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St. Mary's County commissioners authorize $30 million bond award; winning interest rate 3.93%
Summary
Commissioners authorized the county administrator to accept a $30 million bond bid that yielded a winning interest rate of about 3.93%, a 20.5-year term and roughly $1.59 million in bond premium; proceeds will support highways, schools, public facilities and other capital projects.
St. Mary's County commissioners on May 6 authorized the county administrator to accept the certified winning bid on a $30 million bond sale, approving a winning interest rate of approximately 3.93% and a 20.5-year term.
The approval came after county finance staff reported the sale attracted 12 bids, above the historic norm. Michelle Van Cleef, county finance staff, said the result was “very happy with that” and noted the winning yield “was 3.93.” Joy Sapp, the county deputy finance officer, told commissioners the bond issue produced a premium of about…
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