Bond Issue

On Nov. 3, Baltimore County voters will get to play budget yea-sayers or nay-sayers as they pull levers for or against 10 bond issue questions totaling $118 million.Of those 10 questions, the three that concern the county's public schools, community colleges and public libraries account for $50.4 million in potential funds. (An upcoming editorial will address the remaining bond questions.)The bulk of that $50.4 million can be found in Question A, which would allow the use of $46.1 million for the building of new schools, improvements at existing sites and the purchase of properties for future school construction.

Baltimore County sold $256 million in pension obligation bonds this week to fund its retirement system, and officials say the borrowing will cost less than they expected. The county borrowed the money at a 3.43 percent interest rate, compared with the 4.25 percent to 4.5 percent originally projected. Officials said Thursday they expect to save $343 million over the next three decades, compared with the $250 million they previously estimated. The county plans to pay the funds back over the next 30 years.

Rarely, if ever, has a bond issue received such tender loving care as Question F, which will be on Baltimore County ballots next week.The bond issue, which calls for authorizing borrowing the relatively small amount of $600,000 "for affordable and elderly housing purposes," has reverberations that go back at least a quarter-century.Back in the days of Spiro Agnew and Dale Anderson, phrases like "affordable housing," "urban renewal" and "community development" were fighting words in county politics.

Baltimore County Executive Kevin Kamenetz wants to borrow $255 million and repay it over the next 30 years to help fund the county's retirement system, a move that would carry risk but that the administration says could benefit taxpayers in the long run. County Administrative Officer Fred Homan told the County Council at a briefing Tuesday that the administration would introduce legislation next week to allow the county to issue pension obligation bonds....

In the Nov. 5 election, Baltimore County's 413,884 eligible voters may make the biggest impact on their lives with eight votes that have nothing to do with the presidency or Congress.If voters approve, the county will get the authority to sell $137.5 million in bonds over the next two years, and spend most of the money -- $89.6 million -- on new and expanded schools. Four minor charter changes also are on the ballot."This is the most important thing we can do right now," County Executive C. A. Dutch Ruppersberger said, noting that school construction money should help relieve crowding "into the next century."

Baltimore County voters yesterday overwhelmingly approved the biggest school construction plan in county history as part of a referendum that included eight bond issues totaling $137.5 million, along with four charter amendments.In Baltimore City, voters overwhelmingly approved a $67.7 million bond package that would, among other things, encourage homeownership, build an arts and entertainment district and renovate schools and recreation centers.The Baltimore County school bond issue -- totaling $89.6 million -- was earmarked for projects ranging from roof repairs and additions to a new, $33 million high school in Owings Mills.

ANNE ARUNDEL 100% of precincts reporting Continue school board member Tricia L. Johnson in office? Yes 150,196 79% No 39,941 21% Continue school board member Teresa Milio Birge in office? Yes 147,148 79% No 40,178 21% Question A: Clarify procedures for laws returned unsigned by the county executive? Yes 101,037 48% No 107,424 52% Question B: Require County Council to nominate three of the seven Ethics Commission members? Yes 137,151 67% No 67,933 33% BALTIMORE CITY Incomplete results A: Charter amendment to create a Department of General Services Yes 139,249 73% No 50,295 27% B: Bond issue to borrow up to $43 million to build or renovate school and athletic facilities Yes 177,173 85% No 30,138 15% C: Bond issue to borrow up to $3 million to build or renovate library facilities Yes 173,943 85% No 30,005 15% D: Bond issue to borrow up to $30.5 million for the development of the city's community development program Yes 140,737 74% No 49,314 26% E: Bond issue to borrow up to $15.3 million for economic development programs Yes 137,570 71% No 56,155 29% F: Bond issue to borrow up to $16 million to develop or renovate park and recreation facilities Yes 165,602 84% No 31,413 16% G: Bond issue to borrow up to $12.5 million to purchase, build or renovate municipal buildings Yes 141,623 72% No 55,655 28% H: Bond issue to borrow up to $1 million for improvements to the Lyric Opera House Yes 128,272 65% No 69,022 35% I: Bond issue to borrow...

Interest on bond issue declined 1 point last year Anne Arundel County officials announced yesterday that the county's interest rate for its $211 million bond issue decreased to 3.673 percent from 4.678 percent last year. The rate - which was the bid of Morgan, Stanley Dean Witter - reflects falling interest rates nationwide. But it also follows major financial rating services' expressions of concern over how state budget cuts might affect the county's financial status. The bond issue consists of $86 million to refinance existing bonds, $80 million to pay off bond anticipation notes and $45 million for new capital projects.

Baltimore County Executive Kevin Kamenetz wants to borrow $255 million and repay it over the next 30 years to help fund the county's retirement system, a move that would carry risk but that the administration says could benefit taxpayers in the long run. County Administrative Officer Fred Homan told the County Council at a briefing Tuesday that the administration would introduce legislation next week to allow the county to issue pension obligation bonds....

Think about the two new playgrounds at the Grace and St. Peter's School. Or repairs to the Upton Youth Development Center. Or improvements at the Forest Park Senior Center.Dozens of community projects are funded each year through the city's Neighborhood Incentive Program grants. Combining governmental seed money with community self-help efforts, NIP grants enable Baltimore neighborhoods to move forward with small but important improvements.NIP projects are among those that would benefit from passage of seven bond questions on the city ballot.

The Maryland General Assembly's chief budget analyst, Warren Deschenaux, made headlines last week by advocating that the state not seek to increase its debt limit for fear that such a move could prompt one or more of the major credit ratings agencies to strip the state of its long-held AAA rating. Such a downgrade would force Maryland to pay higher interest rates on its debt and exacerbate its existing budget problems. Mr. Deschenaux is absolutely right about that, but his comments should not be misconstrued.

A bankruptcy judge approved Wednesday the sale of closed Rosecroft Raceway to casino operator Penn National Gaming for $11 million in cash over the objection of a group led by former state Democratic Party Chairman Nathan Landow. Wednesday's hearing essentially turned into another auction with last-minute maneuvering, as both parties upped their bids for the Prince George's County harness track before Penn National made its final $11 million offer. The proceedings also included the testimony of Democratic state Sen. C. Anthony Muse, who said he supports Landow Partners as the track's new owner because it would have the backing of the community and local and state lawmakers, especially when it comes to expanding gambling at the facility.

A jilted bidder is objecting to casino operator Penn National Gaming's $10.25 million purchase of bankrupt Rosecroft Raceway, arguing it had the higher and better offer at last week's auction. Landow Partners, whose principals include former state Democratic Party Chairman Nathan Landow, said the trustee overseeing Rosecroft's bankruptcy "did not exercise the appropriate business judgment and failed to obtain the maximum value" for the Prince George's County harness track, according to court documents filed Tuesday.

The nonpartisan analysis of Gov. Martin O'Malley's budget proposal backs up his most important claim, that his plan does more than balance the budget through one-time transfers, found money and other gimmicks and makes real progress toward finally aligning Maryland's revenue with its spending. Mr. O'Malley and the Department of Legislative Services disagree about exactly how big the persistent gap between revenues and expenditures is — he says the structural deficit is $1.4 billion, the department says $1.6 billion — but either way, the governor's proposal permanently addresses at least a third of that.

ANNE ARUNDEL 100% of precincts reporting Continue school board member Tricia L. Johnson in office? Yes 150,196 79% No 39,941 21% Continue school board member Teresa Milio Birge in office? Yes 147,148 79% No 40,178 21% Question A: Clarify procedures for laws returned unsigned by the county executive? Yes 101,037 48% No 107,424 52% Question B: Require County Council to nominate three of the seven Ethics Commission members? Yes 137,151 67% No 67,933 33% BALTIMORE CITY Incomplete results A: Charter amendment to create a Department of General Services Yes 139,249 73% No 50,295 27% B: Bond issue to borrow up to $43 million to build or renovate school and athletic facilities Yes 177,173 85% No 30,138 15% C: Bond issue to borrow up to $3 million to build or renovate library facilities Yes 173,943 85% No 30,005 15% D: Bond issue to borrow up to $30.5 million for the development of the city's community development program Yes 140,737 74% No 49,314 26% E: Bond issue to borrow up to $15.3 million for economic development programs Yes 137,570 71% No 56,155 29% F: Bond issue to borrow up to $16 million to develop or renovate park and recreation facilities Yes 165,602 84% No 31,413 16% G: Bond issue to borrow up to $12.5 million to purchase, build or renovate municipal buildings Yes 141,623 72% No 55,655 28% H: Bond issue to borrow up to $1 million for improvements to the Lyric Opera House Yes 128,272 65% No 69,022 35% I: Bond issue to borrow...

In Baltimore City City Council adds $34 million school bond to Nov. ballot The City Council unanimously amended an ordinance last night that will place a $34 million bond issue on November's ballot to help the public school system pay for building improvements. The amendments require the Baltimore City Public School System to spend the money as promised or seek city approval to transfer the funds for other uses. The council is scheduled to take a final vote on the bond issue ordinance at the Sept.

When Californians go to the polls March 2, they will be asked for the first time in the state's history to borrow money not to build something, but to pay off existing debts. As the vote nears, both the long-term cost of the borrowing and the need for it are subjects of campaign debate. Proposition 57, the $15 billion Economic Recovery Bond Act placed on the ballot by the Legislature, is a centerpiece of Gov. Arnold Schwarzenegger's proposal to clean up the state's financial mess. His political strategists acknowledge what polls have shown - many voters balk at a large debt that would not provide anything tangible, like a new school or a smooth highway, in return.

Tonight, Anne Arundel County Executive Janet S. Owens will seek County Council approval for $2.6 million in assistance to help a developer build a technology park near Baltimore-Washington International Airport. Tomorrow night, the same developer's Annapolis office building will serve as the site of "An Evening with Janet S. Owens," a $1,000-a-head fund-raiser for the second-term county leader. Her campaign will accept the gift of space as an in-kind contribution. The county executive says she is holding the fund-raiser in developer Edward A. St. John's building because she's proud of the office space she's brought to the county.

When Californians go to the polls March 2, they will be asked for the first time in the state's history to borrow money not to build something, but to pay off existing debts. As the vote nears, both the long-term cost of the borrowing and the need for it are subjects of campaign debate. Proposition 57, the $15 billion Economic Recovery Bond Act placed on the ballot by the Legislature, is a centerpiece of Gov. Arnold Schwarzenegger's proposal to clean up the state's financial mess. His political strategists acknowledge what polls have shown - many voters balk at a large debt that would not provide anything tangible, like a new school or a smooth highway, in return.