[The Brazil Times nameplate] Fair ~ 81°F  
High: 89°F ~ Low: 72°F
Friday, Aug. 22, 2014

Clay County receives economic grade of A+

Friday, April 6, 2012

(Photo)
Clay County recently received a very good report card.

Standard & Poor's Ratings Services assigned an A+ long-term rating to the Clay County Building Corporation series 2012 first-mortgage refunding bonds, supported by Clay County.

According to the Ratings Services, the rating reflects the assessment of Clay County's:

* Fairly diverse economic base, which includes access to employment opportunities within the city of Terre Haute,

* Adequate income indicators,

* Adequate financial operations, supported by strong general fund reserves, albeit on a cash basis of accounting, and

* Low to moderate overall debt burden with no additional debt plans.

"Basically, the bonding company, which is getting ready to sell the bonds, has to do a type of background check on the county. For people buying the bonds, they see that we pay our bills," Clay County Council President Mike McCullough said. "Anytime we want to borrow money, that A+ rating allows us to get better rates. It is helping us get better rates on our jail refinancing now."

Clay County is one of a few counties in Indiana that have such a good rating.

"This is something we should all be proud of," McCullough said. "All the council members and all the officers in the courthouse should be thanked. They have been very conservative."

McCullough said Clay County is doing very well financially.

"We've gone through some tough years economically, but I feel like we're doing pretty well," he said. "We've been able to keep our heads above water."

According to McCullough, Clay County has an estimated $300,000-$500,000 in the General Operating Fund, $1.3 million in the Rainy Day Fund and no debt other than paying off the Justice Center.

"I feel pretty good about where we're at," he said. "It just gets tougher and tougher to maintain the services people expect, because our incomes are not what they used to be. Considering the times we've gone through here over the past few years, we're doing really well."


Comments
Note: The nature of the Internet makes it impractical for our staff to review every comment. If you feel that a comment is offensive, please Login or Create an account first, and then you will be able to flag a comment as objectionable. Please also note that those who post comments on thebraziltimes.com may do so using a screen name, which may or may not reflect a website user's actual name. Readers should be careful not to assign comments to real people who may have names similar to screen names. Refrain from obscenity in your comments, and to keep discussions civil, don't say anything in a way your grandmother would be ashamed to read.

Awesome job Mike you have my vote.

-- Posted by Combat VET on Sat, Apr 7, 2012, at 11:36 AM

investment grade bonds are rated as follows AAA+, AAA- AA+,AA-, A+A- AND LAST BBB .Looks like this story is very misleading. MIKE MUST HAVE FORGOTTEN ABOUT THE 30 MILLION IN DEBT WE ARE PAYING FOR SCHOOLS,NOT JUST THE JAIL.IF WE ARE IN SUCH GOOD SHAPE WHY DO THEY NEED A WHEEL TAX. WHY NOT REFINANCE THE SCHOOL BONDS WE ARE PAYING ON FOR THE NEXT 9 YEARS. WE ALWAYS SEE THESE TYPE OF STORIES AT ELECTION TIME.

-- Posted by car11 on Sat, Apr 7, 2012, at 8:48 PM

The County Council has nothing to do with the school corporation and their debt.

-- Posted by open minded on Sat, Apr 7, 2012, at 10:17 PM

TO THE TAX PAYER ITS OUR DEBTE.

-- Posted by car11 on Sat, Apr 7, 2012, at 10:23 PM

For a complete understanding of the rating go to

http://img.en25.com/Web/StandardandPoors...

-- Posted by hgallatin on Sun, Apr 8, 2012, at 11:29 AM


Respond to this story

Posting a comment requires free registration. If you already have an account on this site, enter your username and password below. Otherwise, click here to register.

Username:

Password:  (Forgot your password?)

Your comments:
Please be respectful of others and try to stay on topic.