Markets submitted the winning bid with a true interest cost of 3.6351%.
According to financial consultant Phoenix Advisors LLC, the recent Triple-A rating assigned to the Township by Standard & Poors Ratings Services saved the Township approximately $115,000 based on the size and length of the general improvement bonds. West Windsor Township is one of only six (6) Triple-A municipalities in the State of New Jersey. There are only 88 municipalities with a Triple-A rating in the nation.
The bond sale will fund various projects approved in the 2006 and 2007 capital budgets. Mayor Hsueh said “This administration has worked very hard over the years to stabilize the finances of West Windsor Township and to build a historical record of sound fiscal processes that would result in an improved bond rating. We are gratified that this was achieved to benefit the West Windsor taxpayers.”
Throughout the rating and bond sale processes, the Township received technical advice and guidance from Phoenix Advisors, LLC of Bordentown, NJ; McManimon & Scotland of Newark, NJ; and William Antonides & Company of Wall, NJ.
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