Bergen County Executive Dennis McNerney announced that the county is issuing $1 million worth of mini-bonds, which will offer tax-exempt returns and competitive yields. Residents throughout the state will be able to buy 2007 Bergen County mini-bonds for $650 each. This initiative will allow the county to borrow money from investors to pay for improvements that are already underway at the Bergen County Justice Center.
“This is the first time that Bergen County is offering mini-bonds that will allow investors to take advantage of a tax-exempt investment in a much smaller denomination than traditional municipal bonds,” said McNerney. “Residents can put their money to work over the next 10 years, while helping fund improvements at the County Justice Center.”
The Bergen County mini-bonds will only be available for purchase between Monday, December 3 and Friday, December 7, 2007. Each bond will grow to $1,000 at maturity in December 2017 with a competitive annual tax-exempt yield of approximately 4.35%.
Moody’s Investors Service Inc. has given the Bergen County mini-bonds a Aaa rating, the highest rating of investment-quality bonds. They carry a minimal investment risk. Interest payments on bonds rated Aaa are protected by a stable margin and principal is secure.
These 10-year investments are recommended primarily to investors with long-term financial goals, such as paying for a child’s education, buying a home, or retirement. The bonds are transferable, but not negotiable and will not be called by the county.
Anyone interested in obtaining a bond purchase order form can visit the county web site at www.co.bergen.nj.us. For information on how to purchase bonds, please call (201) 336-6555.
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