Maryland GO Bond Sale Yields $485 Million

As reported by a July 28 Daily Record article, the Board of Public works approved the sale of $485 million worth of general obligation (GO) bonds.

Maryland sold $485 million in bonds on Wednesday to pay for the construction of capital projects, like schools and prisons, across the state.

The state Treasurer’s Office sold $143 million with an interest rate of 1.6 percent through a direct retail sale, with priority given to Maryland residents. The balance, $342 million, was sold through a competitive bidding process. …

“I was really pleased with today’s results,” [State Treasurer Nancy] Kopp said. “Again, Maryland’s [triple-A] rated bonds drew significant interest — and a very low interest rate.”

Kopp noted 60 percent of the bond proceeds would go to schools, colleges and universities.

The sale represents the second and final GO bond sale for this year.  The projected size of the First Series 2011 sale is also $485 million, to be sold in late February.

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