Wicomico sells $58.235 million in bonds to finance major projects

Salisbury Independent
Posted 12/28/21

Wicomico County has sold $58.235 million in general obligation and tax-exempt bonds to finance several major projects in the county.

The bonds carry a true interest cost of 1.63 percent and drew …

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Wicomico sells $58.235 million in bonds to finance major projects

Posted

Wicomico County has sold $58.235 million in general obligation and tax-exempt bonds to finance several major projects in the county.

The bonds carry a true interest cost of 1.63 percent and drew a strong market response of 12 bidders, which is indicative of the attractiveness of its bonds.

The County also sold $16.950 million in taxable bonds to refund existing debt at a lower rate.  The taxable bonds received eight bids and the true interest cost is 1.8 percent 

The refunding will result in debt service savings of $902,221.

In November, S&P Global Ratings affirmed the County’s strong AA+ and Moody’s Investors Service affirmed the County’s rating of Aa2.

Wicomico will use the money to finance the Sheriff’s Public Safety Building, Mardela Middle and High School, landfill cell construction, Wor-Wic Community College’s new Applied Technology Building and other capital project needs.

“All of these projects are critically important for Wicomico County and I am pleased to report they are moving forward,” said Acting County Executive John D. Psota.

“Such favorable reports from the credit rating agencies, along with a very strong market response to our bond offering, reinforces that our fiscal management in Wicomico County continues to be strong.”

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