$86.9 million in bonds sold, at 6.15% interest

January 26, 1995

A consortium headed by Merrill Lynch Inc. bought $86.9 million in Anne Arundel County construction bonds yesterday at an interest rate considerably higher than the one the county received last year.

The consortium offered an interest rate of 6.15 percent, the lowest offered by any of the five bidders, said county Financial Officer John R. Hammond. "I think given the market conditions of late, that's a good price," Mr. Hammond said.

Last year's bond sale, at 4.78 percent, came near the recent low point in interest rates, Mr. Hammond said. The Federal Reserve Bank raised its short-term interest rates the next day, and they continued to rise for government borrowers until they peaked in late November.

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