Ferris, Baker Watts buys $19.6 million in bonds COUNTYWIDE

October 22, 1992|By Kerry O'Rourke | Kerry O'Rourke,Staff Writer

Ferris, Baker Watts Inc., a Baltimore-area investment company, bought $19.6 million in Carroll County bonds Tuesday at an interest rate of 5.7 percent, the county comptroller said.

"I consider that to be a very good rate," Comptroller Eugene C. Curfman said.

The same investment company bought the county's $27 million bond issue last year.

Four companies bid on the bonds during a meeting at the Alex. Brown and Sons Inc. Baltimore office Tuesday. Alex. Brown advises the county on financial matters.

Carroll also learned recently that it has maintained its ratings with two bond rating houses, Mr. Curfman said.

The county has an Aa rating from Moody's Investors Service Inc. and an AA- rating from Standard & Poor's Corp.

The ratings mean Carroll's bonds are of high quality and carry relatively low interest rates.

Earlier this month, Commissioner President Donald I. Dell and several county staff members traveled to New York City to meet with representatives of the two bond houses to discuss the bond issue.

Not including yesterday's issue, which will be final on Nov. 5, the county has issued $78 million in bonds to pay for a variety of projects.

Of the $19.6 million in bonds issued yesterday, about $14.8 million will be used to pay for general government, recreation and parks, public works, and education projects.

The county also refunded $4.95 million in 1982 bonds yesterday to take advantage of lower interest rates. The 1982 bonds were issued at 8.76 percent.

The savings on the refund could be close to $1 million, officials said.

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