Prince Frederick, MD  – Fresh from earning an across-the-board triple A bond rating for the second year in a row, Calvert County Government officials along with fiduciary consultants, conducted their annual series bond sale. The sale of general obligation bonds allows the county to fund several capital projects. The sale was held Tuesday, July 18.

The 2017 series bond sale projects include a portion of the construction of a new Northern High School ($5.8 million), the Prince Frederick Volunteer Fire Department and Prince Frederick Volunteer Rescue Squad building replacements ($8.4 million), the Public Safety 800 MHz system ($3 million), fire and rescue apparatus ($2.6 million), countywide paving projects ($2 million), the Prince Frederick Loop Road ($1 million) and relocation of the Lusby Convenience Center ($1.15 million). In total, $26.5 million in fund issuance is planned for the year’s sale.

The bond issuance, said Calvert County Commissioners’ Vice President Evan K. Slaughenhoupt Jr. [R – District 3], “means we are taking out a loan.”

Commissioner Mike Hart [R – District 1] indicated that the use of funds was appropriate. The projects, he said, were part of the county’s infrastructure. “A lot of this stuff is long overdue and it’s stuff you have to have,” said Hart.

“I feel good about the triple A bond rating,” said Commissioner Pat Nutter [R – District 2]. “What this means in savings is millions.”

Protecting the county’s triple A bond ratings from three Wall Street agencies— Moody’s Investors Services, Standard & Poor’s Rating Services, and Fitch Ratings—was cited by four of the five commissioners prior to the finalizing of the fiscal year (FY) 2018 budget as justification for not lowering property taxes.

“We did very well,” declared Department of Finance and Budget Director Tim Hayden when the sale was completed sometime after noon. A total of 10 bids were made with Citigroup Global Markets rendering the lowest responsible bid rate—2.35 percent. The county government received consultation from Davenport and Company LLC. The company’s senior vice president, A. Samuel “Sam” Ketterman, who specializes in public finance and works with governments throughout Maryland, was honored by the commissioners following the sale. Ketterman will be retired by the time Calvert’s next bond sale takes place.

“This county [Calvert] has been one of my favorites,” said Ketterman. “When we give advice you follow it.”

Contact Marty Madden at marty.madden@thebaynet.com