WASHINGTON — ­The Maryland Health and Higher Educational Facilities Authority is expected Wednesday to price the state’s first charter school municipal bonds, an achievement 18 months in the making and another sign that investor appetite for credit risk has returned.

The authority expects to issue $13.4 million of tax-exempt bonds and $410,000 of taxable debt — though not Build America Bonds — to finance expansion projects for the Patterson Park Public Charter School in Baltimore.

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