General Obligation Bonds

Taking advantage of its top bond ratings, Maryland sold more than $650 million in general obligation bonds yesterday at interest rates below 3.9 percent. The sale, approved at a Board of Public Works meeting yesterday, will finance construction of schools, community colleges, jails, hospitals and other facilities statewide. "I could not be more pleased," Treasurer Nancy K. Kopp said in a statement. "Necessary facilities will be built, and the long-term cost will be reduced significantly by low interest rates, thanks to Maryland's outstanding AAA bond rating."

The House of Delegates voted Tuesday to approve $925 million in new borrowing as part of a $3 billion capital budget. The plan, which would fund major investments, now awaits the blessing of the Senate, which has until the end of the session Monday to act. Democratic leaders praised the capital budget as responsible; Republicans warned that the borrowing could damage the state's credit rating or prompt an increase in real estate taxes to service...

Also yesterday, it was incorrectly reported that Standard & Poor's Corp. raised its rating on $516 million of state of Maryland general obligation bonds. In fact, Standard & Poor's raised its rating on $516 million of Baltimore County general obligation bonds to AAA. Maryland general obligation bonds are already rated AAA.The Sun regrets the errors.

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.

PRINCETON, N.J. -- Municipal bond issuers announced yesterday the early redemption of seven issues totaling more than $77.7 million.0 The issues being called are: * Dougherty County School District, Ga., Series 1985, general obligation bonds maturing Jan. 1, 1994 through Jan. 1, 2001. $2.775 million called at 103 on Jan. 1, 1993.* Redwood County, Minn., Series 1984, general obligation bonds maturing Jan. 1, 1994 through Jan. 1, 2000. All outstanding bonds called at par on Jan. 1, 1993.Redwood County, Minn.

Also yesterday, it was incorrectly reported that Standard & Poor's Corp. raised its rating on $516 million of state of Maryland general obligation bonds. In fact, Standard & Poor's raised its rating on $516 million of Baltimore County general obligation bonds to AAA. Maryland general obligation bonds are already rated AAA.The Sun regrets the errors.Standard & Poor's Corp. yesterday raised its ratings on certain Maryland state and Baltimore County bonds to AAA in a move that the rating agency said reflects "a deep and broad economy that continues to exhibit diversification."

PRINCETON, N.J. -- Municipal bond issuers announced yesterday the early redemption of 11 issues totaling more than $90.74 million.0 The issues being called are: * Antietam School District, Pa., Series 1988, general obligation bonds maturing Sept. 1, 1993, through Sept. 1, 2002. $4.1 million called at par on March 1, 1993.* Keystone Central School District, Pa., Series 1988, general obligation bonds maturing Sept. 1, 1997, through Sept. 1, 2002, Sept. 1, 2005, and Sept. 1, 2008. All of the above outstanding bonds called at par on March 1, 1993.

A leading bond rating agency has upgraded its outlook of Baltimore's financial position after the city's second straight budget surplus, Mayor Martin O'Malley's office confirmed yesterday. Standard & Poor's upgraded its outlook to "positive" from "stable," a change that should make borrowing money easier and less expensive for City Hall. The agency also reaffirmed the city's A-plus bond rating. "Working together with the City Council over the last few years we've had to make some really difficult decisions," said O'Malley spokeswoman Raquel Guillory.

Taking advantage of its top bond ratings, Maryland sold more than $650 million in general obligation bonds yesterday at interest rates below 3.9 percent. The sale, approved at a Board of Public Works meeting yesterday, will finance construction of schools, community colleges, jails, hospitals and other facilities statewide. "I could not be more pleased," Treasurer Nancy K. Kopp said in a statement. "Necessary facilities will be built, and the long-term cost will be reduced significantly by low interest rates, thanks to Maryland's outstanding AAA bond rating."

$38 million bond sale to net $4.2 million in savings Carroll County sold more than $38 million worth of bonds yesterday that together will save the county $4.2 million in future debt payments. The county sold tax-exempt general obligation bonds for $25.2 million, said Comptroller Eugene C. Curfman. The winning bidder was Baltimore investment brokers Ferris, Baker Watts at an interest rate of 3.64 percent. Ferris won over seven other bidders, the highest of which offered a rate of 3.85 percent.

The report card on Baltimore's fiscal fitness is out, and the city once again received all A's from three leading New York firms that rate municipal bonds.The high marks for the city's bond rating came as Baltimore issued $40 million in general obligation bonds. The ratings are required in order for the city to issue the bonds, which went on sale Tuesday.Moody's Investors Service gave the city an A1, a rating Baltimore has received since 1976. In addition, Fitch IBCA rated the city A+, while Standard and Poor's Rating Group gave Baltimore an A, which it has done since 1987.

All three New York bond rating houses have renewed Howard County's AAA status, meaning borrowing will be at the lowest long-term interest rates available.Howard is only one of 15 counties nationally with the coveted rating from Standard and Poor's, Fitch IBCA and Moody's Investors Service.On Tuesday, the county will offer $25 million in general obligation bonds and $3 million in Metropolitan District bonds for sale to finance government operations and construction projects.Pub Date: 3/07/99

The state's Board of Public Works yesterday sold $250 million in bonds with the lowest interest rate Maryland has paid on general obligation debt in 27 years.The 15-year bonds, rated triple-A by all three major rating agencies, carry a 4.4297 interest rate.The state intends to use the proceeds of the bonds to fund construction projects; higher education facilities; water quality and Chesapeake Bay projects; jails in Baltimore, Howard, Allegany and St. Mary's counties; and cultural and museum projects throughout the state.

State sells $150 million in bonds at 5.3 percentThe Maryland Board of Public Works yesterday sold $150 million in general obligation bonds at a 5.3 percent interest rate to a syndicate headed by J. P. Morgan Securities Inc., the low bidder.The bonds were rated Triple-A by the three major bond-rating services.Maryland Comptroller Louis L. Goldstein said the savings resulting from the rating, the highest possible, means there is a stable real estate tax in the state and less General Fund money will be needed to repay the debt.

Also yesterday, it was incorrectly reported that Standard & Poor's Corp. raised its rating on $516 million of state of Maryland general obligation bonds. In fact, Standard & Poor's raised its rating on $516 million of Baltimore County general obligation bonds to AAA. Maryland general obligation bonds are already rated AAA.The Sun regrets the errors.