Howard County Md., Hikes Public Improvement Ban Program to $90M

Newman, Emily
June 2003
Bond Buyer;6/27/2003, Vol. 344 Issue 31666, p41
Trade Publication
Howard County, Maryland, is increasing the size of its consolidated public improvement commercial paper bond anticipation note program, which will start pricing today, to a $90 million maximum authorized amount from $60 million. The negotiated sale will start on June 27, 2003. Fitch Ratings Inc., which rates the Series C Bans F1-plus, said the rating on the notes continues to be based on both the internal liquidity support provided by Howard County and the external liquidity support provided by Bank of America in the form of a credit agreement. A recently adopted income tax increase to the maximum 3.2% from 2.45% is the third lowest in the state, which Moody's said will generate an additional $24 million in fiscal 2004 revenue for the county. The county completed a sale earlier this month involving roughly $10.4 million of consolidated public improvement project general obligations and $28.4 million of metropolitan district project and refunding general obligations.


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