$60M In Public Improvement Bonds Sold By County To Finance Projects Including Schools

HARFORD COUNTY, MD — On Tuesday, the government held its annual bond sale, borrowing funds for essential public infrastructure at a low 3.49% interest rate, due to the county’s AAA bond rating.

Harford County sold $60 million in AAA-rated consolidated public improvement bonds to the winner among 15 bidders, Mesirow Financial. The bonds will be paid back over 20 years, the county stated. Harford is one of fewer than 2% of counties nationwide with the top AAA bond rating from all three major independent bond-rating agencies: Fitch, Moody’s and Standard & Poor’s. The top ratings reduce the cost of borrowing when bonds are sold to pay for priority capital projects.

Proceeds will help finance the following projects:

• the new combination elementary school/ Harford Academy for students with special needs;
• the Harford Technical High School renovation;
• the new Homestead Wakefield Elementary School;
• Harford Community College’s Chesapeake Welcome Center;
• roads;
• bridges;
• and stormwater and wastewater projects.

“Harford’s highest possible ratings allow us to borrow funds for essential projects at lower rates than counties rated below AAA,” Harford County Executive Bob Cassilly said. “We heard from the rating agencies that they were favorably impressed with our efforts to manage county expenses and control debt, and today’s sale reflects investor confidence in our economy and county government. I would like to thank our financial advisors, our bond counsel, and my treasury, economic development and budget teams, and all county employees for helping us achieve these results for our citizens and taxpayers.”