Elkton, MD – County Executive Alan McCarthy, through his execution of Executive Order No. 2017-03, awarded today the $47,645,000 of Consolidated Public Improvement and Refunding Bonds of 2017 at a TIC (True Interest Cost) of 2.735834%. $33.5 million of this issuance will fund FY 2017 and FY 2018 Capital Improvement Program projects. The balance involved a refunding that netted a savings of approximately $700,000 in future debt service payments. The successful bidder was Morgan Stanley & Co., LLC.
County Executive McCarthy stated, “This sale was timely since there could be significant changes relating to refunding previous bond issuances with the federal tax law changes that are currently being debated. Simply put, if we had waited, Cecil County may not have been able to reap the savings associated with this refunding.”
“We received a good interest rate today and I attribute the results to my advisers and staff. We will continue to work on improving our credit ratings to be able to save our taxpayers’ dollars,” he concluded