Gilt-edged Howard County is poised to come to market with $93.5 million of general obligation bonds in a competitive deal on March 24.
The deal, which consists of $68.6 million of Series 2009A consolidated public improvement bonds and $25 million of Series 2009A metropolitan district bonds, is rated triple-A by all three rating agencies.
The consolidated public improvement bonds are being issued to provide funds that will be sufficient to pay $68.6 million of principal on $86 million of bond anticipation notes. Proceeds of the metropolitan district bonds will go toward county water and sewer capital projects.
Public Financial Management Inc. is financial adviser on the deal. McKennon Shelton & Henn LLP is bond counsel.
Fitch Ratings affirmed its AAA rating on the county’s $720 million of outstanding GOs and its AA rating on $7.9 million of Series 2003A golf course refunding revenue bonds, both with a stable outlook.
Fitch said Howard County’s deep and diverse economy, strong financial management, high wealth indicators, and a moderate debt burden with rapid amortization factor in to the triple-A rating on the GOs.