Calvert County Maintains Strong Credit Ratings, Secures Low Rate on 2011 Bond Issue

The Calvert County Commissioners recently traveled to New York to present the county’s financial picture to the major credit rating agencies. The county was awarded with three strong credit ratings, reflecting Calvert County’s “consistently sound financial operations, strong reserves and conservative fiscal policies.” From Calvert County’s newsletter:

Standard and Poor’s Ratings Services upgraded the county’s credit rating to AAA. Fitch Ratings kept its rating steady at AAA and Moody’s Investor Service rating remained at Aa1. The ratings are assigned to Calvert County’s 2011 issue of general obligation consolidated public improvement bonds and other outstanding general obligation debt.

The Commissioners voted May 4 to accept the bid on the county’s bond issue made by Janney Montgomery Scott, Inc. with a true interest cost of 2.99 percent, the lowest rate of the 15 bids received.

The $23 million bond sale proceeds will fund the following: 

* Calvert High School — $14,360,000
* New College of Southern Maryland Building — $2,856,000
* Substance Abuse Treatment Center — $1,300,000
* Mt. Hope Convenience Center Upgrades — $1,000,000
* Lakewood Water System Upgrade — $880,000
* Hunting Hills Water System Upgrade — $816,000
* Prince Frederick Wastewater Pump Station #2 Upgrade — $720,000
* Williams Road Improvements — $400,000
* Marley Run Wastewater Treatment Plant — $353,000
* Wilson Road Improvements — $240,000
* Issuance Costs — $120,000

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