Harford County yesterday held its annual bond sale, borrowing funds at the lowest interest rates in county history to fund capital improvement projects. The County sold $40 million in consolidated public improvement bonds at 2% interest.
The bonds will fund more than 70 projects including school facilities, roads, watershed restorations, and water and sewer projects. The County also saved $11.6 million over 10 years by refunding $103 million in existing bonds at a lower interest rate.
“Today’s bond sale at historically low interest rates will save taxpayers’ money for years to come,” County Executive Barry Glassman said. “These rates also show that the financial markets have faith in Harford County as a sound investment over the long term and confirm that our strong fiscal management has served the county well, especially in these uncertain times. I would like to thank my Treasury and Budget teams for helping us realize these outstanding results on behalf of the citizens we serve.”
According to a press release:
Low interest rates reduce the cost of borrowing and are available to highly rated bond issuers. Harford County is one of an estimated 2% of counties nationwide with the highest possible AAAbond rating from all three major independent bond-rating agencies: Fitch, Moody’s and Standard & Poor’s. All three agencies cited Harford County’s strong fiscal management in their most recent rating reports.
A complete list of funded projects is accessible online as follows: