County bonds sell at record-low interest rate

Friday, Nov. 20, 2009

St. Mary's government sold bonds Nov. 17 at an all-time low net interest rate of 3.09 percent.

The previous day, the county commissioners were advised, the most recently published rates for sales by AA-rated municipalities were 3.3 percent.

The county sold $30 million in bonds to fund capital projects approved through the FY2009 budget year.

School projects will use $19.7 million of that and the balance includes funds for the College of Southern Maryland Wellness Center in Leonardtown, Patuxent Park neighborhood revitalization as well as several other road and park projects.

The county also refunded $15.6 million of bonds originally issued in 2001, yielding debt service savings over the remaining original term of those bonds of just over $700,000.