Howard County Executive Allan Kittleman announced that the successful annual bond sale conducted this week is expected to save county taxpayers $12.3 million, demonstrating the county’s strong value in the marketplace.
Kittleman said that the successful sale is due in large part to the county’s AAA credit rating, which Howard County has earned for more than 20 years. The sale offered Consolidated Public Improvement (CPI) new and refunding bonds and Metropolitan District Bonds via competitive bidding.
“With moderate revenue growth projected, we are focused on making sustainable budget decisions that help us maximize taxpayer dollars,” said Kittleman. “Just like refinancing a home, achieving lower interest rates for our bonds makes our money go farther. This means county taxpayers pay less for needed capital and infrastructure improvements.”
Kittleman has continued to dedicate Capital Budget funds to school construction, investments in public safety, parks and infrastructure projects, and replacement of the outdated Circuit Court house. “By prudently refinancing existing bond debt, we will save taxpayers $8.1 million for the General Fund and $4.2 million for the Water & Sewer Fund,” County Finance Director Stan Milesky said.
At the end of March, 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. In awarding the highest possible score, Fitch Ratings, Moody’s Investor Services and Standard & Poor’s all recognized the county’s strong economy, diverse revenue streams and strong financial policies and practices as evidence of fiscal responsibility and resilience.