Anne Arundel County expects to take bids for $49 million of refunding general obligation bonds on Thursday.

The bonds are rated AA-plus by Fitch Ratings with a negative outlook. Fitch said “optimistic budget projections” coupled with declining reserves and the uncertain real estate market “will place downward pressure on the rating.” Other ratings were not available at press time.

Anne Arundel is located 13 miles east of Washington, D.C. The county benefits from government and military contractors located near the National Security Agency at Fort Meade and the U.S. Naval Academy. Recent military base closings are expected to bring more jobs to Fort Meade and benefit the surrounding economy.

The county will begin a $1.8 billion, five-year capital improvement program in fiscal 2010 that will be funded by pay-as-you-go and debt financing. It has $999 million of outstanding GO debt and overall net debt equals $1,640 per capita.

McKennon Shelton & Henn LLP is bond counsel. Public Resources Advisory Group will serve as financial adviser.

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