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 ten years by refunding $103 million in existing bonds at a lower interest rate.
In addition, the County refunded at a lower interest rate $29 million in bonds originally issued in 2012, for a savings of $2.6 million over ten years. Harford is one of fewer than 2% of counties nationwide with the highest possible AAA bond rating from all three major independent bond-rating agencies: Fitch, Moody’s, and Standard & Poor’s. The top ratings reduce the cost of borrowing to pay for priority capital projects.
“I am proud that my administration’s strong fiscal management has kept borrowing costs historically low for projects that improve the quality of life for our citizens,” County Executive Barry Glassman said. “Today’s bond sale reflects confidence from the investment community in our local economy and in county government, and it will save taxpayer money for years to come. I would like to thank my Treasury and Budget teams for helping us achieve these outstanding results.”