Anne Arundel County plans to come to market with $144.6 million of general obligation bonds in a competitive deal on Wednesday.
The deal consists of $115.4 million of Series 2009 consolidated general improvement bonds that mature serially from 2010 to 2029 and $29.2 million of consolidated water and sewer Series 2009 bonds that mature serially from 2010 to 2039.
Public Resources Advisory Group is financial adviser. McKennon Shelton & Henn LLP is bond counsel.
The proceeds of the bonds will be used to retire $49.8 million of Series A consolidated general improvement bond anticipation notes and $17 million of Series B consolidated water and sewer bonds. About $65.6 million of the proceeds will also provide additional new funding for general improvements. The proceeds of the notes were used to pay for various projects, such as storm drains, roads, and bridges.
Standard & Poor’s assigned the deal a AAA with a stable outlook because of the county’s “deep and diverse local economy, anchored by a stable government and military presence that further benefits from proximity to Washington, D.C., and Baltimore.” The county is about 13 miles east of Washington, D.C.
The county’s debt burden is moderate, at $1,539 per capita and 1.1% of market value, according to Standard & Poor’s.
Fitch Ratings rates the deal AA-plus with a revised negative outlook.
