May 17, 2019
Media Contact:
Scott Peterson, Director of Communications, Office of Public Information, 202-277-9412
The refunded bonds will save county taxpayers $1.9 million in interest payments
ELLICOTT CITY - Howard County Executive Calvin Ball announced today that a total of $200,230,000 of Consolidated Public Improvement, Metropolitan District and refunding bonds were priced and sold via a competitive bidding process. 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 last month, after County Executive Ball and his team presented to them weeks earlier. The refunded bonds will save county taxpayers $1.9 million in interest payments.
“Though Howard County faces slower growth where we need to make tough financial decisions, we will continue to practice sound fiscal management and smart stewardship of taxpayer dollars,” said Ball. “Our successful bond sale means we can invest in important community projects, while respecting taxpayer dollars.”
“The annual bond sale replaces short term borrowing with multi-year financing to build and sustain infrastructure for citizens,” said Finance Director Janet Irvin. “This year’s very favorable rates enable the County to maintain a meaningful capital program.”
The bond sale exceeded the county’s pre-sale projections primarily due to market conditions, with an interest rate that is nearly ½ a percent lower than the previous year. The sale covered funding of:
- $18 million for the construction of Waverly and Hanover Elementary School
- $14.9 million for Howard Community College including the Nursing & Science Building
- $4.7 million for the Elkridge Library
- $12.7 million for road expansion
- $3.5 million for the relocation of Fire Station #1
- $38.5 million for Little Patuxent Water Reclamation Plant
Ball, in his $206.3 million Fiscal Year 2020 Capital Budget proposal, included funding for new and expanded school buildings, the Ellicott City flood mitigation plan, facilities for senior residents, transportation improvements (including roads, bikeways, sidewalks, and bus stops), new fire stations, technology infrastructure, and more.
In April, Howard County was one of just 43 counties, among more than 3,000 in the U.S., to earn an 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, even amid a historic, federal government shutdown. During his first visit in office, Ball and his team made presentations to representatives of the bond rating agencies to secure the rating.