Frederick Earns Three AAA Bond Ratings

Today, Frederick County Executive Jan Gardner announced that the three major bond rating agencies reaffirmed the County’s AAA bond rating. The ratings -- issued by Fitch, Moody’s, and Standard & Poor’s -- keep borrowing costs low for capital projects and reflect the County’s sound fiscal policies, prudent long-range planning, and robust economy. In addition, the County plans to refinance old bonds at a lower rate, which will save an estimated $500,000. https://twitter.com/JanGardnerExec/status/1433505587073978377 “Frederick County can…

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Cecil County Maintains AA+ and Aa2 Bond Ratings

Today, Standard & Poor's Global Rating Services (S&P) and Moody’s Investors Service assigned AA+ rating and Aa2 rating to Cecil County’s 2021 series of general obligation bonds, deeming its fiscal outlook as stable. The ratings keep borrowing costs low for capital projects and reflect the County’s sound fiscal policies, prudent long-range planning, and robust economy. The rating agencies emphasized Cecil County’s growing economy, sound financial position, and strong management practices. Standard & Poor's rating stated: We view…

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Deadline Approaching for Counties to Submit ARPA Reports to U.S. Treasury

The Coronavirus State and Local Fiscal Recovery Funds (SLFRF) Program provides a substantial infusion of resources to communities working to turn the tide on the pandemic, address its economic fallout, and lay the foundation for a strong and equitable recovery. Counties that receive funding from the State and Local Fiscal Recovery Fund must meet compliance and reporting responsibilities. On August 31, both the Interim Report and the Recovery Plan Performance Report are due to the U.S. Department…

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Montgomery Earns Three AAA Bond Ratings

Last week, Montgomery County Executive Marc Elrich and County Council President Tom Hucker announced that the three major bond rating agencies reaffirmed the County’s AAA bond rating. The ratings from Fitch, Moody’s, and Standard & Poor’s reflect the County’s status as one of the top-rated issuers of municipal securities, with the highest credit rating possible for a local government. The ratings keep borrowing costs low for capital projects and reflect the County’s sound fiscal policies,…

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NACo to Host Virtual Meetups for County Leaders to Discuss ARPA Funding

On May 10, the U.S. Department of Treasury released an Interim Final Rule (IFR) on the Coronavirus State and Local Fiscal Recovery Fund (Recovery Fund), part of the American Rescue Plan Act (ARPA). The ARPA includes $65.1 billion in direct, flexible aid to every county in America and other crucial investments in local communities. On July 16, NACo submitted comments on Treasury’s IFR that provides key recommendations to ensure the successful implementation and execution of the Recovery…

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Fitch Affirms Maryland’s AAA Rating for $858 Million Bond Sale

Fitch Ratings affirmed Maryland’s AAA bond rating in advance of the upcoming competitive sale of State general obligation (GO) bonds. Fitch Ratings assigned a AAA rating to the following GO bonds, state and local facilities loan of 2021, second series: $540 million series A, tax-exempt bonds (competitive) $75 million series B, tax-exempt current refunding bonds (competitive) $116 million series C, taxable advance refunding bonds (negotiated, forward delivery) $126 million second series D, tax-exempt refunding bonds…

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Pandemic Spending Workgroup to Review MD Labor COVID Relief Programs

Maryland Department of Labor will provide details on COVID relief aid. The Comptroller's Workgroup on Pandemic Spending will hold its third meeting on Thursday, July 29, at 1:30 p.m. to continue its review of state and federal COVID-related spending. David McGlone, deputy secretary for the Maryland Department of Labor, will overview pandemic relief programs funded by state or federal dollars and administered by the department. As previously reported on Conduit Street, the Comptroller’s Workgroup on Pandemic Spending…

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American Rescue Plan Put to Action at #MACoCon

As we begin the long-term recovery from the COVID-19 pandemic, local governments are looking to make smart investments with the American Rescue Plan funding they receive. Join us at the 2021 Summer MACo conference for a deep dive on ARPA funding, sponsored by NORESCO. American Rescue Plan Put to Action The American Rescue Plan Act includes unprecedented direct and flexible aid for states and local governments to mitigate the fiscal impact of the COVID-19 pandemic.…

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State COVID Emergency: Still on Target for Mid-August Full Phase-Out

Despite some potentially confusing wording and actions, the full phase-out of the State's declared COVID emergency remains on track for August 15. In June, the Governor announced his intention to end the COVID emergency declaration, and cited a 45-day period for an orderly resumption of timetables and provisions related to the emergency itself. See coverage on Conduit Street: While Marylanders are still encouraged to get vaccinated and to maintain sensible behavior, the State of Maryland…

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Montgomery Office of Procurement Earns NACo Achievement Award

The Montgomery County Office of Procurement won a National Association of Counties (NACo) Achievement Award in the category of Information Technology for the DPO Violation E-Notification and Response System. The Office of Procurement has received seven NACo awards in the last 10 years. The Direct Purchase Order (DPO) Violation E-Notification and Response System, launched in November 2020, is a user-friendly, web-based tool that identifies and notifies department directors and County employees that have created direct…

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