Calvert County completes $80.5M bond sale; estimated interest cost 4.66%

Calvert County finalized a competitive sale of approximately $80.5 million in tax-exempt general obligation bonds, Finance and Budget staff told commissioners on Sept. 29. Officials said proceeds will finance capital projects including facilities, roads, public safety, schools and water and sewer projects.

Chief Financial Officer Melaina Brookshire said the estimated interest cost is about 4.66 percent and that repayment will occur over 15 to 25 years. "We have good news," Brookshire said in opening the presentation. Staff recommended that the board adopt and enact the resolution accepting bids and awarding the bonds; the board voted to adopt the resolution and authorized staff to finalize related documentation.

Staff and advisors indicated the sale was competitive — more than a dozen bids were received — and that award went to the bidder offering the lowest true interest cost. Commissioners thanked finance staff and advisors for completing the transaction while maintaining the county's AAA ratings.