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Commissioners authorize $30 million general obligation bond sale to fund previously approved capital projects
Summary
The board approved a resolution authorizing the sale and issuance of $30 million in general obligation bonds to finance previously approved capital projects; staff cited an estimated interest rate of about 3.76 percent pending rating presentations.
The Commissioners of St. Mary’s County voted Tuesday to authorize the sale and issuance of $30,000,000 in general obligation bonds to fund previously approved capital projects.
Deputy Director of Finance Joy Sapp told commissioners the county and its financial advisors are working with bond counsel and rating agencies; First Tryon Advisors provided an updated financing plan and an estimated interest rate of approximately 3.76 percent. “The rate is estimated to be 3.76%,” Sapp said. She said presentations to the rating agencies will occur in April and the plan is to price the sale in mid‑May.
Sapp listed projects the bond proceeds will fund, including regional water quality work, Johnson Farm Pond improvements, roadway and safety projects, bridge/culvert replacements, work at the adult detention center, airport improvements, school projects (Park Hall Elementary and Darnell Elementary listed in packet), recreation and parks facility improvements, and the Clemens convenience center. She told commissioners the proceeds will cover capital projects that have already been approved by the board.
Commissioners asked for confirmation of the correct bond totals after staff fixed a packet discrepancy. The motion to adopt the bond resolution and authorize the commissioner president to sign related documents passed unanimously.
What’s next: Staff will complete rating presentations in April and proceed with the sale in May; a final interest rate will be determined at sale.
