Yesterday, the State of Maryland successfully sold over $500 million in General Obligation bonds, relying on the state’s recently reaffirmed AAA-rating to secure affordable interest rates for the borrowing used to support capital projects and other state investments. From a release by the Office of the Treasurer:
Treasurer Kopp said, ―Despite continuing economic stress, public demand for our Triple AAA-rated bonds continues to be great, as it was in similar retail transactions that began in 2009. Marylanders acted quickly to invest in capital projects critical to our State, such as schools, colleges, hospitals, prisons and cultural projects. Buyers got conservative, high-quality bonds, while investing in their communities.
―Today’s results were very satisfying. Again, Maryland’s Triple AAA-rated bonds drew significant interest—and a very favorable low interest rate. Maryland taxpayers benefit not only from saving millions of dollars because of the State’s low interest rates, but also from the investment in our communities and infrastructure, including more than an anticipated $285 million in schools, colleges and universities, Treasurer Kopp said.