recently released local GO criteria. At the same time, Standard & Poors affirmed its AAA long-term rating on the towns outstanding general obligation debt. The outlook on all issues is stable. A pledge of the towns faith, credit, and taxing powers to levy ad valorem property taxes without limitation as to rate or amount secures the bonds. The town intends to use the bond proceeds to fund a variety of repairs, replacements and acquisitions. The rating reflects our assessment of these factors for the town, specifically its: •Very strong, broad, and diverse economy, with easy access to the New York City metropolitan statistical area; •Strong management; •Very strong budgetary flexibility; •Adequate budgetary performance; •Very strong liquidity; •Strong debt and contingent liability position; and •Strong institutional framework. Opinion NEW YORK, October 22, 2013 --Moodys Investors Service has assigned a rating of Aaa to the Town of Greenburghs (NY) $11.9 million Public Improvement (Serial) Bonds, 2013 Series A and $1.5 million Public Improvement (Serial) Bonds, 2013 Series B (Federally Taxable). Concurrently, Moodys has affirmed the Aaa rating on the towns $49.7 million of outstanding general obligation debt. The bonds are secured by a General Obligation pledge as limited by the Property Tax Cap - Legislation (Chapter 97 (Part A) of the Laws of the State of New York, 2011). Proceeds from the Series A bonds will fund various capital projects of the town and Series B will fund a town reassessment project. SUMMARY RATING RATIONALE The Aaa rating reflects the towns affluent and sizeable tax base, sound financial position with strong fiscal management and low debt profile. STRENGTHS - Sound financial position with strong fiscal management - Affluent and sizeable tax base - Below average debt profile DONT LOSE YOUR STAR PROPERTY TAX BREAKS. NYS REQUIRES EVERY HOMEOWNER WHO RECEIVES BASIC STAR TO REGISTER BY DECEMBER 31, 2013. IF YOU DO NOT REGISTER YOU WILL LOSE YOUR TAX BREAKS. IF YOU HAVE NOT RECEIVED A LETTER FROM THE STATE CALL (518) 457- 2036 OR APPLY ON LINE tax.ny.gov DONT LOSE YOUR STAR PROPERTY TAX BREAKS. NYS REQUIRES EVERY HOMEOWNER WHO RECEIVES BASIC STAR TO REGISTER BY DECEMBER 31, 2013. IF YOU DO NOT REGISTER YOU WILL LOSE YOUR TAX BREAKS. IF YOU HAVE NOT RECEIVED A LETTER FROM THE STATE CALL (518) 457- 2036 OR APPLY ON LINE tax.ny.gov DONT LOSE YOUR STAR PROPERTY TAX BREAKS. NYS REQUIRES EVERY HOMEOWNER WHO RECEIVES BASIC STAR TO REGISTER BY DECEMBER 31, 2013. IF YOU DO NOT REGISTER YOU WILL LOSE YOUR TAX BREAKS. IF YOU HAVE NOT RECEIVED A LETTER FROM THE STATE CALL (518) 457- 2036 OR APPLY ON LINE tax.ny.gov
Posted on: Mon, 28 Oct 2013 17:46:53 +0000
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