ELLICOTT CITY, MD – Howard County Executive Calvin Ball announced today that a total of $76 million Public Improvement (CPI) and Metropolitan District bonds were sold via a competitive bid process. True Interest Cost (TIC) for CPI and Metro Bonds came in at 2.20 and 2.64 respectively. These bonds are highly valued in the marketplace in large part due to the County’s AAA credit rating, which was affirmed by all three credit rating agencies last month.
Howard County continues to demonstrate strong fiscal management and smart stewardship of taxpayer dollars. Our team worked thoughtfully to execute a successful bond sale, and this allows us to invest in our community with school construction and renovation, preserving green spaces, stormwater infrastructure and so much more, while respecting taxpayer dollars.
“We are very pleased with the competitive sale of the bonds and the interest received from the market,” said Finance Director Rafiu Ighile. “The number of bidders demonstrated how desirable our bonds are in the municipal market, which is a direct result of the fiscal management and leadership of the County as shown in our AAA ratings from the three major credit agencies for the past 25 years.”
Notable projects funded through the bond sale include:
- New Elementary School #42
- Talbott Springs Elementary replacement
- High School #13
- Blandair Regional Park
- Police Department building upgrades and renovations
- Storm drain improvements
- Upgrades the to the Little Patuxent Water Treatment facility
This month, Howard County was one of just 49 counties, among more than 3,000 in the U.S., to earn a AAA credit rating from all three bond ratings agencies. Fitch Ratings, Moody’s Investor Services and Standard & Poor’s all noted Howard County’s strong economy and financial flexibility.