...Sale Date: June 6, 2017. Series: Approximately $98,000,000 General Improvement Bonds, Series 2017B, and approximately $45,000,000 Bond Anticipation Notes (Taxable), Series 2017A. Purpose: Bonds: to fund various capital projects, pay a portion of maturing Series 2016B bond anticipation notes (BANs) and pay costs of issuance. BANs: to finance various sewer system improvements. Security: Nassau County's (the county) faith and credit and taxing power, subject to a 2011 state statute (the tax cap law) limiting property tax increases to the lesser of 2% or an inflation factor. This limit can be overridden annually by a 60% vote of the county legislature. Analytical Conclusion: The county's legal ability to raise revenues from a diverse and wealthy base and demonstrated ability to quickly reduce spending, in conjunction with a moderate liability burden, keep the rating solidly investment grade. However, aggressive budgeting practices and a policy choice to maintain minimal operating reserves are...
