Harford County recently sold $40 million in general obligation bonds at a historically low interest rate.

Coverage from The Baltimore Sun states,

“We sold $40 million in General Obligation Bonds today with our AAA bond rating at a record-breaking low interest rate of 2.29 percent,” county administration spokesperson Cindy Mumby said via email Tuesday. “This is the lowest for a bond sale in Harford County history.”

The 20-year bonds were sold through an electronic bidding process.

The winning bidder was Citigroup Global Markets Inc. of Dallas, Texas, Mumby said.

County bond counsel Steve Winter said the county received eight bids, up from five last year.

County treasurer Robert Sandlass Jr. called it “certainly a good result” and noted the low interest rate means “we are talking real money.”

“I am pleased that our fiscal management plan has been recognized by the bond rating agencies, and also by investors as reflected in this historically low interest rate at today’s bond sale,” Harford County Executive Barry Glassman said in a statement.

…

About two-thirds of the $40 million to be borrowed will be used for general capital or highway projects, Sandlass said last month, while the remaining third will be for water and sewer projects.

To read the full story on Harford County bonds, please visit The Baltimore Sun online.