It received the lowest interest rate in its history.
Frederick, Md (KM) Frederick County went to the bond market on Tuesday. Officials say the county sold $106.2 million in new, tax exempt bonds, and $30 million in refinancing and taxable bonds.
County officials say eight bids were received for the tax-exempt bonds, with Raymond James the successful bidder at an interest rate of 2.16%. There were also eight bids for the refinancing and taxable bonds, with, once again, Raymond James the successful bidder with an interest rate to 2.29%. This means the county will save taxpayers $1,812,307 over the remaining term of the bonds.
County Executive Jan Gardner said the county received an “historic low interest rate.” “The savings give us money to build another fire station or branch library,or improve a road,:” Gardner said in a statement. “This low interest rate is a reflection of the market’s recognition that Frederick County is well managed, fiscally conservative in budgeting, and a great place to do business. The New York rating agencies spoke of our excellent management and expressed their confidence in us.”
Recently, the county received a AAA bond rating from the three top bond rating agencies in the nation: Fitch Ratings, Moody’s and Standard and Poor.
By Kevin McManus