By Patrick Sullivan
Baltimore County sold $382.4 million in general obligation bonds in competitive bidding, comprising $222.4 million in refunding bonds and $160 million in construction bonds.
The county sold $115 million of Baltimore County Consolidated Public Improvement Bonds and $45 million of Baltimore County Metropolitan District Bonds with a 5% interest rate and a yield of 2.93% for the amounts maturing in 2034, according to a final offering statement posted Friday on MuniOS.
It sold $98.7 million in Baltimore County Metropolitan District refunding bonds and $123.7 million in Baltimore County Consolidated Public Improvement refunding bonds with 5% interest rate and a yield of 2.93%.
The county had planned to sell $386.9 million in bonds.
The interest on the bonds is exempt from federal and state taxes.
Public Resources Advisory Group advised on the sale.
Money to repay buyers of the public improvement bonds will come from the general revenues of the county, including property and income taxes. The primary source of repayment for the metropolitan district bonds are special assessments and charges levied against property in the area.
Money raised from the sale of the improvement bonds will be used for public works, land preservation and education. Proceeds from the construction bonds will be used for designing, building and acquiring water supply, sewerage and drainage systems for the county.
Moody's Ratings has rated the bonds Aaa. S&P Global Ratings and Fitch Ratings have rated the securities AAA.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
07-15-24 1308ET
