Harford County held its annual bond sale, borrowing funds for essential public infrastructure at a low 3.49% interest rate, thanks to the county’s AAA bond rating.
“Harford’s highest possible ratings allow us to borrow funds for essential projects at lower rates than counties rated below AAA,” County Executive Bob Cassilly
County Executive Bob Cassilly, left, discussing incoming bids as they are posted on a screen at the county’s bond sale Tuesday with Harford County Treasurer Robbie Sandlass.
said. “We heard from the rating agencies that they were favorably impressed with our efforts to manage county expenses and control debt, and today’s sale reflects investor confidence in our economy and county government. I would like to thank our financial advisors, our bond counsel, and my treasury, economic development and budget teams, and all county employeesfor helping us achieve these results for our citizens and taxpayers.”
Harford sold $60 million in AAA-rated consolidated public improvement bonds to Mesirow Financial, the winner of 15 bids. The county will repay the bonds over 20 years. Proceeds will help finance the following projects: the new combination elementary school/Harford Academy for students with functional needs; the Harford Technical High School renovation, the new Homestead Wakefield Elementary School; Harford Community College’s Chesapeake Welcome Center; roads; bridges, and stormwater and wastewater projects.
Harford is one of fewer than 2% of counties nationwide with the top AAA bond rating from all three major independent bond-rating agencies: Fitch, Moody’s, and Standard & Poor’s. The top ratings lower borrowing costs when the county sells bonds to fund priority capital projects.
