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SALT LAKE CITY — Proceeds from Salt Lake County's latest bond sale are going to the birds, quite literally.
Because of the county's AAA bond rating from three rating agencies, it can borrow money at lower interest rates. That means fewer taxpayer dollars are spent on interest payments and more is spent on projects, such as the ongoing improvements to the Tracy Aviary. For instance, taxpayers will save about $118,000 a year on upcoming upgrades to the aviary.
Or as Salt Lake Mayor Peter Corroon explained during a press conference at the aviary Wednesday morning, "It's not just bird feed."
Salt Lake County's bond AAA rating is among the best in the nation. Only 31 other counties in the country share that distinction.
"Not only does that reduce costs, it also tells the county they're doing the right thing financially," said Jon Bronson, managing director of Zions Bank Public Finance.
Bronson said the rating agencies — Standard & Poor's, Fitch and Moody's — were high on the county's financial practices and diverse tax base, which have enabled it to weather the recession in good stead.
- Rain forest exhibit
- Bird show theater
- Education and guest services building
"The rating agencies love the fact that Salt Lake County can accurately predict its revenues," Bronson said.
In 2008, Salt Lake County voters approved a $19.6 million bond sale to improve Tracy Aviary. The first phase of the bonds, some $6 million, was used for the new South American Pavilion.
The next bond sale also will include $15 million for the Utah Museum of Natural History, for a total of $25 million. Taxpayers will save $179,000 a year on that portion of the bond, for a total of $297,000.
E-mail: mcortez@desnews.com
