February 18, 2021
Scott Peterson, Director of Communications, Office of Public Information, 202-277-9412
ELLICOTT CITY, MD – Howard County Executive Calvin Ball announced today that a total of $152,225,000 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 1.4 and 1.7 respectively. This has been the second lowest TIC for both CPI and Metro Bonds in the past 20 years. 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 bond rating agencies this month.
“Though Howard County and other jurisdictions are facing unprecedented financial challenges amid the COVID-19 response, we are continuing to practice sound fiscal management and smart stewardship of taxpayer dollars,” said Ball. “Our team worked thoughtfully to execute a successful bond sale, and this allows us to invest in important community projects, while respecting taxpayer dollars.”
“The market is very unpredictable; however, the County is very pleased that this year’s bond sale received some of the best favorable rates in a long time,” said Rafiu Ighile, Howard County Department of Finance Director. “This means the County will be paying very lowest interest cost for these bonds.”
Notable projects funded through the bond sale include:
- High School #13;
- Hammond High School renovations;
- Talbott Spring Elementary School replacement;
- Howard Community College Nursing & Science building;
- The new Howard County Courthouse;
- Howard County Detention Center renovations;
- Storm drain improvements; and
- Upgrades 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. Howard County has maintained a AAA credit rating for 24 consecutive years. Fitch Ratings, Moody’s Investor Services and Standard & Poor’s all noted Howard County’s strong economy and financial flexibility, and even amid the current COVID-19 pandemic and changing economic conditions, all three awarded a stable outlook with the ratings.