Carroll County bond sale refinances debt, funds capital projects

News Briefs

News Briefs

November 17, 2011

WESTMINSTER — Carroll County conducted its annual bond sale last week, selling some $30.2 million in bonds to finance $18.8 million for infrastructure and capital improvement projects, and $11.4 million to refinance existing debt at lower rates.

The bond sale followed the annual review of the county's rating by various credit rating agencies. Those agencies generally gave the county high ranks. The county was rated AAA by Fitch Ratings service in New York; Aa1 by Moody's credit service, a rating that signifies very low risk; and AA+ by Standard & Poors, a designation that also signifies very low risk.

County officials said the refinancing of debt at a lower rate — now 2.64 percent, will save the county an estimated $341,710 compared to previous interest rates.

Officials said the county has also retired about $29.1 million in debt.

 


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