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Anne Arundel County Executive Laura Neuman Announces Bond Sale that Will Save Taxpayers $8.3 Million

Publish Date: 06/23/2014

Transaction saves more than $1.2 million in FY15, over $500,000 annually through FY29

 

Annapolis, Maryland (June 23, 2014) — Anne Arundel County Executive Laura Neuman today announced a sale of $38.9 million in refunding bonds, which closed May 28, that will result in a reduction of debt service costs totaling $8.3 million for Anne Arundel County.

 

“As a fiscally conservative administration, we are always looking for opportunities to save taxpayer dollars,” said County Executive Laura Neuman. “The substantial savings from this bond sale will allow the county to continue investing in important projects like hiring additional police officers and fully funding our savings accounts while maintaining our low tax rates.”

 

Sold at a true interest cost of 2.38 percent, the bonds refunded were Special Obligation Bonds for Arundel Mills and National Business Park, as well as the Tax Increment Bonds for Nursery Road. Janney Montgomery was the winning bidder.

 

The bond sale comes after the county received an AAA rating from Standard & Poors, AA+ from Fitch Ratings and Aa1 from Moody’s Investors Service for its strong fiscal management, stable outlook and low debt earlier this year.

 


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