Baltimore plans to sell $50.8 million of water and wastewater revenue bonds on Thursday.
The $21.8 million Series A will fund a water capital improvement plan and is rated A2 by Moody’s Investors Service and AA-minus by Standard & Poor’s. The $29.1 million Series C will fund the wastewater capital plan and are rated A1 by Moody’s AA by S&P. The bonds are backed by operating revenue.
The five-year capital program aims to upgrade and expand supply and treatment services, and hopes to raise $315.7 million with revenue bonds and $511.7 million from Baltimore County funds. The program also expects to receive up to $6 million in federal stimulus funds.
Citi will be lead underwriter on the deal with Loop Capital Markets LLC, M&T Securities Inc. and RBC Capital Markets serving as co-underwriters.
Miles & Stockbridge PC will serve as bond counsel. Public Financial Management will serve as financial adviser.