Harford County Council Approves $45 Million Bond Issuance

The Harford County Council approved a resolution yesterday requested by County Executive Glassman to issue $45 million in general obligation bonds next month for 39 general capital projects. From the Baltimore Sun article,

The money from the $45 million in new borrowing is destined for projects already under way or for expenditures previously budgeted, including: $5.5 million toward the new Allied Health and Nursing Building at Harford Community College, $8.5 million toward the new Department of Emergency Services headquarters, $2.3 million toward the HMAN (Harford Metro Area Network) fiber optic system, $2.1 million toward Magnolia Middle School’s heating and air-conditioning system, $1.9 million toward the Havre de Grace Library expansion and $3 million toward equipment for a 700 MHz wireless radio system.

The council also approved resolutions to authorize the sale of $74 million in refunding bonds and the refunding of up $85 million from the consolidated public improvement bond issue of 2009.

The refunding process lets the county take advantage of lower interest rates, reducing the overall cost of 26 projects, according to the bill’s fiscal impact note.

The refunding is expected to save the county $559,000 in fiscal year 2016 and $194,500 each year for the next four years, according to a fiscal impact note.