$240 million in bonds sold by Md. at 4.9%

Maryland Watch

February 27, 1997

The state of Maryland sold $240 million worth of bonds yesterday, claiming an interest rate below 5 percent because the state has kept its Triple-A bond rating.

The rate of 4.9026 percent on the general-obligation bonds is the lowest on new Maryland bonds since 1994. By comparison, 10-year U.S. Treasury bonds traded late yesterday at a 6.53 percent yield.

The $240 million is new debt to pay for projects authorized in state capital budgets that date as far back as the late 1980s, said Marvin Bond, spokesman for the state comptroller's office.

He said the sale was Maryland's biggest bond offering since 1993.

"We hit the markets at a good time," Comptroller Louis L. Goldstein said. "We achieved an excellent interest rate and saved money for the taxpayers."

The money will help pay for improvements to landmarks, including the Baltimore Convention Center expansion, the Rockville Town Center, the Lyric Opera House in Baltimore, Dorchester Historical Museum and St. John's College in Annapolis, and for water-quality projects and local detention facilities.

Pub Date: 2/27/97

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